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Parliamentary committee clears proposal establishing individual pension accounts

Parliament's Economy and IT Committee cleared a proposal to establish individual pension accounts within the social security system by March 31, 2012.

Committee chairman Antal Rogán, of governing Fidesz, said the proposal would create the foundation for establishing the individual accounts later on.

Recent government legislation effectively eliminates Hungary's private pension pillar and brings nearly all of the country's private pension members back to the state pension pillar along with their pension savings. (MTI – Econews)