It has been noted, that so far it was obligatory to enter the private pension funds, which produced a serious loss and damage to about 3 million Hungarian citizens during the crisis.

As she continued, all those who step over into the new system will benefit. As an explanation she added that those who withdraw to the public system, will receive compensation. Who returns to the state system, can count on the solidarity of the community - she noted.

She also noted that citizens must make a statement about their future decision until 31th January 2011, and if they fail to do so, they will automatically be transferred to the new system. Individual accounts will be created under the new system, which can be inherited by the spouse. Moreover, a Debt Management Center is being set up, that will manage the assets of those who return from the private pension system.

The final vote on the laws will be held on 13th December. People who intend to remain in the private pension system must make a clear statement about it until the last day of January. Staying in the private system means that concerned persons automatically resign the 24 per cent payment by the employer, and will receive pension after their own payment of 10 percent - Gabriella Selmeczi said. She added that the contribution of the employer at 24 percentage will be converted to tax by the bill.

The Senior Section of the Fidesz is pleased that the government intends to save their pensions and creates the possibility that the Hungarian people are able to stash their pension savings to a secure place.