HUNGARY - The HUF92bn (€372m) Aranykor Pension Fund has named Krisztina Kulyassa as its new managing director.

Kulyassa is the former deputy MD and has been working with the fund since starting as chief accountant 1999, but has now taken over from Lajos Csepi.

The Aranykor fund, which translates as Goldenage Pensionfund, has over 133,000 members and is among the Top10 funds in Hungary based on asset size.

Setting up a second-pillar pension provision has been mandatory in Hungary for new entrants to the labour market since 1998. Aranykor's mandatory fund section currently has HUF53bn in assets.

The fund, which currently holds HUF29bn in assets, has also offered voluntary pension provision since 1995.

The OECD noted in an economic survey on Hungary published last month the country needs to solve the issue of early retirement. It urged the abolition of "the most popular early retirement scheme - the "advanced retirement pension".

Furthermore, it demanded an increase in the statutory retirement age beyond 62 years. However, the OECD noted "further tightening of eligibility for early-retirement pensions" is already scheduled.