Friday, 6 April 2012

CIMB-Principal Asset Management welcomes SC’s nod for Private Retirement Scheme providers

KUALA LUMPUR (April 6): CIMB-Principal Asset Management welcomes efforts taken by the Securities Commission Malaysia (SC) in creating avenues for Malaysians to accumulate additional savings for a comfortable retirement.

The SC on Thursday approved eight initial intermediaries as Private Retirement Scheme (PRS) providers, which is seen a as a step forward to kick-start the private pension scheme that will provide an alternative retirement saving option for Malaysians.

The eight PRS providers are AmInvestment Management Sdn Bhd, American International Assurance Bhd, CIMB-Principal Asset Management Bhd, Hwang Investment Management Bhd, ING Funds Bhd, Manulife Unit Trust Bhd, Public Mutual Bhd and RHB Investment Management Sdn Bhd.

CIMB-Principal Asset Management chief executive John Campbell Tupling said the fund manager was pleased on being approved as one of the inaugural Private Retirement Scheme (“PRS”) providers.

“The PRS industry is intended to complement and supplement the existing mandatory schemes of the Employees Provident Fund,” he said in a statement Friday.

Tupling said that with the emergence of the PRS industry, Malaysians would be further empowered to set aside additional voluntary savings for investment in a well regulated and structured manner.

“We believe the PRS will grant people more flexibility and choice to regularly save and invest according to their age and risk tolerance,” he said.

He said CIMB-Principal would submit for approval a suitable range of solutions based on the PRS guidelines issued.

“We take positively the measures by the government to encourage wide participation.

“A personal tax relief of up to RM3,000 will be given to contributions by individuals to PRS approved by the SC, as well as tax deductions to employers for contributions above the statutory rate up to 19% of employees' remuneration. In addition, a tax exemption was also announced on income received by approved funds within the PRS schemes,” he said.

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