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CIG Pannónia strategic private pension fund partner integrates peers

CIG Pannónia Life Insurance strategic partner Pannónia Private Pension Fund has integrated peers Évgyűrűk (Growth Rings) Private Pension Fund and the Postás (Postal) Private Pension Fund, CIG Pannónia Life Insurance reported on Monday evening.

CIG Pannónia said that Pannónia Private Pension Fund's membership rose to more than 3,500 following the incorporation of the Growth Rings Private Pension Fund's 2,208 members and the Postal Private Pension Fund's 449 members. Pannónia Fund's private pension assets increased to HUF 8bn following the transaction.

Hungarian members of private pension funds had until the end of January to opt out of a move, along with their assets, back to the state pension pillar. About 97% of members returned to the state pillar, leaving many private pension funds with insufficient membership and assets to operate further.

CIG Pannónia Life Insurance is a B-category issuer at the Budapest Stock Exchange.