TURKEY - Investment contributions to the voluntary Individual Pension System (IPS) rose from e109m in 2004 to e539.5m, according to the Pension Monitoring Centre's quarterly report.
Concurrently, the number of IPS pensions contracts more than doubled in the last year, rising from 248,942 to 646,280. The system was set up in 2003 as part of social security reform in Turkey. Comparing...
TURKEY - HSBC is to manage all of Allianz Turkey's personal pension funds as part of a partnership deal between the two companies.
Towers Watson has expanded its presence in Turkey by establishing a new subsidiary in Istanbul.
TURKEY - Anadolu Hayat Emeklilik AS, Turkey's biggest manager of pension funds, has started buying the first lira- denominated bonds ever sold by local banks to benefit from higher returns than are available on government debt.
GLOBAL - The International Accounting Standards Board (IASB) today voted to not move forward with plans to eliminate the use of government bonds to determine discount rates.
GLOBAL - The average assets to gross domestic product ratio for OECD pension funds dropped from 75.5% of GDP in 2007 to 63.4% in 2008, according to the Organisation for Economic Co-operation and Development.