Individual pension systems in Turkey and in the world

In today?s world, social security has a significant place. People are in need of sustaining the life standards they had throughout their working life in their elderly or in their retirement. While the social security systems, which were established for the purpose of sustaining people a more comfortable life, initially worked out properly, they faced serious problems especially through the end of the 20th century. In the course of time, they created trouble for the state and unable to meet the needs of the people. The aging of the population, decrease in the number of young working people, and improper applications constituted the basis of the very problems. Overcoming these problems, the age of retirement, payable premium day and the amount of premium was increased and the retirement pay was decreased. However these regulations were only a provisional solution to the social security problems. Moreover, these regulations caused the loss of function of preserving the life standards of the retired person.Reform requirements for the social security systems arose in order to increase the life standards of the retired people. Therefore new social security systems appeared in the world. Compulsory social security systems, which provide minimum life standard for everyone, form the first part of these very systems. Individual retirement systems that generally based on voluntary participation, provide additional income to the people in their retirement period and preserving their current life standards constitute the second part of the social security system. Employer contributed vocational retirement programs are in the third part of the system.Private retirement applications were born in Chile in 1981. In Turkey, private retirement system started within the law numbered 4632 dated 07.10.2001 as of October 2003.In this study private retirement system models are analysed both in Turkey and in the world.Key Words: 1- The retirement 2- The special retirement systems 3- Social security systems