Hungarian President signs pension fund laws

November 2, 2010

Hungarian President Pal Schmitt on Tuesday signed laws impacting private pension funds, including the controversial amendment allowing the suspension of state transfers to private pension funds for 14 months.

Many financial and constitutional experts question the constitutionality of the regulation as the government did not give details of what it would use the pension money for and with what conditions it wishes to compenstate people.

The president also signed the law on the free choice of pension funds. The legislation, passed by parliament on October 25, makes membership in private pension funds optional for career-starters and offers private fund members the chance to return to the state's pay-as-you-go system.


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