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Voluntary pension fund assets rise, member numbers drop in 2010

The assets of Hungary's voluntary pension funds rose 7.7% in one year to HUF 823 billion at the end of 2010, and the number of the funds' members fell about 2% in the period, s Istvan Juhasz, chief secretary of the Stabilitas funds association told MTI.

The assets-weighted average net yield of funds with a choice of portfolios was 7.29% last year while those with a single portfolio were yielding net 7.11%. The yields compare to a December twelve-month consumer price inflation of 4.7%.

Stabilitas member funds represent 95.5% of all voluntary pension fund assets and 96.7% of the members.

The stock of cash and government securities fell while that of investment fund units and mortgage bonds rose in the portfolios.

Payments into the voluntary funds fell and the number of non-paying members rose in the first three quarters of last years, reflecting a drop in employment but both returned to earlier patterns in the fourth quarter. Payments into the funds reached HUF 25.2 billion in Q4 2010, 0.7% more than a year earlier.