Competition and performance in the Hungarian second pillar

By: Contributor(s): Material type: TextTextSeries: Policy Research Working Paper, no. 3876Publication details: Washington, D.C. World Bank 2006Description: iii, 78 p. Includes bibliographical referencesSubject(s): DDC classification:
  • 331.252
Summary: The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires. http://documents.worldbank.org/curated/en/637841468252017347/Competition-and-performance-in-the-Hungarian-second-pillar
List(s) this item appears in: Books on Pillars
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Books Vikram Sarabhai Library Rack 17-A / Slot 613 (0 Floor, West Wing) General Stacks 331.252 I6C6 (Browse shelf(Opens below)) Available 162455

The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires.

http://documents.worldbank.org/curated/en/637841468252017347/Competition-and-performance-in-the-Hungarian-second-pillar

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