Private pensions appear to be on track to meeting rules for survival

Budapest, February 6 (MTI) – Private pension funds have been busy encouraging members to pay their membership fee in order to meet the law’s requirement that the proportion of paying members should rise above a 70 percent threshold to avoid forced liquidation, business daily Vilaggazdasag said on Friday.

Over the past 2-3 weeks, the funds have successfully mobilised their members, and within days the average ratio of paying members could reach 70 percent, the paper reported, after conducting a survey of the private pension funds.

At the end of last September over 205 billion forints were (EUR 662m) held altogether in 60,000 accounts.

If a fund is forced to close, money from its accounts is passed on to another fund or the lion’s share is taken over by the state.

Source: http://mtva.hu/hu/hungary-matters