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Features That Influence The Exit Decision From The Private Pension System In Turkey

Author

Listed:
  • Saime S KAYAM

  • Merih CELİKTOPUZ

  • Mehmet KORAY PARKIN

Abstract

In Turkey the Private Pension System was given a head start in 2003 Although the system aims to provide supplementary income to the public pensions at retirement observations reveal that many participants prefer to exit the system before retirement The purpose of this study is to identify the characteristics of participants who are more likely to exit earlier than retirement using the total population of contract buyers since the start of the system until 2011 The data is obtained from the Pension Monitor Center and covers the customer and contract characteristics of more than 75 of all lapse types in the period Impact of demographic factors and contract features are examined using the logit model We divide the sample into different groups of customers according to their monthly contributions to the system The results of econometric analysis reveal evidence of a significant relationship between exit decision and features such as education level occupation total accumulated savings geographical regions pension sales channel and payment instruments Staying long enough in the system increases participants continuity Our elaborations also provide some tips for pension companies to ensure longevity and retirement of customers

Suggested Citation

  • Saime S KAYAM & Merih CELİKTOPUZ & Mehmet KORAY PARKIN, 2013. "Features That Influence The Exit Decision From The Private Pension System In Turkey," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 4(2), pages 145-155.
    • Handle: RePEc:srs:jasf00:v:4:y:2013:i:2:p:145-155
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    Cited by:

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    2. Yilmaz Yildiz & Ozgur Arslan-Ayaydin & Mehmet Baha Karan, 2016. "Payment Persistence of Participants in Turkish Private Pension Scheme and Gender Differences," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(10), pages 159-166, October.
    3. Yilmaz Yildiz & Mehmet Baha Karan & Seyma Bayrak Salantur, 2017. "An Investigation on Early Voluntary Withdrawals from Individual Retirement Accounts: An Empirical Study on an Emerging Market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(4), pages 732-756, October.

    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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