CIMB-Principal Asset Management will submit a range of solutions based on the private retirement scheme approved by the Securities Commission.
Besides CIMB-Principal, the SC announced seven other PRS providers.
CIMB-Principal chief executive officer, Campbell Tupling, said the company hailed the efforts and steps taken by the SC and legislators in their mission to help Malaysians accumulate their additional savings for a comfortable retirement.
“The PRS industry is intended to complement and supplement the existing mandatory schemes of the Employees Provident Fund," said Campbell. “With the emergence of the PRS industry, Malaysians will be further empowered to set aside additional voluntary savings for investment in a well regulated and structured manner,” he added.
Tupling said PRS would grant people more flexibility and choice to regularly save and invest according to their age and risk tolerance.
He said a personal tax relief of up to RM3,000 would 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 per cent of employees’ remuneration.
“In addition, a tax exemption was announced on income received by approved funds within the PRS schemes,” he said.
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