MNB to cap preferential pension savings
The National Bank of Hungary (MNB) is proposing a cap for commissions and fees on some pension savings products that enjoy personal income tax preferences.
The proposed cap is part of a package of recommendations drawn up by the MNB after a late 2013 legislative amendment extended personal income tax preferences on savings in private pension insurance policies.
The MNB published the recommendations on its website on Monday. The MNB expects insurers to adopt the recommendations as best practice from July 1, 2014. Insurers that fail to do so will be scrutinized by the central bank to determine whether they put clients at an unfair disadvantage.
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