PSzÁF wins court case against ING private pension fund

Issues

The Hungarian Financial Supervisory Authority (PSzÁF) has won a lawsuit against the ING Voluntary and Private Pension Fund initiated over investments causing unjustified additional costs to pension fund members and bypassing investment restrictions, PSzÁF told MTI on Friday. The court ruling is still appealable.

The court has rejected ING's claim asking a court review of the PSzÁF resolution.

PSzÁF said it examined the investment and asset management activities of several private pension funds and their asset managers in the second half of 2010 and established that four private pension funds and their asset managers repeatedly infringed the regulations.

Of the four pension funds, AEGON Magyarország Voluntary and Private Pension Fund and AXA Voluntary and Private Pension Fund refunded unjustified additional costs to fund members and to the state Pension Reform and Debt Reduction Fund on behalf of former members who had left for the state pension system after PSzÁF instructed them to do so.

OTP Private Pension Fund and ING Voluntary and Private Pension Fund have lodged appeals to court against the resolutions. In the case of the former, the court procedure is still underway.

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