Individual Pension System Progress Report

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1 Individual Pension System Progress Report 29

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3 Individual Pension System Progress Report 29 Electronic version of this document and reference data of selected statistics are available at Press Date: April 13, 21

4 2 Individual Pension System 29 Progress Report Contents Foreword 7 1 Leaving a Year Behind Developments in the World Economy Developments in the Turkish Economy Magnitudes Regarding Social Security in Turkey 13 2 Individual Pension System Data General Overview Contracts Participants Contributions Pensioners Intermediaries and e-beas Pension Plans 48 3 Pension Mutual 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 Management Fees of Pension Mutual Funds Pension Mutual Funds Data 68 4 Realizations in 29, Sectoral Expectations for Realizations in Sectoral Expectations for Activities and Publications in the Individual Pension System Amendments in the Legal Framework Sectoral Activities International Publications on Private Pension Systems 81 6 Selected Topics in the Individual Pension System Analysis of Projected Accumulation and Withdrawal in Retirement Selected Results of Surveys Conducted at PMC Contact Center 87 7 Pension Companies Almanac 9

5 Individual Pension System 29 Progress Report 3 Tables and Charts Yearly Growth in the World Economy 1 Fluctuations in the Consumer Price Index 11 Returns of Investment Instruments in Change in the number of Insured compared to Last Year 13 Selected Unemployment Insurance Statistics 14 Development of Number of Contracts and Amount of Contributions 18 Comparison of Total Invested Amount and Accumulations 18 Development of Pension Funds of Participants (TL) 19 Distribution of Contributions according to Contracts Establishment Reason (TL) 19 Distribution of Payments 2 Distribution of Contracts in Force and Terminated 2 Distribution of Contracts and Accumulations according to Contract Types 2 Distribution of Contracts according to Regions 21 Vesting Years 21 Distribution of Contracts according to Payment Period 21 Distribution of Terminated Contracts according to Reason (Number) 22 Distribution of Contracts in Force and Terminated 22 Distribution of Accumulations according to Contracts Age (TL) 23 Distribution of Contracts according to Contracts Age 23 Termination Ratio of Contracts according to the Month of Enforcement (%) 24 Distribution of Contracts Terminated Voluntarily according to their Age at Termination 24 Distribution of Contracts Transferred to Another Pension Company 25 Usage of Account Merging Right (Number) 25 Distribution of Participants according to Gender and Ages 26 Gender and Education Distribution 26 Participants Fund Group Preferences according to Age Groups (%) 27 Participants Fund Preferences per Fund Group (Number) 27 Participants Fund Preferences according to Contract Types per Fund Group 28 Accumulations of Participants according to Ages (TL) 28 Participants Average Monthly Regular Contribution Planning to be Paid according to Age Groups 29 Ratio of Participants to the Population according to Provinces (%) 29 Distribution of Participants according to Regions and Age Groups (%) 3 Distribution of Participants and Accumulations according to Income Levels (%) 3 Distribution of Participants according to Number of Contracts Owned (%) 31 Distribution of Participants according to Contract Types (%) 31 Distribution of Contributions according to Distribution Channel (%) 32 Distribution of Contributions according to Distribution Channel and Payment Period (%) 32 Cumulative Change in Contributions According to Contribution Type (TL Million) 33 Average Monthly Regular Contribution according to Geographical Regions 33 Average Monthly Regular Contribution according to Payment Period 34

6 4 Individual Pension System 29 Progress Report Average Monthly Regular Contribution according to Distribution Channel 34 Distribution of Contributions according to Average Monthly Regular Contribution Intervals (TL) 35 Distribution of Contributions according to Payment Instrument (%) 35 Change in Average Annual Regular Contribution (TL) 36 Change in Administrative Expenses Fee Ratio (%) 36 Cumulative Change in Fees According to Fee Types 37 Cumulative Amount of Withholding Tax 38 Change in Contributions Paid for Contracts in Force according to Years 38 Distribution of Contracts according to Payment Ability (%) 39 Change in Number of Retired Participants 4 Development of Participants according to Date they can Retire 4 Retirement in IPS 41 Ratio of Participants Staying in the System After Retirement 41 Contributions and Net Returns of Retired Participants (TL) 42 Retired Participants according to Withdrawal Amount 42 Distribution of Retired Participants according to Time Spent in the Individual Pension System 43 Contracts according to Distribution Channel 44 Ratio of Contracts and Contributions according to Distribution Channel (%) 44 Ratio of Contracts and Contributions according to Age Groups of Intermediaries (%) 45 Ratio of Contracts and Terminated Contracts according to Age Groups of Intermediaries (%) 45 Distribution of e-beas Takers according to Distribution Channel 46 Distribution of e-beas Takers and Success Rate according to Age Groups 46 Distribution of e-beas Takers Grades according to Distribution Channel (%) 47 The Progress of e-beas Takers Success Ratio 47 Pension Plans 48 Pension Funds Nominal Investment Rate of Return in Selected OECD Countries 52 Yearly Variation of Pension Fund Assetsin OECD Countries (28/27) 52 Consolidated Data of Mutual Funds as of December 31, Growth of Pension Mutual Funds 53 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 54 Consolidated Asset Allocation of Pension Mutual Funds (%) 55 Variation of Pension Mutual Funds Portfolio Allocation according to Previous Year 55 Asset Allocation of Flexible Funds (%) 56 Asset Allocation of Pension Mutual Funds in 29 according to Founder (%) 56 Total Net Asset Values and Average Returns of Fund Groups 57 Change of Net Asset Values of Fund Groups by Years (24-29) 57 Change of Average Returns of Fund Groups in Change of Average Returns of Fund Groups from the Beginning of the Individual Pension System 58 Net Asset Values of Pension Mutual Funds according to Founders and Fund Groups 59

7 Individual Pension System 29 Progress Report 5 Pension Mutual Funds that Outperformed their Benchmarks (Except Flexible Funds) 6 Data of Flexible Pension Mutual Funds 61 Returns of Pension Mutual Funds in 29 according to Fund Groups and Founders 62 Returns of Funds and their Benchmarks in Net Asset Values of Pension Mutual Funds according to Founder 63 Net Asset Values of Pension Mutual Funds according to Founder and their Growth Rate in Top 2 Pension Mutual Funds according to their Sharpe Ratios 64 Pension Mutual Funds with Positive Alpha Coefficient (Except International Funds) 65 Market Indexes Used for Fund Groups 66 Mean and Standard Deviation of Riskfree Daily Returns 66 Development of Average Monthly Fund Management Fee Ratios according to Fund Groups 67 Pension Mutual Funds Data 68 Periods of Accumulation and Programmed Withdrawal 85 Alternatives in the Decumulation Phase 86 Causes of Withdrawals 87 Expectations in Entering the Individual Pension System 88 Withdrawn Participants Consider Re-entrance 88 Usage of Tax Advantage for Withdrawn Participants 89

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9 Individual Pension System 29 Progress Report 7 Foreword Completing its sixth year in 29, the individual pension system has been in a rapid growth trend despite the recent financial crisis which also has affected our country. During this period when the savings have gained greater importance, the high growth rate achieved in this voluntary system and the total fund amount raised within the system exceeding TL 9 billion is notably important. When 29 year-end data of the individual pension system is compared to that of the preceding year, we note that the total fund value grew by 42% to TL 9 billion, annual contributions increased approximately by 29%, and total participants of the companies rose by 14% to 1 million 988 thousand. Furthermore, during this period, number of the active pension companies reached thirteen, with one more company being licensed. It is noteworthy that these results were achieved in spite of the financial crisis and the relative increase in the early withdrawals from the system. It should be noted that the marked increase in early withdrawals in 29 was principally due to the global financial crisis and associated financial needs. On the other hand, the number of retirements from the system reached 1,97 as of the end of 29. It is targeted that the rapid growth of the system would go on in the upcoming years with a decrease in the percentage, and that the proportion of total fund value to gross domestic product, which is currently 1%, would rise to 1% in the 2th year of the system, i.e. year 223. For defined contribution systems such as individual pensions, major factors that affect pension savings may include contribution payment level, payment period and deductions from the system as well as investment performance. According to 28 year-end and 29 second quarterly data, Turkey achieved the highest nominal returns in private pension funds among the OECD countries. Besides the transparent and flexible structure of the individual pension system, this achievement is affected by the fact that participants largely opted for investments in fixedreturn instruments. However, significant drops in interest rates and substantial transformation of the investment environment suggest that the forthcoming period would demand alternative investment instruments to achieve higher returns performance and the system should be linked with the real economy. In this connection, actions have been initiated to offer alternative investment instruments to participants by diversifying the investment funds available within the system. On the other side, tax incentives offered by the public play an extremely important role in the improvement of systems such as individual pensions. While various nationwide sectoral polls manifest that the tax incentive offered at the time of contribution payments has been used more recently, they show that still twothirds of participants do not make use of the incentive. It is essentially important to remind and advise participants of this incentive at every stage so that the participants avail themselves of the opportunities offered to them, early withdrawals could be lowered, and a faster growth of the system is assured. Additionally, one of the most important factors of a healthy growth of the system is the high share of employer-contributed schemes. In this respect, I hope that plans put off due to the global crisis would be brought into effect in 21, and a remarkable increase in contributions made by employers for their employees be accomplished. As to the improvement of the legal framework, certain actions have been taken to provide a more effective functioning of the individual pension system in 29. Within this framework, the Individual Pension Intermediaries Regulation was revised to enhance the standards applicable to the activities of individual pensions intermediaries. Furthermore, regulations were made regarding the e-plan system that allows for pension plans to be stored in electronic media, and probable accumulation charts presented to participants. During 21, which shows us that effects of the global crisis have started to settle down in the world and our country, and holds prospects of a certain level of improvement in economic activities, our Undersecretariat will continue its efforts to assure the growth and improvement of the individual pension system in conjunction with the stakeholders in the public and private sector. By the way, I would like to thank everyone who has contributed to the Individual Pension System Progress Report 29, which I am sure is regarded with interest and appreciation. İbrahim Halil ÇANAKCI The Undersecretary of Treasury Republic of Turkey Prime Ministry The Undersecretariat of Treasury For the system to soar, tax incentive must be reminded to the participants on all occasions.

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11 1 Leaving a Year Behind 1.1 Developments in the World Economy 1.2 Developments in the Turkish Economy 1.3 Magnitudes Regarding Social Security in Turkey

12 1 Individual Pension System 29 Progress Report LEAVING A YEAR BEHIND Developments in the World 1.1 Economy Breaking out in 28 and having its effects felt all over the world, the global economic crisis persisted also in 29, despite a reduction in its impact due to a number of extraordinary monetary and fiscal policy measures taken by the countries. Injection of liquidity into markets by Central Banks led to an accelerated economic recovery and a positive development of expectations particularly in developing countries. While the economic stagnancy experienced at a global scale has resulted in shrinkage of the global economy, developed countries felt it more severely, but the recuperation was also quicker. Although most countries tended to grow towards the end of 29, it is estimated that the global economy, having shrunk by.8%, will grow by 3.9% in 21, with the prediction that developed countries will have relatively lower growth rates, as opposed to developing countries foreseen to display a faster growth curve. for developing countries declined to.1% in developed countries and 5.2% in developing countries in 29. Rates were 2.7% in the US, -1.7% in Japan, and.3% in Euro zone. IMF upped their 21 inflation expectation to 1.3% for developed countries, and 6.2% for developing countries. The economic crisis affecting the whole world and the consequent contraction of the worldwide trade volume brought about a decrease in employment and an increase in unemployment rates. Unemployment rate of 5.8% in the US in 28 is expected to be 9.3% in 29, while it is predicted to rise from 7.6% to 9.9% in the Euro Zone, and up to 5.4% from 4.% in Japan. As for 21, it is forecast that unemployment rates in these countries will further go up, and be as high as 1.1% in the US, 11.7% in the Euro zone, and 6.1% in Japan. Oil prices, showing an upward trend in the second half of 29 Yearly Growth in the World Economy EXPECTATION Source: IMF, World Economic Outlook Update, January 21 In parallel with the shrinkage of the global economy, world trade volume declined by 12.3% in 29. Despite the economic improvements in developing countries, the weaker growth trend in developed countries reduced the volume of exports to these countries. World trade volume is expected to grow by 5.8% in inflation rates of 3.4% for developed countries and 9.2% due to the economic recovery, rose up to USD 77.6 at the end of 29, from USD 39 as of the end of 28. The negative outlook of the 29 economic indicators and the slow recovery of markets caused central banks of some of the developing countries, namely, the US, Europe, United Kingdom and Japan, to avoid a change in interest rates. The FED kept interest rates at.25%, European Central Bank at 1%, Bank of England at.5% and Bank of Japan at.1%.

13 Individual Pension System 29 Progress Report 11 Developments in the Turkish 1.2 Economy Gaining momentum and affecting the whole world adversely during 28, the global economic crisis continued its effects in 29, though at a reduced level. While increasing public expenditures contributed to growth, the declining private sector investment demand led to both a rise in unemployment rates and shrinkage of growth. Growing by.9% in 28, Turkish economy contracted by 14.5% in the first quarter of 29, 7.7% in the second, 2.9% in the third quarter and grew by 6% in the fourth quarter, which totals to an annual shrinking of 4.7%. While State Planning Organization estimates a 3.5% growth rate for 21, the World Bank s estimate is a lower 3.3%. (State Planning Organization Main Economic Indicators, World Bank Global Economic Prospects 21) Inflation rate targeted as 7.5% for 29 started rising in January 29, and tax adjustments made in the third quarter in order to achieve public fiscal balance caused domestic demand to rise and consumer durables prices to decline. Consequently, the inflation rate was 5.93% for consumer prices index, and 6.53% for producer prices index as of the end of 29. Targeted inflation rate was announced as 6.9% (consumer price index) for 21. (State Planning Organization, 21 Annual Program, TCMB Inflation Report 21-1) 29 budget expenditure was TL 267 billion, and budget revenues were TL 215 billion. 29 central government budget deficit reached TL 52 billion by a rise of 199.5% from the preceding year. (Ministry of Finance, Central Government Budget Report) In 29, exports were down to USD 12.2 billion by a decline of 22.6% from 28, while imports were USD 14.8 billion by a decline of 3.3%. During the same period, foreign trade deficit dropped from USD 69.9 billion down to USD 38.6 billion by a decline of 44.8%. Export/import ratio was 72.6% in 29. Current account balance deficit decreased from USD 41.9 billion in 28 to USD 13.9 billion in January December 29. (Turkstat, Foreign Trade Statistics, December 29) Stock of domestic public debt increased from TL billion at the end of 28 to TL 33 billion in 29. As of the end of 29, TL billion of the stock of domestic public debt consisted of bonds, and TL 14 billion consisted of bills. Average maturity period, which was 31.9 months as of the end of 28, went up to 35.3 months at the end of 29. In December, the compound interest rate generated in discounted Treasury auctions in TL was 9%, while average compound interest rate for discounted public debt in TL was 11.6% in 29. (Undersecretariat of Treasury, 29 Domestic Public Debt Statistics) Net inflow of direct international investments in 29 decreased to USD 7.6 billion by a decline of 58.4% from the preceding year. During this period, USD 1,6 billion of direct inflow of international investments originated from electricity, gas and water sector, and USD 1,6 billion from the manufacturing industry sector. (Undersecretariat of Treasury, Bulletin of Direct International Investments Data January 21) Fluctuations in the Consumer Price Index (%) January February March April May June July August September October November December Ratio (%) Source: Turkstat

14 12 Individual Pension System 29 Progress Report LEAVING A YEAR BEHIND Residents total portfolio as of November 29 reached TL 65,4 billion by a rise of 13.2% from the preceding year. 47.6% of this portfolio was composed of TL deposits, and 22.9% was composed of foreign currency deposits. During the same period, non-residents portfolio total was USD 79.5 billion. 6.5% of non-residents portfolio total, which increased by 58% from the 28 year-end, consists of investments in stocks. (State Planning Organization, Developments in Financial Markets December 29) During late 29, the Monetary Policy Board decelerated their interest rate discounts due to improvements in global risk perceptions and normalization trend in financial markets. Central Bank reduced borrowing interest rate from 15% in 28 year-end to 6.5% in November 29. (TCMB, Inflation Report 21-1) effects of the crisis be continued along with macroeconomic policies and targets to be implemented in 21. It is forecast that employment level would rise to 21.3 million persons, subject to growth of investments through cooperation of public and private sectors, but the unemployment rate would rise up to 14.6% from 14% in 29. Tax load, inclusive of social security liabilities, calculated proportioning tax and other financial obligations to GDP is expected to rise from 24% to 26.2% in 21, and central government budget is expected to yield an approximate deficit of TL 5 billion. The expectation that exports would be around USD 17.5 billion, and imports would rise up to USD 153., with a greater increase than imports, will cause foreign trade balance to yield a deficit in 21. (State Planning Organization, Medium- Term Program ) It is planned that the moderate economic recovery seen during late 29 and flexible budgetary practices intended to relieve Returns of Investment Instruments in 29 ISE-1 Index KYD Eurobond Bond Indexes EUR-TL 1 KYD Whole Bond Index (TL) KYD Type B Fund Index 8 6 Return (%)

15 Individual Pension System 29 Progress Report 13 Magnitudes Regarding Social 1.3 Security in Turkey Effects of the crisis on global economy, which were especially felt severely in the first 9 months of 29 in our country, added to the long standing imbalances in macro data regarding social security. While the imbalances often had structural roots in the past, importance of actuarial and financial aspects grew due to the shrinking economy and rising unemployment rates in this period. Due to the declining number of the insured and the drop in collection of premiums, social security premium revenues decreased, as a consequence of which social security deficits reached some TL 28.7 billion, and transfers from the budget TL 52.6 billion. Last year, these figures were TL 25.9 billion and TL 35. billion, respectively. By the end of 29, population of Turkey was 72,561,312, population under social security coverage was 58,348,616, total number of active insured persons was 15,143,22 and number of passive insured persons was 8,488, % of the active insured are subject to 4/a (formerly SSK), 21% to 4/b (formerly BAG-KUR), and 15% to 4/c (formerly the Pension Fund for Civil Servants). 58% of the passive insured are subject to 4/a, 23% to 4/b, and 19% to 4/c. The active insured decreased by.8% as compared to the previous year-end, and the passive insured increased by 5.4%. The proportion of the population under the coverage of social security to the total population reduced to 8% from While the active/passive ratio, calculated by dividing number of active insured persons by the number of retired persons, was 1.9 in 28, it further declined to 1.78 in 29. Total premium revenues of the Social Security Institution in 29 were TL 54.6 billion, including restructuring. During this period, TL 38.1 billion was collected from those covered by 4/a, TL 5.1 billion from 4/b, and TL 11.5 billion from 4/c. On the other hand, a pensions payout of TL 67.4 billion was made under the Social Security Institution (SSI). Pension payout of TL 38.4 billion was made to the retired under the coverage of 4/a, TL 1.8 billion to the retired under 4/b, and TL 18.3 billion to the retired under 4/c. Another indicator of the economic crisis has been the compensations made from the unemployment insurance. Applications for unemployment insurance, which were at high levels by April, started to decline to a certain extent as from May. Beneficiaries of the unemployment insurance raised to its highest level of 317 thousand 766 in April, and gradually dropped thereafter. As of the end of 29, assets of the Unemployment Insurance Fund reached TL 42.1 billion. Recorded as TL 38.4 billion at the end of 28, the fund achieved an annual growth of 9.6%. At the same time, under the provisional article 6 of the Law No. 4447, Monthly change in the number of compulsorily insured during 29 is as follows. Change in the number of Insured compared to Last Year 4 4/a 4/b 4/c Change (%) Months Source: SSI Statistics

16 14 Individual Pension System 29 Progress Report LEAVING A YEAR BEHIND TL 1.3 billion was transferred from the fund to the Treasury s budget for investments under Southeastern Anatolia Project retrospectively for 28, and TL 4.1 billion was transferred for 29. As part of measures to reduce unemployment, an adjustment was made to the provisions of Article 5 by the Law No. 5921, which provides that insurance premiums of those beneficiaries of unemployment benefits who are recruited under the for the insured recorded in premium and service documents submitted to SGK within the three-month period preceding the date of recruitment by December 31, 29. Article 3 of the Law empowers the Undersecretariat of Treasury to cover part of insurance premiums, up to a hundred percent of employer s shares, for employment to be achieved subject to investments encouraged under resolutions on public assistance in investments. Council of Ministers has been authorised to Selected Unemployment Insurance Statistics 35, People Claiming Unemployment Insurance People Receiving Regular Unemployment Insurance Benefits Amount of Unemployment Insurance Benefits Paid 12 3, 1 Number of People 25, 2, 15, 1, 5, TL Million Source: Compiled from Unemployment Insurance Fund Bulletins. principles laid down by the Law should be covered partially by the unemployment fund for unclaimed unemployment periods. This implementation took effect on October 1, 29. Moreover, the same law provides that employer s shares of insurance premiums (calculated taking the lower limit of earnings as basis for premiums) of those who were recruited and had been actively working in addition to the insured reported in premium and service documents of April 29 shall be covered from the unemployment insurance fund for six months, except adjust the duration of implementation, coverage ratio and scope of the amount to be covered by the Treasury, based on the sector, size and location of the investment. The Council of Ministers, in their resolution no. 29/15199, decided that for large-scale investments as well as investments supported on regional basis, employer s share of insurance premiums to be paid for employees employed additionally shall be covered by the Treasury for 2 to 7 years depending on the region of investments. Law No of February 18, 29 extended the duration foreseen for short-time working from 3 to 6 months, exclusively for applications made for short-time working in 28 and 29, raised the short-time working allowance by 5%, and provides that payments made as short working payments shall not be deducted from the duration of unemployment allowance determined at the beginning.

17 Individual Pension System 29 Progress Report 15

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19 2 Individual Pension System Data 2.1 General Overview 2.2 Contracts 2.3 Participants 2.4 Contributions 2.5 Pensioners 2.6 Intermediares and e-beas 2.7 Pension Plans

20 18 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA 2.1 General Overview 29 Year-end Participants 1,987,94 Funds (mio ) 4,211 Intermediaries 15,666 Pension Companies 13 As of the end of 29, 2,23,886 contracts are in force. The number of participants has grown around 14% with respect to last year, approaching 2 million. Accumulated funds have grown by 43%, exceeding 4.2 billion, and number of pension companies reached 13 with Deniz Emeklilik ve Hayat A.Ş. commencing this year. Moreover, number of retirees increased rapidly and around 29 million has been paid as pensions. Number Development of Number of Contracts and Amount of Contributions 2,4, 2,3, 2,2, 2,1, 2,, 1,9, Total Amount of Contributions (TL Million) Number of Contracts G1 7,25 7, 6,75 6,5 6,25 6, 5,75 5,5 5, TL Million Comparison of Total Invested Amount and Accumulations 9,5 Accumulations of Participants (TL) 9, Total Invested Amount (TL) 8,5 G2 8, TL Million 7,5 7, 6,5 6, 5,5 5, Total amount of invested contributions and total accumulations in 29 are compared. Amount of contributions invested (TL 6,869,992,691) until December 31, 29 reached TL 9,97,436,467 (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.)

21 Individual Pension System 29 Progress Report 19 Development of Pension Funds of Participants (TL) G3 Aegon Emeklilik ve Hayat A.Ş. Allianz Hayat ve Emeklilik A.Ş. Anadolu Hayat Emeklilik A.Ş. Avivasa Emeklilik ve Hayat A.Ş. Deniz Emeklilik ve Hayat A.Ş. Ergoİsviçre Emeklilik ve Hayat A.Ş. Finans Emeklilik ve Hayat A.Ş. Fortis Emeklilik ve Hayat A.Ş. Garanti Emeklilik ve Hayat A.Ş. Groupama Emeklilik A.Ş. Ing Emeklilik A.Ş. Vakıf Emeklilik A.Ş. Yapı Kredi Emeklilik A.Ş. 2, 1,8 1,6 1,4 1,2 1, Total Fund Amount of Participants (TL Million) Development of Total Amount of Funds invested by the pension companies, in 29. Funds controlled by Deniz Emeklilik ve Hayat A.Ş. (TL 11,874,815), Ergoİsviçre Emeklilik ve Hayat A.Ş. (TL 14,42,74) and Finans Emeklilik ve Hayat A.Ş. (TL 16,942,825) can not be followed in the graph due to the small amounts. Distribution of Contributions according to Contracts Establishment Reason (TL) G4 New Entry to the System 6,745,418,37 95.% Transfer of Accumulations in Life Insurance to the Individual Pension System 343,954, % Transfer of Accumulations in Provident Funds to the Individual Pension System* 12,635,368.2% As of 29 year-end, distribution of total amount of contributions for the contracts in force is analyzed according to establishment reason of the contracts. 5 percent of the contributions entered the system through Transfer of Accumulations in Life Insurance to the Individual Pension System. While TL 28,195,361 of this amount was transferred at establishment of a new contract, the remaining amount is transferred to existing pension contracts. * These include funds from associations, foundations, provident funds and other organizations with retirement provisions.

22 2 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA Distribution of Payments (TL) G5 Total Amount of Contributions Invested 6,869,992, % Entrance Fee (Paid) 76,526, % Administrative Expenses Fee 232,14,87 3.2% Until the end of 29, TL 6,869,992,691 has been invested after deduction of TL 232,14,87 for administrative expenses fee from TL 7,12,7,561, the total amount collected from contracts in force. Apart from contributions, an amount of TL 76,526,863 was paid as entrance fee for contracts in force. Distribution of Contracts in Force and Terminated G6-7 In Force TL 7,12,7,561 7% In Force 2,23,886 66% Terminated 1,124,528 34% Terminated TL 3,1,726,271 3% All contracts written as of 29 year-end are classified as in force and terminated. The total contribution amount of TL 1,22,733,832 for all the contracts written as of 29 year-end are analyzed in terms of enforcement. 2.2 Contracts Distribution of contracts that are in force as of 29 year-end are shown in the following graphs, according to their various properties. Distribution of Contracts and Accumulations according to Contract Types G8-9 Individual Pension Contracts 1,717, % Group Individual Contracts 414, % Individual Pension Contracts 7,79,2, % Group Individual Contracts 1,694,358, % Noncontributory Group Contracts 72, % Noncontributory Group Contracts 324,57,26 3.6% Distribution of contracts in force according to their types as of 29 year-end. Distribution of the total amount of accumulations for contracts in force according to contract types as of 29 year-end.

23 Individual Pension System 29 Progress Report 21 Distribution of Contracts according to Regions 5 Ratio of Contracts as of 29 Year-end (%) Ratio of Total Amount of Contributions as of 29 Year-end (%) G1 4 Ratio (%) Marmara Central Anatolia Aegean The Mediterranean The Black Sea Southeast Anatolia East Anatolia Region Distribution of contracts in force as of 29 year-end is analyzed according to Regions. The data about Regions for the contracts are gathered according to the provinces where the participants reside. 9,746 contracts with participants living abroad are not shown on the graph. Vesting Years G11 Distribution of Contracts according to Payment Period G12 1 year 1.% 2 years.5% Immediate Vesting 4.1% 3 years 23.6% 4 years 7.3% 5 years 27.4% As of 29 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 profit). Monthly 2,33,477 92% Quarterly 8,365 4% Semiannual 2,62 1% Annual 69,982 3% Distribution of contracts in force as of 29 year-end are analyzed according to Payment Period. Approximately Yenisi 3.5% of the participants save by means Yazı of rengi their employees. Of the TL 324 million accumulation, 4% enjoy immediate vesting. 27% of participants are entitled to the employer contributions in 5 years.

24 22 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA Distribution of Terminated Contracts according to Reason (Number) G13 Distribution of 1,124,528 terminated contracts out of 3,328,414 that were written until the end of 29, according to Termination Reasons. The ratio of terminated contracts to the written contracts is 33.8 percent. 4.2 percent of this ratio is Transfer of Pension Account to Another Pension Company and Consolidation of Contracts,.9 percent is Cancellation by Company,.2 is other involuntary reasons (retirement, death, disability). The termination ratio of voluntary opt outs of contracts entered the system with new contract establishment is 28.5 percent. Opt Outs 948, % Transfer of Pension Account to another Pension Company 118, % Consolidation of Contracts 2, % Cancellation by Company 3, % Death/Disability 4,39.36% Retirement 2,29.18% Distribution of Contracts in Force and Terminated G14 7, Terminated In Force 6, Number of Contracts 5, 4, 3, 2, 1, All contracts that came in force in the corresponding year are analyzed according to status of being in force or terminated, as of 29 year-end. Terminations include cancellations by company, death/disability, transfer of pension account to another pension company, merging of contracts, retirement and voluntary opt outs.

25 Individual Pension System 29 Progress Report 23 Distribution of Accumulations according to Contracts Age (TL) G15 Accumulations of Participants (TL Million) 2,5 2, 1,5 1, 5 Less Than 1 Year 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years Elapsed Time in the Individual Pension System As of 29 year-end, distribution of total accumulations (TL 9,97,436,467) for the contracts in force is analyzed according to the completed age of the contracts. Distribution of Contracts according to Contracts Age G16 6, 5, Number of Contracts 4, 3, 2, 1, Less Than 1 Year 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years Elapsed Time in IPS As of 29 year-end, contracts in force is analyzed according to their completed age in the system. Average age of the contracts in force as of 29 year-end is calculated to be 1.8 years.

26 24 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA Termination Ratio of Contracts according to the Month of Enforcement (%) G17 Termination Ratio (%) Termination Ratio (%) Number of Contracts Number of Contracts Entered the System (Thousand) Month Number of contracts entered the system in the specified month with a new contract establishment and the ratio of voluntary withdrawals as of 29 year-end. Distribution of Contracts Terminated Voluntarily according to their Age at Termination 45 G18 4 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 29 year-end. Age of the contract shows the number of full months from the date of coming in force until termination.

27 Individual Pension System 29 Progress Report 25 Distribution of Contracts Transferred to Another Pension Company G19 35, Number of Contracts Transferred 3, 25, 2, 15, 1, 5, [-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) Usage of Account Merging Right (Number) G2 3, Same Company Different Company 2,5 Number of Contracts 2, 1,5 1, The right to transfer the contract to another company after one year, has been used ca. 114 thousand times since the commencement of the system. Date of Merge Distribution of merged contracts in the same or different companies is analyzed as of 29 year-end, according to the date they merged.

28 Yaş 26 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA 2.3 Participants Distribution of Participants according to Gender and Ages G21 Male Population Outside of IPS Male Population Within IPS Female Population Outside of IPS Female Population Within IPS Age Population (Thousand) Distribution of participants of contracts in force in the population as of 29 year-end, according to their Gender and Ages. Population of Turkey is taken from the results of Address Based Population Registration System, year 29. The penetration rate of IPS to the age general population is 4.73 percent. Average age of population within IPS is 36. in female and 36.4 in male participants. Gender and Education Distribution G22-23 Other- Undefined 32.5% Male 1,197,435 6% Female 79,55 4% Master's Degree 2.4% University- Bachelor's Degree 26.9% Primary- Secondary School 14.% High School 23.6% Vocational Schools- Associate Degree.5% Distribution of participants of contracts in force as of 29 yearend according to their Gender. Distribution of participants of the contracts in force as of 29 year-end according to their Level of Education.

29 Individual Pension System 29 Progress Report 27 Participants Fund Group Preferences according to Age Groups (%) G24 Gov't Bonds and Bills (TL) Flexible Stocks International Liquid Balanced Gov't Bonds and Bills (FX) 56 and over Participants' Age Groups Age Age Age and under Distribution of the accumulations (TL 9,97,436,467) for the contracts in force, analyzed in terms of Participants Age Groups and Fund Groups as of 29 year-end. Participants Fund Preferences per Fund Group (Number) G25 Gov't Bonds and Bills (TL) Liquid Flexible Balanced Stocks Gov't Bonds and Bills (FX) International 25, 5, 75, 1,, 1,25, 1,5, 1,75, 2,, 2,25, Ratio (%) Number of Contracts Participants fund preferences are shown based on the fund groups. On average, 2.45 fund types were bought per contract. As of December 31, 29 flexible fund group has 24 percent stocks, 56 percent gov t bonds and bills and 13 percent reverse repo in its portfolio. Balanced fund group has 31 percent stocks, 54 percent gov t bonds and bills and 8 percent reverse repo in its portfolio.

30 28 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA Participants Fund Preferences according to Contract Types per Fund Group G26 Gov't Bonds and Bills (TL) Liquid Flexible Balanced Stocks Gov't Bonds and Bills (FX) International Type of Contract Noncontributory Group Contracts Group Individual Contracts Individual Pension Contracts Ratio (%) Participants fund preferences according to contract types are shown based on the fund groups. As of 29 year-end accumulations amount of noncontributory group contracts is TL 324 million, group individual group contracts is TL 1,694 million and individual pension contracts is TL 7,79 million. On average, in noncontributory group contracts 2.96, in group individual group contracts 2.37 and in individual pension contracts 2.48 fund groups were bought per contract. Accumulations of Participants according to Ages (TL) G27 12, 1, Average amount of Accumulations First and Third Quarters and Median Accumulations Accumulation Amount (TL) 8, 6, 4, 2, Age of Participant Accumulation amounts of participants in contracts that are still in force as of 29 year-end are analyzed according to participants age.

31 Individual Pension System 29 Progress Report 29 Participants Average Monthly Regular Contribution Planning to be Paid according to Age Groups G28 25 and under Age Age Age and over 25 Average Monthly Regular Contribution (TL) As of 29 year-end, the average monthly regular contributions planning to be paid for contracts in force are analyzed in terms of Participants Age Groups. The average monthly regular contribution planning to be paid for contracts in force as of 29 year-end is TL 137 and average monthly regular contribution paid in 29 is TL 148. The area of the bubble is proportional to number of contracts in force as of 29 year-end. Ratio of Participants to the Population according to Provinces (%) G29 Edirne İzmir Kırkareli Tekirdağ Çanakkale Balıkesir Manisa Aydın Muğla İstanbul Yalova Bursa Kütahya Uşak Denizli Kocaeli Düzce Sakarya Bolu Bilecik Burdur Afyon Eskişehir Isparta Antalya Bartın Zonguldak Karabük Ankara Konya Çankırı Kastamonu Kırıkkale Karaman Kırşehir Aksaray Mersin Çorum Sinop Nevşehir Niğde Yozgat Adana Samsun Amasya Kayseri Tokat Ordu Sivas Kahramanmaraş Osmaniye Gaziantep Kilis Trabzon Giresun Gümüşhane Bayburt Malatya Adıyaman Erzincan Tunceli Elazığ Şanlıurfa Rize Bingöl Artvin Erzurum Muş Bitlis Diyarbakır Siirt Batman Mardin Ardahan Kars Ağrı Şırnak Iğdır Van Hakkari Hatay % % % %. - 1.% Ratio of number of participants of contracts in force as of 29 year-end to the general population between ages in their home city is depicted in the map.

32 3 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA Distribution of Participants according to Regions and Age Groups (%) G3 East Anatolia 25 and under Age Age Age and over Southeast Anatolia The Black Sea The Mediterranean Aegean Central Anatolia Marmara Ratio of Participants (%) Distribution of participants of contracts in force are analyzed according to Regions and Age Groups as of 29 yearend. The data about Regions are gathered according to the provinces where the participants reside. 9,65 participants who are living abroad are not shown on the graph. Distribution of Participants and Accumulations according to Income Levels (%) G GMW < Income 3GMW 6.1% 3GMW < Income 6GMW 3.9% 6GMW < Income 1GMW 9.8% 2GMW < Income 3GMW 59.% 3GMW < Income 6GMW 2.2% 6GMW < Income 1GMW 9.9% 1GMW < Income 5.4% 1GMW < Income 13.2% Income AGMW.9% Income GMW.1% GMW < Income 2GMW 19.9% GMW < Income 2GMW 15.6% GMW = Monthly Gross Minimum Wage Distribution of participants of contracts in force according to their Level of Income as of 29 year-end. Distribution of fund amount of contracts in force according to Participants Level of Income as of 29 year-end. Analysis includes data of 18.9 percent of the participants whose income data are available. Income indicates the Net Income declared by the participant at the signing of the contract.

33 Individual Pension System 29 Progress Report 31 Distribution of Participants according to Number of Contracts Owned (%) G33 1 Contract 84.2% 2 Contracts 12.4% 3 or More Contracts 3.4% Distribution of participants according to number of contracts they hold as of 29 year-end percent of participants have only one contract in the system, while 12.4 percent have two contracts and 3.4 percent have at least three contracts. Distribution of Participants according to Contract Types (%) G34 Individual Pension Contracts 78.27% 1.8%.31% %,31.8% 3.4%.6% 15.89% Group Individual Contracts Noncontributory Group Contracts Distribution of participants according to type of contracts they own as of 29 year-end. Areas of intersection refer to participants who have more than one type of contract percent of participants have only individual pension contracts, while participants with only group individual contract is 15.9 percent and participants with only noncontributory group contracts are.6 percent..31 percent of participants have all three types of contracts. 83 percent (3.35%/4.4%) of participants with noncontributory group contracts also have group individual contracts, while 15 percent (.6%/4.4%) have only noncontributory group contracts. 83% of the employees saving through employer plans also save in their group individual contracts.

34 32 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA 2.4 Contributions Distribution of Contributions according to Distribution Channel (%) G35 Individual Direct Sales Corporate Sales Agent Bank Other Total Amount of Contributions (%) Distribution of the total amount of contributions (TL 1,22,733,832) paid to companies as of 29 year-end in terms of Distribution Channel is comparatively analyzed according to the contribution payment year. Others include Call Center and Broker channels. Distribution of Contributions according to Distribution Channel and Payment Period (%) G36 Monthly Quarterly Semiannual Annual Individual Direct Sales Corporate Sales Agent Bank Other Contributions (%) Distribution of the total amount of contributions (TL 7,12,7,561) for the contracts in force as of 29 year-end in terms of Payment Period, in the detail of Distribution Channel. Others include Call Center and Broker channels. Contracts with monthly payment period are providing 82 percent of all contributions.

35 Individual Pension System 29 Progress Report 33 Cumulative Change in Contributions According to Contribution Type (TL Million) G37 1, 9, Additional Contribution Initial Contribution (Transfer of Accumulations from Outer Systems*) Initial Contribution (New Entry to System) Regular Contribution 8, 7, 6, 5, 4, 3, 2, 1, Amount (TL Million) Month Distribution of contributions paid to system are analyzed according to Contribution Type as of 29 year-end. * 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. Average Monthly Regular Contribution according to Geographical Regions G38 Average Monthly Regular Contribution Paid (TL) Average Monthly Regular Contribution Paid (TL) in 28 Marmara Central Anatolia Aegean Average Monthly Regular Contribution Paid (TL) in 29 The Mediterranean The Black Sea Ratio of Contracts as of 29 Year-end (%) Southeast Anatolia East Anatolia Ratio of Contracts as of 29 Year-end (%) Region The average monthly regular contributions paid for the contracts in force according to Regions are analyzed as of 29 yearend and compared to the previous year. The data about Regions for the contracts are established according to the provinces where the participants reside. The average monthly regular contribution paid for contracts in force as of 29 yearend is observed to be TL 148 in 29 and TL 133 in 28. In addition to the ones analyzed, there are 9,746 contracts with participants living abroad.

36 34 Individual Pension System 29 Progress Report INDIVIDUAL PENSION SYSTEM DATA Average Monthly Regular Contribution according to Payment Period G39 Average Monthly Regular Contribution (TL) Average Monthly Regular Contribution Paid (TL) in 28 Monthly Quarterly Semiannual Annual Payment Period Average Monthly Regular Contribution Paid (TL) in 29 The average monthly regular contributions paid for the contracts in force according to Payment Period are analyzed as of 29 year-end. An analysis of the current payment periods of contracts as of 29 year-end indicates that 92 percent preferred monthly, 4 percent preferred quarterly, 1 percent preferred semiannual and 3 percent preferred annual payment periods. The average monthly regular contribution paid for contracts that preferred monthly payment period and in force as of 29 year-end is observed to be TL 141 in 29 and TL 129 in 28. Average Monthly Regular Contribution according to Distribution Channel G4 Average Monthly Regular Contribution Paid in 29 (TL) Ratio of Contributions as of 29 Year-end (%) 18 7 Average Monthly Regular Contribution Paid in 29 (TL) Ratio of Contributions as of 29 Year-end (%) Individual Direct Sales Corporate Sales Agent Bank Other The average monthly regular contributions paid for the contracts in force according to Distribution Channel are analyzed as of 29 year-end. Others include Call Center and Broker channels. For Individual Direct Sales contracts that are in force as of 29 year-end, which account for 64 percent of all contributions, average monthly regular contribution paid is observed to be TL 15 in 29 and TL 135 in 28.

37 Individual Pension System 29 Progress Report 35 Distribution of Contributions according to Average Monthly Regular Contribution Intervals (TL) G ,246,816, % ,919, % ,81,41, % ,885,216, % ,51,644, % Distribution of paid contributions of contracts in force (TL 7,12,7,561) is analyzed according to contracts prevailing Average Monthly Regular Contribution Interval planning to be paid as of 29 year-end. Distribution of Contributions according to Payment Instrument (%) G42 Credit Card 54% Bank Transfer/ Cash 21% Distribution of the total amount of contributions paid in 29 for the contracts in force as of 29 year-end in terms of Payment Instrument. Analysis includes data of 97.7 percent of the contributions paid in 29 whose Payment Instrument data are available. Cheque/Postal Cheque contributions are not shown on the graph because the amount is too small. Automatic Payment 25%

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