Opposition LMP will initiate introducing mandatory individual pension accounts in each EU member state, the party’s top candidate in the upcoming European parliamentary elections said after meeting representatives of the Pensioners’ Parliament association, on Friday.

Today’s pension system is unpredictable and non-transparent and needs to be improved on a European level, Gábor Vágó told a press conference.

He noted Prime Minister Viktor Orbán’s pledge to set up a system of private pension accounts in 2012, following the transfer of private pension funds to the state system together with retirement savings in the preceding year.

Vágó further proposed setting up an EU-level mandatory pension fund operated under a uniform law which he said would be more predictable and protect account holders in the member states.

Source: MTI

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