Pensions complémentaires (volontaires)
2001: Government decree 281/2001 on investment activities by voluntary pension funds;
1997: Act LXXXII on the establishment and the institutional framework of mandatory private pension schemes (later only voluntary membership possible);
1997: Act LXXX on the coverage and entitlements under the publicly managed social security and private pension schemes.
1993: Act XCVI on Voluntary Mutual Insurance Funds;
1993: Act CXVII on the tax treatment of contributions and benefits.
Types of plans
The licensing of voluntary pension funds is issued by the Central Bank of Hungary.
There are no minimum capital requirements for pension funds.
The main decision-making body of a pension fund is the general assembly of members, where all members have the same voting and representation rights, independent of the amount of capital accumulated in their respective individual accounts in the fund. The general assembly of members must be convened at least once a year and has, among others, the exclusive rights to:
- modify the deed of foundation;
- approve and modify the fund's bye-laws;
- elect and remove the members and chairperson of the board of directors and the supervisory committee and fix their remuneration;
- approve the directors' annual report and the financial plan for the fund;
- validate claims for damages against persons acting on behalf of the fund and members of the board of directors before the operating licence takes effect;
- designate persons eligible to represent the fund in legal proceedings;
- decide whether to join or leave any organization representing members' interests;
- decide on the dissolution or splitting of the fund or merger with another fund;
- decide on the method of collecting membership fees.
Instead of the general assembly of members, a general assembly of delegates appointed to represent members' interests may perform these functions.
The mandate of the board of directors will last for five years from their election or until the new general meeting establishes a new board of directors.
The members of the board of directors must have unblemished professional and civil records, and have the main responsibility to manage the pension fund adequately in compliance with the applicable legislation, the bye-laws of the fund and the decisions taken by the general assembly. In this framework, the board must prepare the main documents of the fund such as the bye-laws and the financial plan and, once they are accepted by the general assembly, implement them.
The pension fund must have a supervisory committee, the members of which must be appointed by the general assembly of members and in which the members' representatives must form the majority. The supervisory committee has the task of regularly inspecting the accounting, financing and operations of the pension fund.
Annuities may be paid by the fund or by an insurance company.
At least once a year, the fund's supervisory committee must inspect the performance of outsourced activities and ascertain that they are in compliance with the provisions of the contracts.
Voluntary pension funds: Membership of is voluntary.
Any person who is over the age of 16, agrees to abide by the provision of the bylaws and agrees to pay membership dues shall be eligible for the fund membership.-
There must be no religious, racial, ethnic, political, age or sex discrimination against fund members.
Enforcement of affiliation
Sources of funds
Other sources of funds
Methods of financing
Acquisition and maintenance of rights
Preservation, portability, transferability
Benefit qualifying conditions
Benefit structure / formula
Protection of Assets
Financial and Technical Requirements / Reporting
Standards for service providers
Winding up / Merger and acquisition
Bankruptcy: Insolvency Insurance / Compensation Fund
Disclosure of information / Individual action
Taxation of employee contributions
Taxation of employer contributions
Taxation of investment income
Taxation of benefits
Within this framework, it monitors the activities of financial and capital market institutions, funds, insurance companies and institutions of the financial infrastructure (regulated market, clearing house and central depository), both on-site and off-site, using the tools of prudential supervision (i.e. supervision investigating the business soundness), as well as market surveillance and consumer protection tools, and, if necessary, it takes measures. The purpose of the supervision is to ensure timely recognition and appropriate management of risks in order to avoid that they jeopardize the stability of the system and the confidence of the financial intermediary therein. The information obtained during the continuous supervision is integrated by the MNB in the risk assessment. The data of the risk and institutional assessment determine the method and the intensity of the supervisory treatment of a particular financial institution, as well as the scheduling of further investigations and the focus points thereof.
The Bank monitors the activities of the financial institutions in relation to preventing and combating money laundering and the financing of terrorism, as well as performs IT supervision. If immediate action is required, it will conduct targeted or topical investigation.
The Central Bank is committed to financial consumer protection, as well as to market surveillance intended to eliminate unauthorized, unlicensed financial service providers, or those without prior notification. The MNB takes actions to protect the rights of customers using financial services, and divert the service providers towards a responsible and fair behaviour. It identifies phenomena that are disadvantageous for customers as quickly as possible and focuses on exploring and eliminating their causes, thereby also preventing their repeated emergence. During its consumer protection tests the MNB places system-level consumer protection defects affecting a wide range of consumers in the centre of attention.
The Financial Arbitration Board (Pénzügyi Békéltető Testület, PBT) operating besides the MNB is a professionally independent alternative forum for resolving disputes. The PBT provides a faster and more cost-efficient solution than court proceedings for financial disputes requiring a civil procedure between consumers and the financial service providers under contract with them.
The Central Bank of Hungary
Szabadság tér 9.
Tel.: (+36) 1 428 2600
Fax: (+36) 1 429 8000
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