April 10 (Bloomberg) -- 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 email@example.com
To contact the editor responsible for this story: Balazs Penz at firstname.lastname@example.org