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Hungary Top Court May Rule on Pension Fund Nationalization Case

Hungary’s Constitutional Court will consider a case next week brought by mandatory private-pension fund members against the government after the effective nationalization of retirement savings.

Justices will consider the case at its Dec. 28 session, the Budapest-based court said in an agenda published on its website today.

Prime Minister Viktor Orban last year forced more than 3 million private-pension fund members to turn over retirement savings to the government or lose the right to a state pension. The government effectively nationalized $13 billion in private-pension fund assets this way and used it to plug budget holes.

About 100,000 members remained with the funds. The government will continue to claim all of their pension-related contributions indefinitely, Orban said last week.

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