Two private pension funds expected to survive
The percentage of the members of private pension funds who have paid their dues came to 74% at Budapest Magánnyugdíj-pénztár and 70% at Horizon Magánnyugdíjpénztár, according to news reports on Friday; both amounts are above the limit set by the modified legislation, which came in to effect in January 2015.
The legislation, widely regarded as an attempt by the government to pull the plug on Hungary’s private pension system, stipulates that any private pension fund in which active members, meaning those who pay fees in due time, falls below 70% for more than two months over a six-month period, will cease to exist.
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