Association says pension protection commissioner used bad data

EU

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.

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