The number of voluntary pension fund members reached 1,088,800 in the second quarter of this year, inching up 1% from a year earlier, data released by the National Bank of Hungary (MNB) show.
Voluntary pension funds closed the last four quarters with an increase of 12,500 members, meaning that the persistent negative trend of previous years is now just an unpleasant memory, and the turnaround that occurred in 2024 appears to be sufficiently stable.
Contributions rose 10.5% year-on-year to HUF 113 billion in January-June. Member contributions accounted for 67% of the total and employee contributions for 33%.
Assets of the funds reached HUF 2,616 billion at the end of June, 13% higher than twelve months earlier.
There are 25 voluntary pension funds under the oversight of the central bank.
The average account balance per member rose to HUF 2.40 million, which is equivalent to about 9 months’ average pension. However, the aging of the membership poses a problem, and an increasingly large portion of the assets is concentrated in the hands of those over 60.
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