ADVERTISEMENT

No court decision yet on private pension fund transfer

Issues

Hungary's Constitutional Court did not take a decision on the transfer of private pension funds to the state at a debate on Tuesday, the court's press chief András Sereg said.

The court started the debate on the matter on Monday, Sereg said. The issue is not on the agenda for any of the other days this week, he added.

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 Bába, who heads pension fund association Stabilitás, 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.

ADVERTISEMENT

Czech economic confidence weakens in October Analysis

Czech economic confidence weakens in October

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

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.