Your Alfa voluntary pension fund expert:
Szűcs István
I have been working in the Hungarian pension fund profession for 26 years. I help the CEOs & HR managers of multinational companies to design and implement effective pension programmes and/or corporate group life and medical insurance packages in Hungary.
Telephone number: 06-70-611-8580
E-mail adress: szucs.istvan@alfa.hu
You may be entitled to a 20% tax refund1 from your own payments and payments made by your employer, up to an annual limit of HUF 150,000, which will be added to your VPF balance.
Your employer may opt to pay part or all of the contribution. If your employer offers pension savings as a company benefit (e.g. cafeteria), you can make use of the opportunity and choose to receive payments to your VPF.
Value preservation: Every year, the Fund offers the possibility of increasing the contribution amount to maintain its real value. This option is available to all Fund members, they can decide whether to track the inflation rate.
We offer one of the lowest-cost retirement savings on the self-care market.
Alfa Voluntary Pension Fund offers 6 investment portfolios with different compositions. Both the risks and the potential yields they offer differ. Higher-risk portfolios can achieve higher yields over the long term.
For people looking for short-term investments of 1–5 years
For people looking for an investment term of 5–15 years
For people looking for long-term investments of more than 15 years
View the 2025, and the 10-, 15-, and 20-year results of all our portfolios here.
Returns on pension fund investments are exempt from interest rate tax and social contribution tax.
Your pension fund account can be inherited, meaning you can save money not only for yourself but even for your loved ones. You can even designate more than one beneficiary, in which case the designated beneficiary(-ies) or, if none have been specified, the successor(s) will receive the amount collected on the personal account, free of taxes and duties, a few weeks after the death.
Many people don’t know that a voluntary pension fund is a good investment for not just retirement but can also be used as
emergency funds for unexpected situations. It can be considered savings that provide security in emergencies, such as unexpected health costs, unemployment, a child’s university studies or when buying a home.
After 10 years of uninterrupted membership, you will have access to the amount accrued on the account, meaning you can use it for more than just as a pension.4
Some important points:
After retiring, you will be entitled to withdraw a part or all your savings:
If you decide to keep your savings account, you can request
After ten years of membership, you can withdraw your entire savings tax-exempt6.
One of the greatest advantages of a voluntary pension fund is that the amount of the payments you make can vary according to your needs.
However, you should note that the sooner you start making regular payments to your savings, the greater the likelihood that you could even double the amount paid by the time you retire, thanks to the tax refund and the return.3
Motivation increases as the years pass by, with an increasing number of people thinking of their senior years. However, the later you start, the higher the amount you will have to pay every month.
There is a big difference if you set aside HUF 20,000 or HUF 60,000 every month from your budget in the interest of what is a distant target.
Precise goals help you to prepare well.
See how we can help you achieve the quality of life you want!
Based on the available information, at the time of your retirement, you may have the following sum available on your pension fund account; provided that regular membership payments are made.
Ft
Years until retirement
Year
Savings undertaken:
Ft / mo
Total savings
at retirement:
Ft
Monthly allowance:
Ft
Monthly allowance, paid to you monthly for a period of 15 years:
Ft
This amount is lower than you would need on a monthly basis in your old age, based on your guess.
We recommend that you increase the amount of your committed monthly savings!
Apportionment of your assets at the end of the savings period
Ft
Apportionment of the monthly pension savings undertaken by you:
Total expected savings: Ft
Apportionment of your current savings:
Total expected savings: Ft
You will need the following to complete the registration, so have them ready:
The steps of the registration process
You can claim a 20% tax refund on your individual payments, and company corporate payments (employer’s contribution, sponsor’s donation) for up to HUF 150,000 per year, which will be credited to your individual savings account.
IMPORTANT: tax refunds are only possible for up to the amount of your personal income tax after your consolidated tax base is paid in the given year. You may also be entitled to a tax refund for other savings, in which case you should be aware of the following rules:
If you are already retired and have income subject to personal income tax under the consolidated tax base, you may still be eligible for the 20% tax refund, which will continue to add to your savings.
HUF 750,000 in the total of individual and/or company payments are necessary to receive the maximum tax refund.
All Fund members are required to pay the minimum membership fee specified in the Statutes per month or quarter.
The calculations are made using the Alfa Voluntary Pension Fund calculator, assuming a real membership fee increase of 2% and a real return expectation of 2%. The calculation uses the tax refund currently available for the entire duration of the membership, and the effective operating cost has been deducted from the membership fee. The future value was calculated based on the inflation forecasts of the Ministry of National Economy. The calculations are based on estimates and do not qualify as an offer; no results can be guaranteed for the future.
In the case of payments that do not qualify as pension services, you will be able to utilise the amount on your savings account after the compulsory waiting period (10 years), a part of which qualifies as taxable income.
The return credited to your voluntary fund savings is not subject to tax or contribution deductions. If withdrawn, you will not be required to pay any personal income tax or social contribution tax. In the case of items credited to the member’s account by 31.12.2007, payouts will be tax-exempt starting from the 21st year following the start of membership. In the case of items credited to the member’s account after 31.12.2007, payouts will be tax-exempt starting from the 21st year following the year the given amount was credited.
The paid amount is tax-exempt: In the case of membership established in or after 2013, if the membership started in the 10th year preceding the payout or earlier. The amount paid out is also tax-exempt in the case of membership established before 2013, or if eligibility is based on disability status.
The Fund applies a progressive cost deduction for payments made to private accounts: 10% of the part of the annual membership fee payment between HUF 0 and HUF 10,000 Ft, 6% for the part between HUF 10,001 and 120,000, 5% for the part between HUF 120,001 and 240,000, 3% for the part between HUF 240,001 and 500,000, and 2% for the part between HUF 500,001 and 1,000,000. There are no deductions for the part of the membership fee that exceeds HUF 1,000,000.