23 November 2010

Another Government grabs private pension savings

The Hungarian government takes a leaf out of Argentina's books and has announced that it intends to confiscate part of the private pension savings of its citizens. We have cautioned for a long time to consider all options carefully before relinquishing control over one's savings. The laws in most jurisdictions make it very difficult - often impossible - to withdraw funds from pension plans before a certain age. Even after retirement access is carefully prescribed. If the increasingly desperate governments in most countries can no longer be trusted any commitment of funds to pension plans should be carefully evaluated.