Efficiency analysis in individual pension companies (2011-2016)

The private pension system involves the management of funds for which participants have invested on a voluntary basis. These funds, while increasing the saving rate of the country, are very important in terms of increasing the welfare level of the individuals and the country as the funds turn into investments in the capital market. The purpose of this study, the efficacy data of the individual pension company in Turkey between the years 2011-2016 envelopment analysis and Malmquist total factor productivity index to measure the process. In the data envelopment analysis, the output-oriented CCR model was used. It is a model that investigates how much the output component should be increased in order to make the operation most effective with this input level without changing the output CCR input level. In the Malmquist method, comparisons between individual pension companies have been made over the years. Ten individual pension companies, which provide uninterrupted service during the analysis period, were included. Input and premium production, total income and equity capital, output income, investment income were used in the models. According to the VZA result, the efficiency scores of the other companies, which have maintained the activity of the pension company each year, were found to vary. Overall, it is observed that the number of companies active after 2013 is increasing. According to the Malmquist total factor productivity analysis, it was found that the productivity of all private pension companies other than Ziraat pension increased.