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Elimination of private pension pillar could cut funds' revenue by 30-35%

The elimination of Hungary's private pension fund pillar could cause revenue of the country's pension funds to fall 30-35pc, Association of Hungarian Investment Fund and Asset Management Companies (BAMOSz) chief András Temmel said in Monday's issue of business daily Napi Gazdaság.

In spite of the fall in revenue, the elimination of the pension pillar is unlikely to cause any funds to close their doors, Temmel said.

Hungary's 18 private pension funds had assets of HUF 3,036 billion at the end of 2010, BAMOSz data shows. Private pension fund members who opted out of a move back to the state pension pillar by the end of January have assets of HUF 350 billion-400 billion in the funds. (MTI-Econews)