HUNGARY - Hungarian private-pension funds retained 102,000 clients, or about 3.2% of their previous membership, by yesterday's deadline in the government's drive to funnel their assets to the state, said Gabriella Selmeczi, the government commissioner for pensions.
Hungary gave three million private-pension fund members an ultimatum last year, telling them to transfer their portfolios to the state or lose the right to state retirement pay.
"The sum we planned for in the budget will come in," Selmeczi told reporters.
The private funds held 3trn forint ($15bn) of assets at the end of September, according to Stabilitas Penztarszovetseg, an industry group. The government planned to use 530bn forint from the transfers in the 2011 budget.
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