Voluntary pension fund contributions climb 6.5% in H1

Banking

Contributions to voluntary pension funds in Hungary rose 6.5% year-on-year to HUF 68.5 billion in the first half of the year, data released by the National Bank of Hungary (MNB) on Friday show.

Contributions by members increased 8.5% to HUF 47.9 bln. Contributions by employers climbed 3.2% to HUF 15.5 bln.

Voluntary pension fund membership edged was down 1.1% at 1,095,737 in the 12 months to the end of June. The funds attracted 7,900 new members, but membership of 3,300 people was canceled after they failed to make any contributions and some 880 members died.

The funds had a HUF 40.58 bln profit on investment activity in H1 2021 compared to a HUF 23.77 bln loss in H1 2020.

Operating income of voluntary pension funds rose 10.9% to HUF 3.74 bln as operating expenditures only increased by 5% to HUF 3.81 bln helping to reduce their H1 loss to HUF 67 million compared to a HUF 253 mln loss in the base period.

The number of voluntary pension funds was stable at 33. Their total portfolio under management was HUF 1.677 trillion at the end of June, 10.56% higher than a year before.

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