The individual pension system on meeting saving deficit in Turkey

Changing demographics in Turkey in recent years, long life expectancy, together with developments in medicine, the retirement in better quality of life desire and the social security system has led to a new pension system seeking many reasons as to satisfy both the economic and social expectations. In this context, people with the pension system implemented in Turkey, at the end of the study period by making savings in the period they are working actively to obtain additional income for retirement income are aiming to maintain their quality of life. The financial balance created by the savings accumulated through the private pension system has completed its development, and with the improvements in the macroeconomic indicators of developed countries, many countries produce policies and make reforms to make private pension systems more attractive. Turkey in determining the location of the private pension system in saving trends shown by the community and the development of what is determined to be the contribution of applied innovations and changes to the pension system and the savings system and do are key to the new reforms. The purpose of this study, the effect of the pension system to meet the deficit in Turkey and the importance of saving is to be explained by some variables. In this research, the literature review method was used and the effect of the system on individual savings and the effects of the reforms in the private pension system on participation in national savings were investigated based on the official data between 2003-2018. In addition, savings rates and individual pension system performances of some selected developed and developing countries were also examined. Statistical findings were evaluated using Empirical Research Techniques. The statistical results were evaluated by using secondary analysis and content analysis techniques. Evaluation results of tables, graphs, histograms and so on. and explained and interpreted by means of descriptive tools. As a result of the study, suggestions were made for the strengths and weaknesses of the Private Pension System and for the growth and development of the system.