NEWS
CIMB-Principal Asset Management establishes PRS partner programme
23 November 2012
Category:
News, Malaysia
By Asia Asset Management
CIMB-Principal Asset Management Berhad (CIMB-Principal) has established its PRS Plus partner programme – a collaboration with employers to systematically introduce their employees to private retirement schemes (PRS), in an effort to encourage greater retirement savings. UEM Group, Scomi Group, SME Corporation Malaysia, Ernst & Young, Alam Maritim Resources, A Cut Above, and Asian Tigers Transpo Movers (M) are the first seven to join CIMB Group in introducing PRS to their employees.
At the signing ceremony held in Kuala Lumpur on Thursday (November 22), Charon Wardini Mokhzani, chairman of CIMB-Principal said: “CIMB-Principal PRS Plus and CIMB Islamic PRS Plus are designed to provide additional investment options to the public and help them increase their retirement savings. Additionally, we are also leveraging on our partner, the Principal Financial Group (The Principal) for their global experience, technical expertise and educational resources in the retirement savings segment.”
The Principal is one of the US’s leading retirement solution providers to businesses, individuals and institutional clients.
“Our initial corporate partners are a mixture of large corporations and SMEs. I applaud them for taking the initiative to introduce PRS as a new employment benefit to their employees. From the eight companies that are signing today, we would have reached out to a combined employee base of more than 41,000. Under the programme, CIMB-Principal will work with these companies to facilitate automatic payroll deduction on behalf of their employees. Employers joining the programme may also elect to either match a portion of their employees’ contributions or introduce vesting schedules over a pre-defined period of employment,” added Mr. Mokhzani.
The CIMB-Principal PRS Plus comprises of four domestic funds and one Asia Pacific ex Japan fund, which caters for investors with different risk appetite and those that want to diversify their investments offshore. Similarly, CIMB-Principal has a dedicated Islamic scheme, which mirrors the conventional scheme with five similar Islamic funds.
Upon enrolling for CIMB-Principal PRS Plus and CIMB Islamic PRS Plus, members can choose funds according to their respective risk appetite and investment profile under the Do-It-Myself approach. Alternatively, if they do not wish to fully customise their investment choice after enrolling in either scheme, a default fund option will be selected for them according to their age under the Do-It-For-Me approach.
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