Individual Pension System Progress Report

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1 Individual Pension System Progress Report 214

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3 Individual Pension System Progress Report 214 Electronic version of this document and reference data of selected statistics are available at Press Date: 4 May 215

4 Contents Contents Foreword 7 1. Individual Pension System Data General Overview Contracts Participants Contributions Pensioners Intermediaries and e-beas State Contribution Pension Plans Pension Mutual Funds and State Contribution Funds Worldwide Pension Funds Pension Mutual Funds and Securities Mutual Funds in Turkey Asset Allocation of Fund Groups Total Net Asset Values and Average Returns of Fund Groups Returns of Pension Mutual Funds Risk Analysis of Pension Mutual Funds State Contribution Funds Management Fees of Pension Mutual Funds and State Contribution Funds Pension Mutual Funds and State Contribution Funds Data Realizations in 214, Sectoral Expectations for Realizations in Sectoral Expectations for Amendments in the Legal Framework Amendments in the Legal Framework 96 2

5 Tables and Charts Tables and Charts Distribution of Contributions according to Contracts Establishment Reason (TL) 1 Development of Number of Contracts and Amount of Contributions, in Comparison of Total Invested Amount and Accumulations (TL) 11 Fund Amount of Participants of the Pension Companies (TL) 11 Distribution of Payments 12 Distribution of Contracts in Force and Terminated 12 Distribution of Contracts according to their Types 12 Distribution of Contracts according to Regions 13 Distribution of Terminated Contracts according to Reason 13 New Contract Establishments in Distribution of Contracts in Force and Terminated 14 Distribution of Contracts according to Contracts Age 14 Termination Ratio of Contracts according to the Month of Enforcement 15 Distribution of Contracts Terminated Voluntarily according to their Age at Termination 15 Distribution of Participants as Existing or New Participant who bought a Pension Contract in Distribution of Accumulations according to Contracts Age (TL) 16 Distribution of Contracts Transferred to another Pension Company 17 Ratio of Contracts That Withdrew in the Grace Period 17 Distribution of Contracts Transferred to Another Pension Company 17 Accumulations of Participants according to Gender and Ages 18 Distribution of Accumulations according to Participants Profession 18 Participants Fund Preferences per Fund Group 19 Participants Fund Preferences according to Contract Types per Fund Group 19 Distribution of Contracts by Preferred Fund Group Proportions 2 Distribution of Participants according to Regions 2 Participants Average Monthly Regular Contribution Planned to be Paid according to Age Groups 21 Distribution of Participants who bought a Pension Contract in 214 according to their Age Groups and Their Existence in the System 21 Accumulations of Participants according to Ages 22 Distribution of Terminated Contracts according to Participants Age Groups 22 Distribution of Contracts according to Vesting Years 23 Distribution of Contracts according to Payment Period 23 Opt Outs in the Establishment Year 23 Distribution of Participants and Accumulations according to Income Levels 24 Participants Entrance Age to the System 24 Distribution of Participants according to Number of Contracts Owned 25 Distribution of Participants according to Contract Types 25 Distribution of Participants and Accumulations of Participants according to Gender and Contract Types 25 Distribution of Participants Ages according to Pension Companies 26 Ratio of Participants Who Reentered the System After Voluntary Opt Out 26 Ratio of Participants to the Population according to Provinces 27 Growth Rate of Number of Participants according to Provinces 27 Distribution of Contributions according to Distribution and Marketing Channel 28 Change in Average of Regular Contributions Paid in a Year (TL) 28 Change in Regular Contribution Payment 29 Cumulative Change in Contributions according to Contribution Type 29 3

6 Tables and Charts Change in Contributions Paid for Contracts in Force according to Years 3 Distribution of Contributions according to Marketing Channel and Payment Period 3 Accumulations and Number of Participants according to Accumulation Amount Intervals 31 Accumulations and Number of Participants according to Participants Completed Month in IPS 31 Average Monthly Regular Contribution according to Provinces 32 Distribution of Contributions according to Provinces 32 Average Monthly Regular Contribution of Participants according to Gender 33 Average Monthly Regular Contribution according to Geographical Regions 33 Average Monthly Regular Contribution according to Payment Period 34 Average Monthly Regular Contribution according to Distribution Channel 34 Contributions according to Contract Types 35 Distribution of Contributions according to Average Monthly Regular Contribution Intervals 35 Ratio of Contributions and Contracts according to Monthly Paid Regular Contribution Intervals 36 Distribution of Contracts Terminated Voluntarily according to Contracts Types 36 Contracts Terminated Voluntarily according to Contracts Age and Average Monthly Regular Contribution 37 Distribution of Contributions according to Payment Instrument 37 Cumulative Change in Fees according to Fee Types 38 Change in Administrative Expenses Fee Ratio 38 Income Withholding Tax 39 Retirement in IPS 4 Change in Number of Retired Participants 41 Development of Participants according to Date they can Retire 41 Contributions and Net Returns of Retired Participants (TL) 42 Retired Participants according to Retirement Payment Intervals 42 Distribution of Retired Participants according to Time Spent in the Individual Pension System 43 Intermediaries according to the Status of License 44 Distribution of Intermediaries according to Regions 44 Contracts according to Distribution Channel 45 Distribution of Intermediaries according to Distribution Channel 45 Ratio of Contributions, Intermediaries, Contracts and Terminated Contracts according to Age Groups of Intermediaries 45 Ratio of Contracts and Contributions according to Distribution Channel 46 Ratio of Contracts and Contributions according to Marketing Channel 46 Distribution of e-beas Takers according to Distribution Channel 47 Distribution of e-beas Takers Grades Intervals according to Distribution Channel 47 The Progress of e-beas Takers Success Ratio 48 Distribution of e-beas Takers and Successful Ones according to Age Groups 48 The Success Ratio of e-beas Takers according to Gender 49 Distribution of Intermediaries according to Gender and Ages 49 Distribution of State Contribution Paid according to Contract Types 5 Distribution Ratio of State Contribution Paid to Participants according to Entrance Year 5 Distribution Ratio of State Contribution Paid according to Gender 51 Distribution Ratio of State Contribution Paid according to Age Groups 51 Average Amount of State Contribution Paid to Participants according to Gender and Age Groups 51 4

7 Tables and Charts Top 2 Provinces Where The Highest State Contribution Paid 52 Average Amount of State Contribution Paid per Participant according to Top 2 Provinces 52 Distribution of the Total Amount of State Contribution Funds according to Accumulation Intervals of State Contribution 53 Distribution of Total Amount of State Contribution Funds to Participants 53 Pension Plans 54 Importance of Pension Funds Relative to the Size of the Economy in Selected OECD Countries, Geographical Distribution of Pension Fund Assets in OECD Countries 58 Pension Funds Real Net Rate of Investment Returns in Selected OECD Countries 59 Pension Fund Asset Allocation for Selected Investment Categories in Selected OECD Countries 59 Consolidated Data of Mutual Funds as of December 31, Variation of Pension Mutual Funds Net Asset Values 6 Net Asset Value of Pension Mutual Funds according to Fund Groups and Their Growth Rate in Average Term in Pension Mutual Funds and Securities Mutual Funds 61 Change in Total Assets of Pension Mutual Funds and Securities Mutual Funds 62 Consolidated Asset Allocation of Pension Mutual Funds 62 Asset Allocation of Flexible Funds 63 Asset Allocation of Interest - Free Pension Mutual Funds 63 Asset Allocation of Pension Mutual Funds in 214 according to Founder 64 Total Net Asset Values and Average Returns of Fund Groups 64 Change of Net Asset Values of Fund Groups by Years (Increases and Decreases in Annual) 65 Returns according to Fund Groups and Their Benchmarks in Net Asset Values of Pension Mutual Funds according to Founders and Fund Groups 66 Net Asset Values of Pension Mutual Funds according to Founder 68 Net Asset Values of Pension Mutual Funds according to Founder and Their Growth Rate in Pension Mutual Funds Performance Analysis according to Benchmark Returns of Funds and Benchmarks 69 Data of Flexible Pension Mutual Funds 7 Returns of Pension Mutual Funds in 214 according to Fund Groups and Founder 72 Rate of Annual and Real Returns of Pension Mutual Fund Groups by Years 73 The Company, Fund Group and Sectoral 12 Month Returns (Fund Group and Fund Group Benchmark Returns) 73 Fund Groups and Alternative Investment Vehicles Returns (23-24) 74 Based on the Fund Group, 214 Annual Returns of Portfolio Management Companies 74 Index Change Ratio of Fund Group and Alternative Investment Vehicles Benchmark Returns of Interest - Free Pension Mutual Funds 75 Returns of Fund Groups and Alternative Investment Vehicles in Individual Pension System Sector Returns, Sector Benchmarks and Consumer Price Index Changes 76 Top 2 Pension Mutual Funds according to Sharpe Ratios 77 Pension Mutual Funds with Positive Alpha Coefficient 78 State Contribution Funds Data 8 Total Net Asset Values of State Contribution Funds according to Founder 81 Asset Allocation of Alternative Pension Mutual Funds 81 Asset Allocation of State Contribution Funds according to Founder 82 Returns of State Contribution Funds in 214 accourding to Fund Groups and Founder 82 5

8 Tables and Charts 214 Returns of State Contribution Funds and Benchmarks Benchmark Returns of Government Contribution Funds with a Designation of Alternative and Participation in Their Titles 83 Return Index of State Contribution Funds according to Founder and Fund 84 Indice Change of State Fund Groups and IPS 84 Ratio of State Contribution Fund Group Return to Other IPS Fund Group Returns 85 Monthly Development of Average Daily Fund Management Fee Ratios of Pension Mutual Funds and State Contribution Funds according to Fund Groups 86 Markets Indexes Used for Fund Groups 87 Consolidated Targets and Realizations of Pension Companies for Expectations Regarding Number of Participants, Amount of Contributions and Accumulations for the Year Management Fees of Pension Mutual Funds and State Contribution Funds 85 6

9 Foreword Foreword 214 was a year during which we started to reap the fruits of practices based on new revolutionary legislative regulations in Individual Pension System, which have been put into force since 213, particularly the government contribution. While the number of participants in the system reached some 3 million within a 9-year period spanning from the end of 23 through the beginning of 213, the new regulations introduced as of the end of 214 caused this number to rise to 5 million. The system achieved a fund value of approximately 38 billion Turkish Liras and over 5 million participants as of the end of 214, and we gladly follow up its contribution to the development of our economy and capital markets, while increasing the pension savings. On the other hand, as is known, limit of proportion of the contributions which can be discounted as an expense in the calculation of employers business income, out of the contributions that they can pay on behalf of their employees was raised from 1% to 15% of the gross wage of the employee, at the beginning of 213. And additionally, various tax conveniences were introduced for those corporations that promise pensions to their employees so that they could transfer their relevant funds to the individual pension system. These regulations also started to take effect. In this perspective, we see that the proportion of contracts with employers involvement to total contracts rose from 5.1% in 212 to 6.5% as of the end of 214. Total transfers to the individual pension system by corporations that promise pensions to their members/employees reached some 1.2 billion Turkish Liras as of the end of 214. Even though these indicators show that the system is on the good track, we have a long way to go to achieve our desired levels. In this regard, our efforts are underway to take further regulatory steps to maximize participation in the system on corporate basis. The individual pension system is a system that aims to make long-term savings and basically boost the level of prosperity during the retirement period. Within this framework, we have completed the legislative measures required to introduce income insurance, with a view to assuring a retirement income to those who leave the system as entitled to pensions, which is regular and would add to their prosperity during their retirement period. We will start to see the results of these regulations during 215. Apart from all these, the individual pension system has a major role in bringing in long-term funds to our country s economy, as is the case in developed countries, and increasing the domestic savings ratio. As a known fact, our national savings ratio started to go up during 214 with the efforts made and measures introduced. At this point, the growth in the individual pension system also has a significant share. Hence, the individual pension system serves a very important function in ensuring our national savings ratios reach the desired levels and lessening our country s dependency on external financing. In this context, our most prioritized objectives include encouraging average duration of participation in the system as well as an incremental continuation of the participation and enhancing the added value for the participants by reducing the deductions from the system to international levels. Our efforts to this end are currently in progress, and the relevant regulatory steps are anticipated to be completed during the first half of 215. For the continued acceleration of the growth rate attained in 213 and continued incrementally in 214, the strong public support will be maintained in the future, as it always has been. However, it is of great importance that concerted efforts of pension companies, portfolio management companies and other stakeholders, besides the public, should be maintained to ensure that confidence in the system is increased and the growth is continued in an efficient manner. In this perspective, potential success of the regulations and efforts to be made in the near future, consequently expansion of the participation base of the individual pension system and enhancement of the added value provided by the system to participants and to the national economy will depend upon joint efforts of all parties involved, as it has been so far. At the Undersecretariat of Treasury, we are committed to maintaining our efforts, in collaboration with Capital Markets Board, Pension Monitoring Center, pension companies and other stakeholders, to improve and grow the Individual Pension System also in 215. I would like to take this opportunity to thank everyone who has contributed to the Individual Pension System Annual Progress Report 214, and wish that it would be a useful source for all stakeholders. Cavit DAĞDAŞ acting Undersecretary of Treasury For the continued acceleration of the growth rate attained in 213 and continued incrementally in 214, the strong public support will be maintained in the future, as it always has been. 7

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11 Individual 1 Pension System Data 1.1 General Overview 1.2 Contracts 1.3 Participants 1.4 Contributions 1.5 Pensioners 1.6 Intermediaries and e - BEAS 1.7 State Contribution 1.8 Pension Plans

12 1 - Individual Pension System Data 1.1 General Overview 214 Year-End Participants 5,92,871 Funds (TL) 34,793,77,88 State Contribution Funds (TL) 3,19,76,239 Intermediaries 31,998 Pension Companies 19 As of the end of 214, 5,87,319 contracts are in force. The number of participants has grown around 23% and exceeded 5 million when compared to the end of the last year. At the same period the total net asset value of the funds have been increased 38% and closing TL 35 billion. As compared to last year the state contribution funds increased at a great rate of 162%. Distribution of Contributions according to Contracts Establishment Reason (TL) G.1 New Entry to the System 27,65,56, % Transfer of Accumulations in Life Insurance to the Individual Pension System 167,979,796.6% Transfer of Accumulations in Provident Funds* to the Individual Pension System 573,466,82 2.% *These include funds from associations, foundations, provident funds and other organizations with retirement provisions. As of 214 year-end, distribution of total amount of contributions for the contracts in force is analyzed according to establishment reason of the contracts. Development of Number of Contracts and Amount of Contributions, in 214 G.2 Number of Contracts Total Amount of Contributions (TL Million) Number 5,9, 5,7, 5,5, 5,3, 5,1, 4,9, 4,7, 28,5 27,5 26,5 25,5 24,5 23,5 22,5 TL Million 4,5, ,5 Development of Number of Contracts and Amount of Contributions, in

13 1 - Individual Pension System Data Comparison of Total Invested Amount and Accumulations (TL) G.3 36, 34, 32, Accumulations of Participants (TL) Total Invested Amount (TL) TL Million 3, 28, 26, 24, 22, 2, Total amount of invested contributions after deduction of the administrative expenses fee and total accumulations in 214 are compared. Amount of contributions invested (TL 27,842,765,911) until reached TL 34,793,77,88 and total amount of participant s state contributions invested reached TL 3,19,76,239. (Return rate should be interpreted together with the internal rate of return on investments. Direct comparison with other investment instruments may not give accurate results.) Fund Amount of Participants of the Pension Companies (TL) G.4 Aegon Emeklilik ve Hayat Allianz Hayat ve Emeklilik Allianz Yaşam ve Emeklilik Anadolu Hayat Emeklilik Asya Emeklilik ve Hayat Avivasa Emeklilik ve Hayat Axa Hayat ve Emeklilik BNP Paribas Cardif Emeklilik Cigna Finans Emeklilik ve Hayat Ergo Emeklilik ve Hayat Fiba Emeklilik ve Hayat Garanti Emeklilik ve Hayat Groupama Emeklilik Halk Hayat ve Emeklilik ING Emeklilik Katılım Emeklilik ve Hayat Metlife Emeklilik ve Hayat Vakıf Emeklilik Ziraat Hayat ve Emeklilik 7, 6,5 6, 5,5 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, Total Amount of Participants' Funds (TL Million) Development of total amount of participants funds, of the pension companies, in 214. Total fund amounts of Fiba Emeklilik ve Hayat A.Ş. (TL 24,652,373), Katılım Emeklilik ve Hayat A.Ş. (TL 47,532,6) and Axa Hayat ve Emeklilik A.Ş. (TL 72,786,39) cannot be followed in the graph due to the small amounts. And also apart from pension funds, total amount of participant s state contribution invested reached TL 3,19,76,239 as of 214 year-end. State contribution funds are excluded from calculations. 11

14 1 - Individual Pension System Data Distribution of Payments G.5 Total Amount of Contributions Invested 27,842,765, % Entrance Fee (Paid at Entrance) 245,244,87.9% Administrative Expenses Fee 53,737, % Until the end of 214, TL 27,842,765,911 has been invested after deduction of TL 53,737,584 for administrative expenses fee from TL 28,346,53,495, the total amount collected from contracts in force. Apart from contributions, an amount of TL 245,244,87 was paid as entrance fee for contracts in force. Distribution of Contracts in Force and Terminated G.6 In Force Terminated 5,87,319 3,425,22 63% 37% Transferred to Another Pension Company 291,474 3% Merged Contracts 152,269 2% Terminated with Other Reasons 2,981,459 32% Terminated In Force TL 16,468,476,977 TL 28,346,53,495 37% %35 63% Transferred to Another Pension Company TL 3,182,31,16 7% Merged Contracts TL 1,63,682,513 %4 Terminated with Other Reasons TL 11,682,763,34 %26 All contracts written as of 214 year-end are classified as in force and terminated. The ratio of terminated contracts to the written contracts is 37.1%. 4.8% of this ratio is Transfer of Pension Account to Another Pension Company and Consolidation of Contracts, 1.6% is Cancellation by Company,.3% is other involuntary reasons (retirement, death, disability). The total contribution of TL 44,814,98,472 for all the contracts written as of 214 year-end is analyzed in terms of enforcement. Terminated with other reasons indicates retirement, death, disability, cancellation by company and voluntarily termination. 1.2 Contracts Distribution of Contracts according to their Types G.7 Individual Pension Contracts Group Individual 4,242,733 Contracts 73.1% 1,185, % Individual Pension Contracts TL 25,545,352, % Group Individual Contracts TL 7,86,128, % Noncontributory Group Contracts 378, % Distribution of contracts in force according to their types as of 214 year-end. Noncontributory Group Contracts TL 1,387,597,662 4.% Distribution of the total amount of accumulations of participants according to contract types as of 214 yearend. And also accumulated amount of participant s state contribution reached TL 3,19,76,239 as of 214 year-end and state contribution amount excluded from calculations. 12

15 1 - Individual Pension System Data Distribution of Contracts according to Regions G.8 Ratio of Contracts as of 214 Year-end Ratio of Total Amount of Contributions as of 214 Year-end Ratio (%) Marmara Central Anatolia Aegean The Mediterranean The Black Sea Southeast Anatolia East Anatolia Region Distribution of contracts in force as of 214 year-end and distribution of the total amount of initial, regular and additional contributions paid to these contracts in 214 are analyzed according to Regions. The data about Regions for the contracts are gathered according to the provinces where the participants reside. 21,761 contracts with participants living abroad are not shown on the graph. Distribution of Terminated Contracts New Contract Establishment according to Reason G.9 in 214 G.1 Opt Outs 2,87, % Transfer of Pension Account to Another Pension Company 291, % Merging of Contracts 152, % Cancellation by Company 144, % Retirement 14,914.44% Death/Disability 13,94.41% Individual Pension Contracts 1,187, % Group Individual Contracts 352, % Noncontributory Group Contracts 146,224 Distribution of 3,425,22 terminated contracts out of 9,232,521 that were written until the end of 214, according to Termination Reasons. The termination ratio of voluntarily opt outs of contracts entered the system with new contract establishment is 3.4%. Contracts of retired participants, who preferred to stay in the system and took programmed withdrawals, are not shown on the graph, because they were still in force. Contracts entered the system in 214 with a new contract establishment analyzed, according to contracts types. The ratio of individual pension contracts was 73.%, group individual contracts was 2.8% and noncontributory group contracts was 6.2% on average to the whole contracts entered the system with a new contract establishment before

16 1 - Individual Pension System Data Distribution of Contracts in Force and Terminated G.11 Number of Contracts (Thousand) 1,8 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, Ratio (%) Terminated In Force Entrance Year All contracts that came in force in the corresponding year are analyzed according to status of in force or terminated, as of 214 yearend. Reasons of termination based on all types of terminations are included (witdrawal of contracts in the grace period, cancellations by company, death/disability, transfer of pension account to another pension company, merging of contracts, retirement and voluntary opt outs). Distribution of Contracts according to Contracts Age G.12 1,6 1,4 Number of Contracts (Thousand) 1,2 1, Less Than 1 Year 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 1 Years 11 Years Elapsed Time in IPS As of 214 year-end, contracts in force are analyzed according to their completed age in the system. Average age of the contracts in force as of 214 year-end is observed to be

17 1 - Individual Pension System Data Termination Ratio of Contracts according to the Month of Enforcement G.13 Termination Ratio (%) Termination Ratio Month Number of Contracts Number of Contracts Entered the System (Thousand) Number of contracts entered the system in the specified month with a new contract establishment and the ratio of voluntary withdrawals as of 214 year-end. Distribution of Contracts Terminated Voluntarily according to their Age at Termination G.14 Number of Contracts (Thousand) Age of Contract at Termination (Months) Distribution of contracts entered the system with a new contract establishment and terminated voluntarily, according to their age at termination, as of 214 year-end. Age of the contract shows the number of exact months from the date of in force until termination. 15

18 1 - Individual Pension System Data Distribution of Participants as New or Existing Participants who bought a Pension Contract in 214 G.15 New Participants 1,12, % Existing Participants 34, % Participants who bought a new contract in 214, although he has an existing contract in the system are analyzed. Totally on average 17.6% of the participants bought a new contract although he has an existing contract in the system before 214, this ratio is 23.3% for year 214. Distribution of Accumulations according to Contracts Age (TL) G.16 Accumulations of Participants (TL Million) 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Less Than 1 Year 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 1 Years 11 Years Elapsed Time in IPS As of 214 year-end, distribution of total accumulations (TL 34,793,77,88) of participants is analyzed according to completed age of the contracts. And also apart from pension funds, total amount of participant s state contributions invested reached TL 3,19,76,239 as of 214 year-end. Total accumulations do not contain state contribution amount and state contribution is not shown on the graph. 16

19 1 - Individual Pension System Data Distribution of Contracts Transferred to another Pension Ratio of Contracts That Withdrew Company* G.17 in the Grace Period G.18 2 Years 22.% 1 Year 32.8% 3 Years 15.5% 4 Years 9.1% 11 Years 5 Years 1.% 6 Years 5.4% 7 Years 3.% 8 Years 1.5% 1 Years 9 Years In Force (After the Grace Period) 1,439, % Withdrew in the Grace Period Before Contracts Come into Force 1, % Withdrew in the Grace Period After Contracts Came into Force 88, % Distribution of contracts that transferred or merged accumulations to another pension company according to Time Spent in the Old Company, as of 214 year-end. Transfers include only individual and group individual contracts. * According to time spend in the old company. Distribution of individual pension contracts and group individual contracts that witdrew in the grace period, in year 214 are shown on the graph. As of 214 year-end withdrawal right in the grace period used for 573 thousand contracts. Distribution of Contracts Transferred to Another Pension Company G.19 Number of Contracts Transferred 75, 7, 65, 6, 55, 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, Before [-1) [1-2.5) [2.5-5) [5-7.5) [7.5-1) [1-15) [15-2) [2-25) [25-5) [5-1) [1-25) [25+) Transfer Amount Interval (TL Thousand) Distribution of contracts that transferred accumulations to another pension company according to Transfer Amount Intervals, as of 214 year-end. Transfers include merged contracts, vested amount of noncontributory group contracts written by different companies. 17

20 1 - Individual Pension System Data 1.3 Participants Accumulations of Participants according to Gender and Ages G.2 Female Age Accumulation (TL Million) Male Distribution of participants accumulations as of 214 year-end, according to their Gender and Ages. Average age of population within IPS is 38.4 and weighted average age is 44.9 according to the total amount of accumulations owned by participants. 57% of the total amount of accumulations owned by male participants and 43% by females. Distribution of Accumulations according to Participants Profession G.21 Bank Personnel Engineer 6.9% 5.9% Public Officer Teacher 7.1% 4.1% Doctor/ Pharmacist 7.3% Worker 8.5% Housewife 16.% Self Employed 28.3% Other 15.9% Academician 2.1% Other 5.8% Architect 1.2% Retired (SSI Unknown) 2.% Lawyer/Judge/ Prosecutor 1.8% Retired (SSI) 1.6% Student 1.3% Total amount of accumulations as of 214 year-end are analyzed according to participants Profession. Analysis includes data of 34% of the participants whose Profession data are available. 18

21 1 - Individual Pension System Data Participants Fund Preferences per Fund Group G.22 Flexible Gov't Bonds and Bills (TL) Liquid Standard Stocks Gov't Bonds and Bills (FX) Precious Metal Flexible 33.4% Gov't Bonds and Bills (TL) 36.% Liquid 1.% Standard 7.6% Stocks 7.4% Gov't Bonds and Bills (FX) 4.7% Precious Metal.9% 25, 5, 75, 1,, 1,25, 1,5, 1,75, 2,, 2,25, 2,5, 2,75, 3,, 3,25, 3,5, 3,75, 4,, Number of Contracts Pension mutual funds of total accumulations as of 214 year-end are shown based on the fund groups. On average, 2.26 fund types were bought per contract. As of year-end flexible fund group has 22% stocks, 45% gov t bonds and bills and 3% reverse repo in its portfolio. Distribution of total amount of participants funds are shown on the pie chart. Participants Fund Preferences according to Contract Types per Fund Group G.23 Gov't Bonds and Bills (TL) Standard Flexible Gov't Bonds and Bills (FX) Liquid Precious Metal Stocks Noncontributory Group Contracts Type of Contracts Group Individual Contracts Individual Pension Contracts Ratio (%) Pension mutual funds of total accumulations as of 214 year-end according to contract types are shown based on the fund groups. As of 214 year-end accumulations of noncontributory group contracts is TL 1,388 million, group individual group contracts is TL 7,86 million and individual pension contracts is TL 25,545 million. On average, in noncontributory group contracts 2.3, in individual pension contracts 2.27, in group individual group contracts 2.18 fund groups were bought per contract. 19

22 1 - Individual Pension System Data Distribution of Contracts by Preferred Fund Group Proportions G.24 Contracts Related to Preferred Funding Group Rate Range (9% - 1%] (8% - 9%] Gov't Bonds and Bills (TL) Flexible (7% - 8%] Liquid Stocks (6% - 7%] Gov't Bonds and Bills (FX) Standard Precious Metal (5% - 6%] (4% - 5%] (3% - 4%] (2% - 3%] (1% - 2%] (% - 1%] Ratio of Contracts (%) Averages of Fund Groups Ratio of Contracts (%) A review of contracts choice of the relevant fund group shows that the proportion of contracts choosing Flexible fund group in a range of 4% - 5% to all contracts is 8.36%, while the proportion of contracts choosing Government Bonds (TL) fund group within the same range to all contracts is 4.82%. The proportion of contracts choosing Flexible fund group in a range of 2% - 3% to all contracts is 6.38%, while the proportion of contracts choosing Government Bonds (TL) fund group within the same range to all contracts is 3.66%, and those who choose the Standard fund group is 2.75%. The proportion of contracts choosing Stocks in a range of 1% - 2% to all contracts is 5.35%. With regard to all contracts, the most chosen fund group was Flexible with 4.55% in a range of 9% - 1%. The study was based on fund distributions as determined by participants in the contracts, in effect as of December 31, 214. Distribution of Participants according to Regions G.25 2,5 Number of Participants Accumulation ( TL Million) 2, Number of Participants (Thousand) 2,25 2, 1,75 1,5 1,25 1, , 16, 14, 12, 1, 8, 6, 4, 2, Accumulation (TL Million) Marmara Central Anatolia Aegean The Mediterranean The Black Sea Southeast Anatolia East Anatolia Region Distribution of participants of contracts in force and total amount of accumulations as of 214 year-end are analyzed according to Regions. The data about Regions are gathered according to the provinces where the participants reside. 19,559 participants who are living abroad are not shown on the graph. 2

23 1 - Individual Pension System Data Participants Average Monthly Regular Contribution Planned to be Paid according to Age Groups G and under Age Age Age and over Average Monthly Regular Contribution (TL) As of 214 year-end, the average monthly regular contributions planning to be paid for contracts in force are analyzed in terms of Participants Age Groups. While the average monthly regular contributions planning to be paid for contracts in force as of 214 yearend is TL 195, the monthly average of regular contributions paid for the contracts that have regular contribution payment in 214 is TL 24. The area of the bubble is proportional to participant s number of contracts in force as of 214 year-end. Distribution of Participants who bought a Pension Contract in 214 according to their Age Groups and Their Existence in the System G.27 In Force Terminated 4, 35, Number of Participants 3, 25, 2, 15, 1, 5, 25 and under Age Age Age and over Participants' Age Groups Participants who bought a new individual or group individual contract in 214 although he has no existing contract in the system are analyzed according to participants age groups and status of contract in force or terminated, as of 214 year-end. 21

24 1 - Individual Pension System Data Accumulations of Participants according to Ages G.28 22,5 2, Average Amount of Accumulations First and Third Quarters and Median Retirement Capital Average Accumulation Amount (TL) 17,5 15, 12,5 1, 7,5 5, 2, Age of Participant Accumulations of participants of contracts that are still in force as of 214 year-end are analyzed according to participants age. Distribution of Terminated Contracts according to Participants Age Groups G.29 Age , % Distribution of individual and group individual contracts that were opted out the system voluntarily until the end of 214, according to Participants Age Groups at termination. Age ,67, % 25 and under 225, % Age , % 56 and over 91, % Termination ratio is 9% for individual and group individual pension contracts that were in force at the beginning of 214. When it is analyzed in age groups detail, this ratio is 13% for participants aged 25 and under, 1% for 25-34, 8% for 35-44, 7% for age groups and 6% for participants aged 56 and over. 22

25 1 - Individual Pension System Data Distribution of Contracts according to Vesting Years Distribution of Contracts G.3 according to Payment Period G.31 2 years 2.1% 1 year 14.7% 3 years 3.5% 4 years 5.6% Monthly 5,511,69 Quarterly 94.9% 84, % Immediate Vesting 9.8% 7 years 16.2% 6 years.2% 5 years 21.% Semiannual 29,553.5% Annual 181, % As of 214 year-end, noncontributory group contracts in force are analyzed according to their vesting years (waiting period for deserving the total amount of contributions paid by sponsor companies and their revenue). Distribution of contracts in force as of 214 year-end are analyzed according to Payment Period. Opt Outs in the Establishment Year G.32 16, Number of Contracts that Opted Out Termination Ratio in the Same Calendar Year 8 14, 7 12, 6 Number 1, 8, 6, 4, 2, Ratio (%) Individual and group individual contracts that entered the system with a new contract establishment and terminated voluntarily in the same calendar year are analyzed, according to contracts establishment year. Terminations include witdrawal of contracts in the grace period after the enforcement. 23

26 1 - Individual Pension System Data Distribution of Participants and Accumulations according to Income Levels G.33 Distribution of participants of contracts in force according to their Level of Income as of 214 year-end. Analysis includes data of 21.6% of the participants whose income data are available. Income indicates the Net Income declared by the participant at the signing of the contract. GMW = Monthly Gross Minimum Wage 3GMW < Income 6GMW 7.4% 6GMW < Income 1GMW 13.1% 1GMW < Income 8.7% Income GMW.5% GMW < Income 2GMW 3.2% 2GMW < Income 3GMW 4.1% 2GMW < Income 3GMW 34.5% 3GMW < Income 6GMW 9.7% 6GMW < Income 1GMW 13.6% 1GMW < Income 23.6% Income GMW.2% GMW < Income 2GMW 18.3% Distribution of total amount of accumulations as of 214 year-end according to Participants Level of Income. Analysis includes accumulations data of 25.4% of the participants whose income data are available. Income indicates the Net Income declared by the participant at the signing of the contract. When only the total amount of accumulations of the contracts which came into force in 214 are analyzed, it is observed that participants with monthly income 1 times over monthly gross minimum wage, owned 33% of this accumulation. Participants Entrance Age to the System G Male Female First Entrance Age to IPS First Entrance Year to IPS Participants initial entrance age to sytem have been analyzed in accordance to their gender and the year of their entrance. General age average of first entrance to the system is Only the first entry age of the participants who have more than one entry, considered in the study. 24

27 1 - Individual Pension System Data Distribution of Participants according to Number of Contracts Owned G.35 1 Contract Other 79.5% 2.5% 2 Contracts 15.1% 3 or More Contracts 5.4% Distribution of participants according to number of contracts they hold as of 214 year-end. 79.5% of participants have only one contract in the system, while 15.1% have two contracts and 5.4% have at least three contracts. However 25.5% of the amount of accumulations for contracts in force owned by participants who have two contracts and 23.2% owned by participants who have at least three contracts. Distribution of Participants according to Contract Types G.36 Individual Pension Contracts 72.47% 2.59%.43%.61% 3.6% 3.38% 16.92% Group Individual Contracts Noncontributory Group Contracts Distribution of participants according to type of contracts they own as of 214 year-end. Areas of intersection refer to participants who have more than one type of contract % of participants have only individual pension contracts, while participants with only group individual contract is 16.92% and participants with only noncontributory group contracts are 3.38%..43% of participants have all three types of contracts. Distribution of Participants and Accumulations of Participants according to Gender and Contract Types G.37 Ratio of Participants Ratio of Accumulations Contracts Type Male Female Male Female Individual Pension Contracts Group Individual Contracts Noncontributory Group Contracts Distribution of participants and accumulations of contracts in force as of 214 year-end, according to their Gender and Contract Types. 25

28 1 - Individual Pension System Data Distribution of Participants Ages according to Pension Companies G.38 5 First and Third Quarters and Median of Participants' Ages 45 Age of Participant Aegon Emeklilik ve Hayat Allianz Hayat ve Emeklilik Allianz Yaşam ve Emeklilik Anadolu Hayat Emeklilik Asya Emeklilik ve Hayat Avivasa Emeklilik ve Hayat Axa Hayat ve Emeklilik BNP Paribas Cardif Emeklilik Cigna Finans Emeklilik ve Hayat Ergo Emeklilik ve Hayat Fiba Emeklilik ve Hayat Garanti Emeklilik ve Hayat Groupama Emeklilik Halk Hayat ve Emeklilik ING Emeklilik Katılım Metlife Vakıf Ziraat Emeklilik Emeklilik Emeklilik Hayat ve ve Hayat ve Hayat Emeklilik Distribution of participants ages for the contracts in force as of 214 year-end are analyzed according to pension companies. Ratio of Participants Who Reentered the System After Voluntary Opt Out G Ratio (%) Reentrance Year to the System The participants who reentered the system after voluntary opt out (with no contracts left) have been analyzed in terms of the inforcement date of their new contracts. Ratio of the participants who reentered the system after voluntary opt out is 5.8% of all entrance as of the end of 214. This ratio is 6.7% for the participants whose contracts come in force in

29 1 - Individual Pension System Data Ratio of Participants to the Population according to Provinces G.4 İzmir Kırkareli Edirne Tekirdağ Çanakkale Balıkesir Manisa Aydın Muğla İstanbul Yalova Bursa Kütahya Uşak Denizli Bartın Kastamonu Sinop Zonguldak Karabük Kocaeli Düzce Sakarya Çankırı Bolu Çorum Bilecik Burdur Afyon Eskişehir Isparta Antalya Ankara Konya Kırıkkale Karaman Kırşehir Aksaray Mersin Nevşehir Niğde Yozgat Samsun Amasya Kayseri Tokat Ordu Sivas Kahramanmaraş Adana Osmaniye Gaziantep Hatay Kilis Giresun Gümüşhane Bayburt Malatya Adıyaman Trabzon Erzincan Tunceli Elazığ Şanlıurfa Rize Bingöl Artvin Erzurum Muş Bitlis Diyarbakır Siirt Batman Mardin Ardahan Kars Ağrı Şırnak 13.1% - 21.% 11.1% - 13.% 9.1% - 11.% Iğdır Van Hakkari 6.1% - 9.% 4.1% - 6.% 2.% - 4.% Ratio of number of participants of contracts in force as of 214 year-end to the general population between ages in their home city is depicted in the map. The first three provinces with highest ratios are Muğla (21%), İstanbul (17%) and Antalya (17%). These provinces are followed by İzmir and Ankara with 16% and 15%. Growth Rate of Number of Participants according to Provinces G.41 İzmir Kırklareli Edirne Tekirdağ Çanakkale Balıkesir Manisa Aydın Muğla İstanbul Yalova Bursa Denizli Kütahya Uşak Bartın Kastamonu Sinop Zonguldak Karabük Samsun Kocaeli Düzce Sakarya Çankırı Bolu Çorum Amasya Tokat Bilecik Ankara Eskişehir Kırıkkale Yozgat Burdur Afyon Isparta Antalya Konya Aksaray Karaman Mersin Kırşehir Nevşehir Niğde Adana Kayseri Ordu Sivas Trabzon Giresun Gümüşhane Bayburt Malatya Kahramanmaraş Adıyaman Osmaniye Gaziantep Hatay Kilis Erzincan Tunceli Elazığ Şanlıurfa Rize Bingöl Artvin Erzurum Muş Bitlis Diyarbakır Siirt Batman Mardin Ardahan Kars Ağrı Şırnak 4.1% - 45.% 3.1% - 4.% 25.1% - 3.% 2.1% - 25.% 15.1% - 2.% Iğdır Van Hakkari Growth rate of number of participants of contracts in force as of 214 year-end, compared to the year-end values of the previous year, according to the provinces where the participants reside are analyzed. The first three provinces in growth rate as of 214 year-end are Yozgat (45%), Ardahan(45%) and Gümüşhane (44%). 27

30 1 - Individual Pension System Data 1.4 Contributions Distribution of Contributions* according to Distribution and Marketing Channel G.42 Individual Direct Sales 6,135,61, % Corporate Sales 492,932, % Agent 1,35,591, % Bank 1,439,37, % Other 184,433, % Bank 6,73,785, % Other 179,665, % Individual Direct Sales 1,55,753, % Corporate Sales 434,164, % Agent 1,157,235, % Distribution of the total amount of initial (new entry to system), regular and additional contributions (TL Million 9,558) paid to contracts in 214, in terms of Distribution Channel is analyzed. Other includes Call Center and Broker channels. * Contributions are total of initial, regular and additional contributions paid in 214. Distribution of the total amount of initial (new entry to system), regular and additional contributions (TL Million 9.558) paid to contracts in 214, in terms of Marketing Channel is analyzed. Other includes Call Center, Broker and Internet channels. Regardless of the intermediary who has signed the contract, marketing channel is the channel which has been effective in reaching the participant. Change in Average of Regular Contributions Paid in a Year (TL) G.43 Average of Total Amount of Regular Contributions Paid in the Year 3,5 Average of total amount of contributions paid by participants for the relevant year escalated by mid-year inflation rates until 214 3, 2,5 Amount (TL) 2, 1,5 1, Average of total amount of regular contributions paid by participants in the corresponding year. Participants are selected among the ones who were in the system for the whole year period (contracts ages >= 12 months as the corresponding year-end). Average of total regular contributions paid during the year was escalated by mid-year inflation rates until

31 1 - Individual Pension System Data Change in Regular Contribution Payment G.44 Total Amount of Regular Contribution Paid Number of Contracts into which Regular Contribution Paid 9 3,6 8 3,2 Amount (TL Million) ,8 2,4 2, 1,6 1,2 8 4 Number (Thousand) Payment Period The total amount of regular contributions paid to the system between 213 and 214 are analyzed according to payment month. Cumulative Change in Contributions according to Contribution Type G.45 Amount (TL Million) 4, 37,5 35, 32,5 3, 27,5 25, 22,5 2, 17,5 15, 12,5 1, 7,5 5, 2,5 Regular Contribution Initial Contribution (New Entry to System) Initial Contribution (Transfer of Accumulations from Outer Systems*) Additional Contribution * Transfer of accumulations from outer systems includes transfer of accumulations in life insurance and in provident funds to the individual pension system. Provident funds include funds from associations, foundations and other organizations with retirement provisions. Distribution of contributions paid to system is analyzed according to Contribution Type as of 214 year-end. 29

32 1 - Individual Pension System Data Change in Contributions Paid for Contracts in Force according to Years G.46 Total Amount of Contributions (TL Million) 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Total amount of contributions for the relevant year escalated by mid-year inflation rates until Total amount of initial (new entry to system), regular and additional contributions paid for contracts that came in force as of 214 year-end are analyzed according to payment years. Contributions paid during the year escalated by mid-year inflation rates until 214. Distribution of Contributions* according to Marketing Channel and Payment Period G.47 Monthly Quarterly Semiannual Annual Individual Direct Sales Corporate Sales Agent Bank Other Contributions (%) * Contributions are total of initial, regular and additional contributions paid in 214. Distribution of the total amount of initial (new entry to system), regular and additional contributions (TL Million 9,558) paid to contracts in 214,, in terms of Payment Period, in the detail of Marketing Channel is analyzed. Other include Call Center, Broker and Internet channels. Regardless of the intermediary who has signed the contract, marketing channel is the channel which has been effective in reaching the participant. Contracts with monthly payment period are providing 82 and contracts with annual payment period are providing 15 percent of contributions*. 3

33 1 - Individual Pension System Data Accumulations and Number of Participants according to Accumulation Amount Intervals G.48 Total Accumulations (TL Million) 7, 6, 5, 4, 3, 2, 1, Accumulation Number of Participants 2,8 2,4 2, 1,6 1,2 8 4 Number of Participants (Thousand) [.1- [1,- 1,) 2,5) [2,5-5,) [5,- 7,5) [7,5-1,) [1,- 15,) [15,- 2,) [2,- 25,) [25,- 5,) [5,- 1,) [1,- [25,+) 25,) Accumulation Amount Intervals (TL) Total amount of accumulations as of 214 year-end are analyzed according to accumulation amount intervals of participants. Accumulations and Number of Participants according to Participants Completed Month in IPS G.49 4,5 Accumulation Number of Participants 1,8 Total Accumulations (TL Million) 4, 3,5 3, 2,5 2, 1,5 1, 5 1,6 1,4 1,2 1, Number of Participants (Thousand) [,12) [12,24) [24,36) [36,48) [48,6) [6,72) [72,84) [84,96) [96,18) [18,12) [12,132) [132,135) Participants' Completed Month in IPS Total amount of accumulations as of 214 year-end are analyzed according to participants completed month in IPS. 31

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