Constitutional Court's debate of pension fund transfer extends to Tuesday

Issues

Hungary's Constitutional Court will continue a debate on the transfer of private pension funds to the state on Tuesday, the court's press chief Andras Sereg told MTI late Monday, the first day of the talks.

Mr Sereg could not provide an answer when asked whether the court would take a decision on the matter on Tuesday.

From September 1, the court will get five more judges, elected by Parliament in June.

Hungarian private pension fund members had until the end of January to opt out of a move, together with their pension assets, to the state pension pillar. About 97% of private pension fund members decided to return to the state pillar and their assets were transferred to the state in June. Those who returned were paid any yield on their assets over the rate of inflation.

Julianna Baba, who heads pension fund association Stabilitas, said earlier that it would be difficult to re-establish private pension fund membership after the real yields were paid out. It would have been most fortunate if the court could have taken a decision before the pension assets were transferred, she added.

The real yields are being paid out at present.

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