Private pension fund membership shrinks drastically

Budapest, February 8 (MTI) – Eleven of Hungary’s 18 private pension funds will hang on to more than 2,000 members each, the minimum legal requirement to operate, after almost 97 percent of their members opted to return to the state system, official figures published on Tuesday show.

Pension savers deciding to stay with private funds had to say so by January 31, otherwise their accounts were automatically moved over to the state.

    The detailed ONYF data show 97,422 people, or 3.12 percent, of the total 3,118,200 private pension fund members, had opted out of the move to the state pillar by the end of January. The revised, but still preliminary, figure is lower than the initial estimate of just over 102,000 announced on February 1.

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