CIMB's new pension fund in place by year-end

CIMB will implement a new private pension scheme in Malaysia.

The group is presently in talks with government agencies about the scheme, according to CIMB Bank head of retail financial services Peter England.

“This venture is with CIMB-Principal Asset Management Bhd, and is a supplement to the Employees Provident Fund, " said England.

On Tuesday, Prime Minister Datuk Seri Najib Tun Razak had said at the opening of Invest Malaysia 2011 that under the Capital Market Masterplan Two, a new private pension fund framework enabling the setting up of private retirement schemes approved by the Securities Commission would be in place by year-end.