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Source: Authors’ calculations from Capital Markets Board Monthly Bulletins. Figure 8: Historical Consolidated Portfolio Structure of Pension Funds in Turkey

Figure 8 Source: Authors’ calculations from Capital Markets Board Monthly Bulletins. Figure 8: Historical Consolidated Portfolio Structure of Pension Funds in Turkey

Related Figures (10)

Table 1: Pension Assets as a Percent of GDP (OECD Countries) 2005-2019 Source: OECD (2020), Pension funds assets (indicator). doi: 10.1787/d66f4f9f-en (Accessed on 29 October 2020) Data are collected from national pension authorities within the framework of the OECD Global Pension Statistics (GPS) project. Data covers all funded pension insurance contracts or other vehicles. plans where assets are accumulated in pension funds, through These plans may be publicly or privately administered, manda- tory or voluntary, occupational or personal, for public or private-sector workers. Employers’ book reserves are also in the scope. Data for 2019 refer to the end of 2019, except for: Australia where data refer to June 2019; Ca- nada (pension funds) and the United States (individual retirement accounts) where data refer to end Q3-2019; Canada (other than pension funds), Finland, Mexico (occupational plans), Poland (other than pension funds) and Sweden where data refer to 2018. Data on pension funds refer to: mandatory plans in Estonia, earnings-re- lated pension companies and funds in Finland created FRPS pension vehicle), Pensionskassen nal retirement pension savings in Korea, voluntary plans in Latvia, personal plans in Turkey. , PERCO plans in France (as no data available yet on the newly and Pensionsfonds supervised by BaFin in Germany, occupatio- —-
Table 1: Pension Assets as a Percent of GDP (OECD Countries) 2005-2019 Source: OECD (2020), Pension funds assets (indicator). doi: 10.1787/d66f4f9f-en (Accessed on 29 October 2020) Data are collected from national pension authorities within the framework of the OECD Global Pension Statistics (GPS) project. Data covers all funded pension insurance contracts or other vehicles. plans where assets are accumulated in pension funds, through These plans may be publicly or privately administered, manda- tory or voluntary, occupational or personal, for public or private-sector workers. Employers’ book reserves are also in the scope. Data for 2019 refer to the end of 2019, except for: Australia where data refer to June 2019; Ca- nada (pension funds) and the United States (individual retirement accounts) where data refer to end Q3-2019; Canada (other than pension funds), Finland, Mexico (occupational plans), Poland (other than pension funds) and Sweden where data refer to 2018. Data on pension funds refer to: mandatory plans in Estonia, earnings-re- lated pension companies and funds in Finland created FRPS pension vehicle), Pensionskassen nal retirement pension savings in Korea, voluntary plans in Latvia, personal plans in Turkey. , PERCO plans in France (as no data available yet on the newly and Pensionsfonds supervised by BaFin in Germany, occupatio- —-
Source: OECD (2020), Pension spending (indicator). Doi: 10.1787/a041f4ef-en (Accessed on 29 October 2020) Pension spending is defined as all cash expenditures (including lump-sum payments) on old-age and survivor pensions. Old-age cash benefits provide an income for persons retired from the labor market or guarantee inco- mes when a person has reached a ‘standard’ pensionable age or fulfilled the necessary contributory requirements. This category also includes early retirement pensions: pensions paid before the beneficiary has reached the ‘stan- dard’ pensionable age relevant to the program. It excludes programs concerning early retirement for labor market reasons. Old-age pensions include supplements for dependents paid to old-age pensioners with dependents under old-age cash benefits. Old age also includes social expenditure on services for the elderly people, services such as day care and rehabilitation services, home-help services and other benefits in kind. It also includes expenditure on the provision of residential care in an institution. This indicator is measured in percentage of GDP broken down by public and private sector. Private pension spending includes payments made to private pension plan members, or dependents after retirement and covers persons working in both the public and private sectors. Figure 1: Public Pension Spending as a percent of GDP, 2017 or Latest Available
Source: OECD (2020), Pension spending (indicator). Doi: 10.1787/a041f4ef-en (Accessed on 29 October 2020) Pension spending is defined as all cash expenditures (including lump-sum payments) on old-age and survivor pensions. Old-age cash benefits provide an income for persons retired from the labor market or guarantee inco- mes when a person has reached a ‘standard’ pensionable age or fulfilled the necessary contributory requirements. This category also includes early retirement pensions: pensions paid before the beneficiary has reached the ‘stan- dard’ pensionable age relevant to the program. It excludes programs concerning early retirement for labor market reasons. Old-age pensions include supplements for dependents paid to old-age pensioners with dependents under old-age cash benefits. Old age also includes social expenditure on services for the elderly people, services such as day care and rehabilitation services, home-help services and other benefits in kind. It also includes expenditure on the provision of residential care in an institution. This indicator is measured in percentage of GDP broken down by public and private sector. Private pension spending includes payments made to private pension plan members, or dependents after retirement and covers persons working in both the public and private sectors. Figure 1: Public Pension Spending as a percent of GDP, 2017 or Latest Available
Figure 2: Budgetary Transfers to the Social Security Institution (1994 - 2018) Source: Social Security Institution (http://www.sgk.gov.tr/wps/portal/sgk/tr/kurumsal/istatistik/aylik_istatis- tik_bilgileri) accessed on October 14, 2019.
Figure 2: Budgetary Transfers to the Social Security Institution (1994 - 2018) Source: Social Security Institution (http://www.sgk.gov.tr/wps/portal/sgk/tr/kurumsal/istatistik/aylik_istatis- tik_bilgileri) accessed on October 14, 2019.
*Preliminary Figure 3: Turkey - Pension Assets as a Percent of GDP
*Preliminary Figure 3: Turkey - Pension Assets as a Percent of GDP
Figure 4: Pension Assets as a Percent of GDP (OECD)
Figure 4: Pension Assets as a Percent of GDP (OECD)
Figure 5: Total Assets under Management of Voluntary Pension Funds & Auto Enrollment Funds Source: Capital Markets Board of Turkey official website (State Contribution Funds included in the total Volun- tary Pension Fund Assets Under Management).
Figure 5: Total Assets under Management of Voluntary Pension Funds & Auto Enrollment Funds Source: Capital Markets Board of Turkey official website (State Contribution Funds included in the total Volun- tary Pension Fund Assets Under Management).
Figure 6: Number of Participants and Number of Firms in Voluntary Pension Funds
Figure 6: Number of Participants and Number of Firms in Voluntary Pension Funds
Source: OECD Pension Markets in Focus 2018 (Lithuania and Spain); ASF (Portugal occupational plan coverage), Instituto Nacional de Estatistica (Portugal personal plan coverage), OECD Pensions at a Glance 2017 (all other countries). DOI:https://doi.org/10.1787/cb- 1c3686-en. Note: “ = Not available; “x” = Not applicable. Countries were included in the table if they had a voluntary pension system (per- sonal, occupational or both) and data was available for those countries. Coverage results for Portugal are an approximation partially based on survey data (Instituto Nacional de Estatistica, 2013[3]), since administrative data for personal pension plans is only available at an ac- count level and cannot be aggregated to the individual level. Data for Portugal’s occupational plan coverage is based on administrative data provided by the ASE, and the range estimated for personal plan coverage is calculated using the survey data on total pension plan coverage for households minus occupational plan coverage. The estimate for personal plan coverage is expressed as a range to account for the possi- bility of duplicate cover between personal and occupational plans. As such, the figures for Portugal in this table should be treated as indi- cative for the purpose of showing country comparisons only. Coverage rates are provided with respect to the total working-age population (i.e. individuals aged 15 to 64 years old), with the exception of Czech Republic (under 65), Germany (employees aged 25 to 64), Iceland (ci- tizens and foreign workers in Iceland between 16 and 64), Ireland (workers aged between 20 and 69), New Zealand (above 17 for personal plans), Sweden (income earners aged 20 to 64). In most cases, data refer to 2016, with the exception of Austria (2012), Belgium (2013), Ca- nada (2015), France (2015), Germany (2015), Greece (2014), Korea (2011), Lithuania (2017), Netherlands (2010), New Zealand (2014 for occupational and 2016 for personal), Portugal (2017), Spain (2014), Sweden (2015), United Kingdom (2015/16) and United States (2013). However, please refer to OECD Pensions at a Glance 2017 and OECD Pension Markets in Focus 2018 for more country-specific notes. Table 2: Voluntary Pension Plan Coverage
Source: OECD Pension Markets in Focus 2018 (Lithuania and Spain); ASF (Portugal occupational plan coverage), Instituto Nacional de Estatistica (Portugal personal plan coverage), OECD Pensions at a Glance 2017 (all other countries). DOI:https://doi.org/10.1787/cb- 1c3686-en. Note: “ = Not available; “x” = Not applicable. Countries were included in the table if they had a voluntary pension system (per- sonal, occupational or both) and data was available for those countries. Coverage results for Portugal are an approximation partially based on survey data (Instituto Nacional de Estatistica, 2013[3]), since administrative data for personal pension plans is only available at an ac- count level and cannot be aggregated to the individual level. Data for Portugal’s occupational plan coverage is based on administrative data provided by the ASE, and the range estimated for personal plan coverage is calculated using the survey data on total pension plan coverage for households minus occupational plan coverage. The estimate for personal plan coverage is expressed as a range to account for the possi- bility of duplicate cover between personal and occupational plans. As such, the figures for Portugal in this table should be treated as indi- cative for the purpose of showing country comparisons only. Coverage rates are provided with respect to the total working-age population (i.e. individuals aged 15 to 64 years old), with the exception of Czech Republic (under 65), Germany (employees aged 25 to 64), Iceland (ci- tizens and foreign workers in Iceland between 16 and 64), Ireland (workers aged between 20 and 69), New Zealand (above 17 for personal plans), Sweden (income earners aged 20 to 64). In most cases, data refer to 2016, with the exception of Austria (2012), Belgium (2013), Ca- nada (2015), France (2015), Germany (2015), Greece (2014), Korea (2011), Lithuania (2017), Netherlands (2010), New Zealand (2014 for occupational and 2016 for personal), Portugal (2017), Spain (2014), Sweden (2015), United Kingdom (2015/16) and United States (2013). However, please refer to OECD Pensions at a Glance 2017 and OECD Pension Markets in Focus 2018 for more country-specific notes. Table 2: Voluntary Pension Plan Coverage
Figure 7: Pension Funds Average Asset Classification % (October 2020) Source: OECD (2020). Pension spending (indicator). Funded Pension Statistics (Accessed on 29 October 2020). OECD and Turkey have similar structure in that a great deal of amount is invested in public and private debt instruments, namely bills and bonds. Also, regarding the ratio of assets invested in equities, they have si- milar percentage figures. On the other hand, as far as cash & deposits and other assets (especially mutual funds) are concerned, there are considerable differences (as of October 2020).
Figure 7: Pension Funds Average Asset Classification % (October 2020) Source: OECD (2020). Pension spending (indicator). Funded Pension Statistics (Accessed on 29 October 2020). OECD and Turkey have similar structure in that a great deal of amount is invested in public and private debt instruments, namely bills and bonds. Also, regarding the ratio of assets invested in equities, they have si- milar percentage figures. On the other hand, as far as cash & deposits and other assets (especially mutual funds) are concerned, there are considerable differences (as of October 2020).
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