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Bill would end mandatory pension fund membership for career-starters

A bill submitted by the government to Parliament on Friday would end mandatory membership in private pension funds for career-starters and allow existing members to join the state pension fund.

The bill would allow mandatory private fund members to choose to have their retirement savings managed by the state pension fund, said pension protection commissioner Gabriella Selmeczi.

The text of the bill shows the details of the transfer of members and assets from the private pension funds to the state fund would be determined by government decree.

The bill, as well as legislation suspending payments into mandatory private pension funds from November until the end of 2011, could be approved by Parliament on Monday. (MTI – Econews)