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Insurance companies urge EU to intervene against govt's private-pension plan

Twelve major European insurance companies have addressed a letter to European Commission President Jose Manuel Barroso, European Council President Herman Van Rompuy and relevant European Union commissioners requesting that the EU urge Hungary's government not to implement its announced 14-months suspension of state payments to private pension-funds, the daily newspaper Nepszabadsag reported on Tuesday.

The newspaper said that the insurance companies asserted in the letter to EU officials that the government's measure poses a threat to the private pension-fund system through its encouragement of private pension-fund members to return to the state pension-fund system. (MTI-Econews)