Hungary's transferred private pension fund assets amount to EUR 11.1bn.

By bne IntelliNews June 15, 2011
The assets, transferred from Hungary's private pension funds to the state pillar as part of the pension system reform of the Hungarian government last year, amounted to HUF 2.946tn (EUR 11.1bn), the financial market watchdog reported. All assets were moved to the pension reform and debt reduction fund before the deadline on June 14. As much as HUF 140bn of the assets were in cash. This amount might not be sufficient for the payments of yields and membership fees owed to former members, which are yet to be calculated by funds. The probable value of those yields and fees is estimated between HUF 210bn and HUF 260bn. If the cash portion of the transfer does not cover the due payments, a short-term loan from the treasury could be used for the purpose. The combined assets of Hungary's 18 private funds stood at about HUF 3.036tn as at end-2010. After the state decided to nationalise the assets of the private pension funds, Hungarians had to choose whether to remain in the pension funds or move to the state pillar by the end of January 2011 and around 3% of the members decided to opt out of the change.

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