Timeline for How did Poland and Hungary manage to take over (nationalize) mandatory private pensions without breaking private property right?
Current License: CC BY-SA 4.0
18 events
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| May 2, 2019 at 17:49 | comment | added | 264 champagne bottles on ice | I guess this is an example of why you shouldn't ask two questions in one. You got one good answer about Hungary and another good one about Poland. | |
| May 2, 2019 at 17:34 | history | edited | 264 champagne bottles on ice |
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| Jan 24, 2019 at 23:23 | history | edited | JJJ♦ |
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| Jun 2, 2018 at 4:13 | vote | accept | Alexei | ||
| May 30, 2018 at 8:52 | answer | added | Tlen | timeline score: 6 | |
| May 29, 2018 at 16:37 | answer | added | Gramatik | timeline score: 8 | |
| May 29, 2018 at 15:50 | answer | added | mootmoot | timeline score: -2 | |
| May 29, 2018 at 15:05 | comment | added | mootmoot | The devils is in the details. Bare in mind that, in the situation of pension fund management, the immediate benefactors are NOT the pensioner, but "fund manager" that get a cut by using the fund to trade. More money pour into the fund will not improve the performance, it can be abused instead. It is quite common that active funds around the world create unwanted trades with fancy tools to justify it, and help the trading house to get a good cut from trade. This kind of "cost leaking/siphoning" is the main reason that some fund perform worst than the index funds. | |
| May 29, 2018 at 14:44 | comment | added | Alexei | @mootmoot - yes, it is not the same thing, but this is a dangerous step. Some politicians blamed the private pension funds for not being "as efficient as the public ones". Suspending the contributions will certainly make them less "efficient". | |
| May 29, 2018 at 14:30 | comment | added | mootmoot |
The title is misleading. suspend the contributions is not seizing of the funds. It just stop money going into the pensioned funds. For some mean, this is to reduce future pensioned payout, which has become burden for many government that adapt lifetime pension payment system : due to increase lifespan.
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| May 29, 2018 at 11:00 | history | tweeted | twitter.com/StackPolitics/status/1001418113257230336 | ||
| May 29, 2018 at 10:50 | comment | added | Alexei | @LucianSava - That's an interesting article. Thanks. Changing the management is an interesting trick: nothing is nationalized, but I think there is an important difference: private pensions theoretically guarantee a certain amount based on contributions, public pensions don't (you are entitled to a pension, but the amount might be very small). | |
| May 29, 2018 at 9:23 | comment | added | Nick C | From what I've heard, that was one of the main reasons why the PO government got thrown out in the 2015 Polish elections - Ordinary Poles feel that their money was stolen from them... | |
| May 29, 2018 at 9:18 | comment | added | Alexei | @SJuan76 - it makes sense. I have not heard this reasons used in Romanian politics, but I bet they will find a similar way to obtain what they want. Some believe that politicians will not be able to suspend the so called "pensions pylon II", but Hungary and Poland have shown that this possible. | |
| May 29, 2018 at 9:15 | comment | added | Alexei | @Caleth - I am not sure. But this would be a serious allegation, so I assumed they found a trick to stay on the constitutional side. | |
| May 29, 2018 at 9:14 | comment | added | SJuan76 | "Eminent domain" or "public interest" can be used to trump property rights (although courts may prevent abuse). Additionally, a possible defense is that the assets belong to the fund contributors and the funds only manage it, if the government assumes the obligations it could be easier to interpret is as more of a "change of management" than of ownership. | |
| May 29, 2018 at 9:09 | comment | added | Caleth | "without breaking private property right" -> are you sure this holds? | |
| May 29, 2018 at 7:27 | history | asked | Alexei | CC BY-SA 4.0 |