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

EU

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.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.