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More than 23% of private pension fund members return to state pillar

EU

A total of 23.77% of Hungary's 100,037 private pension fund members have indicated that they will return to the state pension pillar, Spokesman István Binder of the Hungarian Financial Supervisory Authority PSzÁF told MTI on Thursday.

PSzÁF noted that the data is preliminary, because some declarations of intent to return to the state pension pillar might still be in the mail.

Private pension fund members had until March 31 to post their declarations of intent.

Following legislative changes, 97% of private pension fund members returned to the state pillar last year.

Binder said that individual private pension funds will publish their own data regarding the number of members who have chosen to take advantage of their second opportunity to return to the state pillar, though revealed that the numbers varied between 15% and 30% of individual fund members.

Following legislative changes, 97% of private pension fund members returned to the state pillar last year, bringing assets worth over HUF 2,770 billion with them. The figure is after deduction the real yield and extra yield refunded to former members.

In the current process, former fund members will bring with them to the state assets worth about HUF 50 billion, of which real yields and extra payments into the funds will be refunded to them, Econews estimated. The estimate is based on the 2011-end market value of the assets portfolio of private pension funds, and the final figure could be lower as most likely those having accumulated larger than average assets in the funds opted to stay.

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