Privite pension funds; The feasible effects on the capital markets and a model of privite pension fund

Prıvate pension funds, which facilitates to increase lıfe standarts of individuals in their retırement periods by making additional savings in their working lifes, are institutional structures. The appearance of these funds, which was included into Social Security Systems in countries whose available Social Security Systems were in crisis or were dragged into crises as a solition alternative, were at the and of 1800?s. However, they came into existance firstly in 1980?s. Stil, many countries in the worlds are hardly working to add these institutions into their systems. The main reason of the application of the private pension fund, which aims at reducing the cost of aging population of developed OECD countries to economy and aims at ensuring more comfortable retirement facilities to their avaible employees in the future, is more different. Whıle some contries ensure more source transfer to their capital market by increasing saving rates and thus aiming to accelarate economical development, some countries aim at finishing pilitical interventions to available goverment social security systems. Whwtever the reason is, the accepted truth is that in many aspects those institıtions contribute much to the system. Prıvate pension funds have many different application forms. The countries, which are decided to add these funds into their social security systems, had made intense studies and stil making intense study for the application of the most suitable model for their conditions. Some countries, by completely removing goverment pension plans, e-instead employing private pension funds, assıgn govermential obligations to those instıtutions( lıke Sili), and includes available in most goverment pension plans in private pension fund system as complimentary( many Latin America and Asia countries). Turkey is among the ones which chose the second alternative. For countries, whose capital market is stil in developing stage, lıke Turkey; satisfaction of the expected advantages of private pension funds depend on existance of certain conditions. Those conditions could be arranged in order as the following: a stable economy, a stable management installationand application of the system, an afficiently working banking and ınsurence sector, well formed legal frame and affective control. t is accepted that the ensurance of these conditions is enough for the success of private pension system. Certainly, certain period of tıme is needed for the contribution of private pension funs to development of capital market. The lenght of this perriod, which is dırectly dependent upon the coordination form of the system changes from country to country. The coundition which doesn?t presents disparities that it is impossible for private pension funds to influence the capital markets without reaching a specific capital accumulation and to deepen the markets. Althoug it is not exactly known that how private pension funds result in the long-run, applications carried out up to now state the achievement of these institıtions. In just the same way, applications carried out in many OECD coutries and in Latin America support this result. Under the assumption that available conditions continue, it is foreseen that in the forthcoming periods the same achievement will also proceed.