Publication: Indıvidual pension system, analysis of the system in Turkey and profit model of a pension company
Abstract
BİREYSEL EMEKLİLİK SİSTEMİ, TÜRKİYE’DE SİSTEMİN ANALİZİ VE BİR EMEKLİLİK ŞİRKETİNİN KĂR MODELİ Dünyadaki emeklilik sistemleri incelendiğinde, yaşanan finansal ve demografik sorunların sonucu olarak özel emeklilik sistemlerine geçilmeye başlandığı görülmektedir. Özel emeklilik sistemlerinin yapısı ülkeler bazında farklılık gösterse de genel amaç sosyal güvenlik sistemlerine tamamlayıcı yada alternatif yaratmaktır. Emeklilik sistemlerindeki genel yönelim belirlenmiş fayda esaslı sistemlerden belirlenmiş katkı esaslı sistemlere geçiş yönündedir. Türkiye 1999 yılından itibaren başlanan reform çalışmalarının devamında 2003’ün son çeyreğiyle beraber sosyal güvenlik sistemini tamamlayıcısı olarak özel emeklilik sistemi ile tanışmıştır. Türkiye’deki özel emeklilik sistemi Bireysel Emeklilik Sitemi olarak adlandırılmıştır. Bu çalışmada Dünya’daki özel emeklilik sistemlerinin uygulamaları hakkında bilgilendirme yapıldıktan sonra Türkiye’de yeni kurulmuş olan Bireysel Emeklilik Sistemini incelenmiştir. Bu tezde Türkiye’de yeni kurulmuş olan Bireysel Emeklilik Sisteminin analizinin yapılması, güncel durumun belirlenmesi ve oluşturulan model ile bir emeklilik şirketinin karlılığının bağlı olan değişkenlere göre incelenmesi amaçlanmıştır. Tezdeki kurulan parametrik modelde değişkenler ve kabullenmeler sistemin güncel durumu ile kanuni hükümler göz önüne alınarak yapılmıştır. Model bir emeklilik sözleşmesinden yola çıkarak tasarlanmıştır. Tez çalışmasında model test edilmiş ve emeklilik şirketlerinin değişken koşullardaki olası finansal durumlarına dair projeksiyonlar yapılmıştır. Sonuç kısmında emeklilik şirketlerinin emeklilik planlarında kanuni sınırlar içinde belirleyecekleri kesinti oranlarının kısa ve uzun dönem karlılıkları üzerindeki etkilerine yer verilmiştir. Nisan, 2006 Orçun KÖSE
INDIVIDUAL PENSION SYSTEM, ANALYSIS OF THE SYSTEM IN TURKEY AND PROFIT MODEL OF A PENSION COMPANY If the pension systems are analyzed around the world, transition through private pensions systems is observed due to financial and demographic problems. Although private pension systems vary through the countries, the objective is to create complementary or alternative systems to the social security systems. The general tendency in pension systems is moving away from defined benefit to defined contribution systems. Turkey have experienced a social security reform since 1999 and introduced a new pension system, which was estimated to start in the last quarter of 2003, to complement the mandatory public system. In Turkey, the new private pension system is called Individual Pension System. In this study, the newly established Turkish Individual Pension System was analyzed after the private pension applications around the world were given. This thesis aimed to analyze the newly established Turkish Individual Pension System, determine the current position and study the variable financial conditions of a pension company due to the parameters of the defined model. The assumptions and variables were taken considering current position of the system and the regulatory issues in the parametric model. The model was defined on one pension contract. The model was tested and several projections were made about financial positions of the pension companies according to variable conditions. In conclusion, the effects of the charge ratios within regulatory limits in pension plans were explained on short-term and long-term profit of pension companies. April, 2006
INDIVIDUAL PENSION SYSTEM, ANALYSIS OF THE SYSTEM IN TURKEY AND PROFIT MODEL OF A PENSION COMPANY If the pension systems are analyzed around the world, transition through private pensions systems is observed due to financial and demographic problems. Although private pension systems vary through the countries, the objective is to create complementary or alternative systems to the social security systems. The general tendency in pension systems is moving away from defined benefit to defined contribution systems. Turkey have experienced a social security reform since 1999 and introduced a new pension system, which was estimated to start in the last quarter of 2003, to complement the mandatory public system. In Turkey, the new private pension system is called Individual Pension System. In this study, the newly established Turkish Individual Pension System was analyzed after the private pension applications around the world were given. This thesis aimed to analyze the newly established Turkish Individual Pension System, determine the current position and study the variable financial conditions of a pension company due to the parameters of the defined model. The assumptions and variables were taken considering current position of the system and the regulatory issues in the parametric model. The model was defined on one pension contract. The model was tested and several projections were made about financial positions of the pension companies according to variable conditions. In conclusion, the effects of the charge ratios within regulatory limits in pension plans were explained on short-term and long-term profit of pension companies. April, 2006