Özet:

Hungary was one of the few countries, who has taken the decision to introduce – from 2007 optionally, from 2009 compulsory – multiple risk portfolios in the private pension pillar. The primary aim of the “Life-cycle” portfolio system is that the members could choose from three different portfolios according to their individual preferences, risk tolerance and the remaining years before retirement. The system's ultimate goal is to provide competitive pension by virtue of the investment horizon and risk tolerance. The introduction of the life-cycle portfolio system was an unfortunate example of bad timing, because the start of the new system coincided with the financial and economic crisis. The funds that had been first to adopt multiple risk profiles were hardest hit. Realising that, funds were given another two years to introduce varying risk profiles. The aim of the study is to examine the relationship between risk and return in the private pension system, and to analyse the efficiency of the mandatory portfolio system since its introduction.

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