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    <pre style="white-space:pre-line"><code>Bireysel Emeklilik Sistemi 2012 GeliÅŸim Raporu
                                                                                                                                                 3- EMEKLÄ°LÄ°K YATIRIM FONLARI

SeÃ§ilen OECD Ãœlkelerinde                                                                                                            G.3  Ulusal piyasalardaki net yatÄ±rÄ±m getirisi
Emeklilik FonlarÄ± Reel Getirileri                                                                                                        oranÄ± Ã¶nemli Ã¶lÃ§Ã¼de farklÄ±lÄ±k gÃ¶stermektedir.
                                                                                                                                2011     Verileri mevcut olan OECD Ã¼lkelerinin
          Danimarka                                                                                                             2010     (yerel para birimi cinsinden ve portfÃ¶y
            Hollanda                                                                                                            2009     yÃ¶netim maliyetleri dÃ¼ÅŸÃ¼ldÃ¼kten sonra)
                                                                                                                                         2011 yÄ±lÄ±, yÄ±llÄ±k reel yatÄ±rÄ±m getirisinin
          Avustralya                                                                                                                     basit ortalamasÄ± -%1,7â€™dir. Reel anlamda
              Ä°zlanda                                                                                                                    Danimarka %12,1 ile en iyi, TÃ¼rkiye
                                                                                                                                         -%10,8 ile en kÃ¶tÃ¼ performans sergileyen
       Yeni Zelanda                                                                                                                      Ã¼lkelerdir. Danimarka emeklilik fonlarÄ±nÄ±n
              Kanada                                                                                                                     performansÄ±nda, bÃ¼yÃ¼k Ã¶lÃ§Ã¼de tahvil
             Meksika                                                                                                                     yatÄ±rÄ±mlarÄ± ve kur riskini azaltmaya yÃ¶nelik
                                                                                                                                         vadeli iÅŸlemler etkili olmuÅŸtur. 2011 yÄ±lÄ±nda
  Ã‡ek Cumhuriyeti                                                                                                                        Danimarkaâ€™dan sonra en iyi performans
                  Kore                                                                                                                   sergileyen OECD Ã¼lkeleri sÄ±rasÄ±yla Hollanda
                                                                                                                                         (% 8,2), Avustralya (% 4,1), Ä°zlanda (%
               NorveÃ§                                                                                                                    2,3) ve Yeni Zelanda (2,3%)â€™dÄ±r. Ã–te yandan
          Macaristan                                                                                                                     Ä°talya, Japonya, Ä°spanya, Ä°ngiltere ve
 AÄŸÄ±rlÄ±klÄ± Ortalama                                                                                                                      Amerika BirleÅŸik Devletlerinde ortalamada
    Basit Ortalama                                                                                                                       -%3,6 ile -%2,2 aralÄ±ÄŸÄ±nda negatif yatÄ±rÄ±m
                                                                                                                                         getirisi elde edilmiÅŸtir. DiÄŸer dokuz OECD
            Slovenya                                                                                                                     Ã¼lkesinde ise -%4â€™ten daha az reel yatÄ±rÄ±m
             Ä°spanya                                                                                                                     getirisi gerÃ§ekleÅŸmiÅŸtir.
                                                                                                                                         Reel yatÄ±rÄ±m getirisi, nominal yatÄ±rÄ±m getirisi
                  ABD                                                                                                                    ile enflasyon oranÄ±nÄ±n kombinasyonu
                Ä°talya                                                                                                                   olduÄŸundan, dÃ¼ÅŸÃ¼k reel getiri dÃ¼ÅŸÃ¼k kazanÃ§
            Slovakya                                                                                                                     ya da enflasyon kaybÄ± olarak aÃ§Ä±klanabilir.

 Finlandiya                                                                                                                              OECD Ã¼lkelerinin 2011 yÄ±lÄ± net reel yatÄ±rÄ±m
     BelÃ§ika                                                                                                                             getirisi -%1,1â€™dir. Bu negatif ortalamanÄ±n
                                                                                                                                         en bÃ¼yÃ¼k etkeni, 2011 yÄ±lÄ±nda Japonya,
Yunanistan                                                                                                                               Ä°ngiltere ve ABDâ€™de gerÃ§ekleÅŸen negatif
 Avusturya                                                                                                                               yatÄ±rÄ±m getirileridir. Bu Ã¼lkelerin OECD
                                                                                                                                         emeklilik yatÄ±rÄ±m fonlarÄ± pazarÄ±ndaki toplam
          Åili                                                                                                                           payÄ± yaklaÅŸÄ±k %70â€™dir ve tÃ¼mÃ¼nÃ¼n yatÄ±rÄ±m
    Portekiz                                                                                                                             performansÄ± -%2â€™nin altÄ±ndadÄ±r.
    Estonya

Polonya

TÃ¼rkiye

-15 -10 -5      0 5 10 15 20
                Getiri (%)

Kaynak: OECD Pension Market in Focus7, Issue 8, Issue 9                                                                                                   G.4
Grafikte, 2011 ve 2010 yÄ±llarÄ± iÃ§in verisi olan Ã¼lkelere yer verilmiÅŸtir.
                                                                           Durgun Piyasaya Sahip OECD Ãœlkelerinde
2001 â€“ 2011 yÄ±llarÄ± arasÄ±nda en yÃ¼ksek fon tutarÄ± artÄ±ÅŸÄ±,                  Emeklilik FonlarÄ±nÄ±n EÄŸilim (%)
DoÄŸru Avrupa Ã¼lkeleri gibi daha dÃ¼ÅŸÃ¼k bir tabandan
baÅŸlayan Ã¼lkelerde gÃ¶rÃ¼lmÃ¼ÅŸtÃ¼r.                                                                                   Yeni Zelanda           Portekiz    NorveÃ§   Avusturya
OECD Ã¼lkelerinde 2001 ve 2011 yÄ±llarÄ± arasÄ±ndaki toplam                                                                                  Macaristan  TÃ¼rkiye  LÃ¼ksemburg
fon varlÄ±ÄŸÄ± bÃ¼yÃ¼me oranÄ± %85 olarak gerÃ§ekleÅŸirken,                                                               BelÃ§ika                Yunanistan
yÄ±llÄ±k ortalama oran yaklaÅŸÄ±k %6,4â€™tÃ¼r. En dÃ¼ÅŸÃ¼k yÄ±llÄ±k
ortalama bÃ¼yÃ¼me oranÄ± %3,3 ile Portekiz emeklilik                                                                 Fransa
yatÄ±rÄ±m fonlarÄ±nda gerÃ§ekleÅŸmiÅŸtir. Emeklilik fon varlÄ±ÄŸÄ±
bÃ¼yÃ¼me oranÄ± dÃ¼ÅŸÃ¼k gerÃ§ekleÅŸen Portekiz ve Fransa gibi                                         16
Ã¼lkelerdeki yavaÅŸ bÃ¼yÃ¼me, emeklilik fonu varlÄ±klarÄ±nÄ±n
Gayri Safi YurtiÃ§i HasÄ±la (GSYH)â€™ya oranÄ±ndaki istikrar ya                                     14
da dÃ¼ÅŸÃ¼ÅŸ ile aÃ§Ä±klanmaktadÄ±r.
BazÄ± OECD Ã¼lkelerinin olumlu bÃ¼yÃ¼me beklentileri                           GSYÄ°H'ye OranÄ± (%)  12
bireysel emeklilik sistemlerinin zorunlu olmasÄ±ndan
kaynaklanmaktadÄ±r. Macaristanâ€™da zorunlu emeklilik                                             10
fonu sisteminin kaldÄ±rÄ±lmasÄ±, Ã¼lkenin emeklilik fon
varlÄ±klarÄ±nda keskin bir daralmaya yol aÃ§mÄ±ÅŸtÄ±r.                                               8

                                                                                               6

                                                                                               4

                                                                                               2

                                                                                               0
                                                                                                    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

                                                                           Kaynak: OECD Pension Market in Focus, Issue 9

                                                                                                                                                                                          61</code></pre>
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