Hungarian financial market regulator PSzÁF on Wednesday said it formally instructed OTP Bank's private pension fund to comply with regulations on transfer of membership between funds.
OTP Magánnyugdíjpénztár sent letters to 10,599 members who had already declared their intent to leave the fund for another, PSzÁF found in a review. In the letters, the fund noted that it had the second-highest yield of any private pension fund in the country. Of those who received the letters, 303 withdrew their declarations to transfer membership from the fund.
PSzÁF said the review by the fund of the declarations to transfer membership was illegal and instructed it to ask the 303 members again which fund they wished to have membership in. (MTI-Econews)