Association says pension protection commissioner used bad data
Pension fund association Stabilitás on Monday said the government's pension protection commissioner Gabriella Selmeczi had drawn a false conclusion from bad data earlier in the day.
Selmeczi said at a press conference in the morning that the Government Control Office (KEHI) had found in a review of private pension funds that members would have had HUF 700 billion more savings had all of their payments been invested in government securities in the 13 years since the funds were established.
Stabilitás said Selmeczi's calculation would only be correct if membership fees had been the same every year and if the MAXC index for long-term government securities had risen at the same rate every day, conditions that did not exist.
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.
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.