Government securities accounted for 50.7% of private pension fund assets at the end of last year. Of these, 92% were issued by the state of Hungary. Shares made up about 10% of the portfolio and investment fund units 35.2%. The rest of assets were in bank deposits, cash and other instruments.
There were 3,114,617 private pension fund members at the end of the last year, 95,333 more than a year earlier.
The funds’ revenue from membership fees came to HUF 264.6 billion in 2010.
The funds had an operating loss of HUF 2.38 billion in 2010, a slight improvement over a loss of HUF 2.56 billion in the previous year. Operating revenue and expenditures both fell by 7% to HUF 14.95 billion and HUF 17.3 billion, respectively.
Parliament recently approved legislation that moves private pension fund members, together with their assets, back to the state pension pillar. Members who wished to opt out of the move had to make a declaration by January 31. Only about 3% of members decided to remain with the funds.
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