The recently submitted bill, which would force private pension funds whose members are not paying their dues to wind up, is expected to take effect on January 1, 2015.

Varga also said the private pension funds to be wound up will pay the real yield on the assets to their members as their members return to the state pension system, or else, the pension fund can also decide to merge with another pension fund.

Varga said there is no need for fictitious pension funds, adding that, for a pension fund to be viable, at last 70% of members must pay their dues.

Source www.hungarymatters.hu

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