Page 16 - Turkinsurance Digital Magazine

14 cover story

27th in terms of “Integrity Sub-Index with ment of the Individual Pension System. The Coronavirus to restrict
65.3 index points. According to the index report stated that index value for Turkey’s
results, Turkey has some room for improve- system could be increased by increasing the governments’ abilities
ment, especially in terms of sustainability; the minimum public pension provided to of providing pension and
while its strong suits were defined as: high the poorest aged individuals, limiting the
net replacement rates, low household and access to private pension funds before re- healthcare services
public debt ratios, demographic structure, tirement, and introducing a requirement
Government Support incentive, and trans- that part of the retirement benefit must be According to the Global Pensions Index,
parent, trustworthy and efficient manage- taken as an income stream. Covid-19’s impact is much broader than

Sub-index values
System Overall 2020 index value
Adequacy Sustainability Integrity
Netherlands 82.6 81.5 79.3 88.9
Denmark 81.4 79.8 82.6 82.4
Israel 74.7 70.7 72.4 84.2
Australia 74.2 66.8 74.6 85.5
Finland 72.9 71.0 60.5 93.5
Norway 71.2 73.4 55.1 90.3
Singapore 71.2 74.1 59.9 82.5
Sweden 71.2 65.2 72.0 79.8
Canada 69.3 68.2 64.4 77.8
New Zealand 68.3 63.8 62.9 82.9
Germany 67.3 78.8 44.1 81.4
Chile 67.0 56.5 70.0 79.6
Canada 67.0 59.5 64.2 83.1
Ireland 65.0 74.7 45.6 76.5
United Kingdom 64.9 59.2 58.0 83.7
Belgium 63.4 74.6 32.4 88.9
Hong Kong 61.1 54.5 50.0 87.1
USA 60.3 58.9 62.1 59.9
Malaysia 60.1 50.1 58.6 78.0
France 60.0 78.7 40.9 57.0
Columbia 58.5 62.5 45.5 70.5
Spain 57.7 71.0 27.5 78.5
Saudi Arabia 57.5 59.6 51.6 62.4
Peru 57.2 59.5 49.2 64.6
Poland 54.7 59.9 40.7 65.9
Brazil 54.5 72.6 22.3 70.7
South Africa 53.2 43.0 46.7 78.3
Austria 52.1 64.4 22.1 74.6
Italy 51.9 66.7 18.8 74.4
Indonesia 51.4 45.7 45.6 68.7
Korea (South) 50.5 48.0 53.4 50.3
Japan 48.5 52.9 35.9 59.2
China 47.3 57.4 36.2 46.7
India 45.7 38.8 43.1 60.3
Mexico 44.7 36.5 55.8 42.2
Philippines 43.0 38.9 53.4 34.8
Turkey 42.7 44.2 24.9 65.3
Argentina 42.5 54.5 27.6 44.4
Thailand 40.8 36.8 40.8 47.3
Average 59.7 60.9 50.0 71.3