I think I’d just deal with the penalties and cash out, if possible.
Not only in Hungary they are doing it in Ireland,France, Argentina as well taking their pension funds for the bank bailouts. Many funds already lost money as a result of being invested in MBS Mortgage Backed Securities so the banks got you that way too I can easily see them taking them over here.
Ireland’s Debt Servitude
Stripped to its essentials, the €85bn package imposed on Ireland by the Eurogroup and the European Central Bank is a bail-out for improvident British, German, Dutch, and Belgian bankers and creditors.
The Irish taxpayers carry the full burden, and deplete what remains of their reserve pension fund to cover a quarter of the cost.
in full
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100008812/irelands-debt-servitude/
Hungary Follows Argentina in Pension-Fund Ultimatum, `Nightmare’ for Some
Remember My Discussion on Pensions?
And how you were going to get screwed?
Feel free to use the search bar and type in “Pension”, then have a read.
You’re hosed America. Severely. Far worse than you think. And there’s nothing you can do about it.
I wish it wasn’t true, but it will be, because you refuse to stand up and put a stop to this crap.
France is the latest to seize pension assets. They follow Hungary and Ireland. There will be more. And eventually, it will come here - and when it does, you will get hosed.
http://market-ticker.org/akcs-www?post=173478
France seizes €36bn of pension assets
http://www.efinancialnews.com/story/2010-11-29/france-seizes-euro-36bn-of-pension-assets
Ireland to back bailout with airlines, banks, and pensions
http://www.tribune.ie/news/article/2010/nov/21/ireland-warned-it-will-have-to-stump-up-state-asse/
that puts them 2 years behind Argentina
I was in Budapest last year. Soros is very popular over there. Maybe he can bail them out.
Probably under a GOP Congress with cries of “We must make sacrifices!”