Hungary Pension Funds Lose 25% of Members, Vilaggazdasag Reports

A quarter of Hungary’s remaining 100,000 private-pension fund members decided to transfer their accounts to the government, Vilaggazdasag said, citing industry group Stabilitas Penztarszovetseg.

Several pension funds will close, the Budapest-based business daily reported.

Hungary effectively nationalized $13 billion in private- pension fund assets when more than 3 million people turned over their accounts to the state after the government in 2010 threatened to strip them of their right to a state pension.

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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