Analysis of the Performance of Companies in the Individual Pension System Using the Merec-Based Marcos Method

The Individual Pension System (IPS) is an essential framework that helps individuals secure financial stability during their retirement years. By promoting regular savings, IPS enables individuals to gain supplementary income in retirement. Individual pension companies(IPCs) play a crucial role in the functioning of this system, offering various pension plans and managing savings efficiently for participants. This study aims to assess the performance of companies operating within Turkey’s IPS. For this analysis, the MEREC-based MARCOS method, a multi-criteria decision-making (MCDM) technique, is employed. The MEREC method enabled the objective calculation of criterion weights and identified the number of retired participants as the most significant criterion. The remaining criteria, in order of importance, are as follows: State contribution fund amount, participants fund amount, the number of participants, the number of individual pension contracts, the number of employer group pension certificates and finally, the number of individual pension contracts associated with a group. Following this, the MARCOS method is applied to rank the performance of the companies, and the analysis revealed that Turkey Life and Pension is the highest-performing company.