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About 10% of private pension fund members return to state pillar

About 10% of Hungarian members of private pension funds plan to avail of another chance to join the state pension pillar, daily Népszabadság said on Friday, citing fresh data from fund association Stabilitás.

Stabilitás said 9,565 private pension fund members, or 9.91% of the total, are returning to the state pension pillar.

Private pension fund members have until the end of March to take a decision on returning to the state pension pillar. Given the option last year, more than 97% of private pension fund members decided to make the move, taking with them their retirement savings.

Stabilitás noted that the data it collected from the private pension funds of AXA and Aegon was fresh, but data from the other funds was from Tuesday.

The association said the biggest proportion of members leaving was at funds run by Aegon and Erste. The smallest proportion – 4.34% – are leaving from the fund run by Allianz, which said on Thursday it would separate its voluntary and private pension funds.