The two merge again.
On April 1st, the former MKB private pension fund merged into Budapest. In the meantime, the Association (formerly Allianz) Private Pension Fund made a similar decision, they would merge into the Horizont Private Pension Fund on July 1, 2024, Azénpénzem.hu wrote.
The general assembly of delegates of the Association (formerly Allianz) Private Pension Fund held on April 17th accepted with a qualified majority the proposal of the board of directors that they merge into the Horizont Private Pension Fund on July 1st, 2024. As they announced: after assessing the market opportunities and the interests of the members, they started negotiations with the Horizont Private Pension Fund. According to their reasoning, they were looking for a market leader and a partner with annuity services. The merger must still be confirmed at the general assembly of delegates.
The private branch of the MKB Private Pension Fund, later known as the MBH Care Pension Fund, was merged into the Budapest Private Pension Fund on April 1.
With this, the sector that has been through many storms melts into two, leaving Budapest and Horizont. The state einstand of private pension funds began at the end of 2010. Of the HUF 3,000 billion private pension fund assets, HUF 900 million were transferred almost immediately to the state pension fund, HUF 1,300 billion went to quickly reduce the state debt. In the end, the Orbán government spent a total of HUF 2000-2020 billion on the original goal of reducing the deficit. By the end of 2011, 11 funds had reached the 2,000 employees required for operation, and five funds (ING, OTP, Aegon, AXA, Allianz) had over 10,000 employees. Then, with mergers, the number of cash registers gradually decreased, until only 4 remained. Nowadays, private pension funds can only survive if at least 70 percent of the members pay the membership fee.
