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CIMB-Principal receives regulatory approval for PRS schemes

12 November 2012

Category: News, Asia, Malaysia
By Asia Asset Management

CIMB-Principal Asset Management Berhad (CIMB-Principal) announced on Sunday (November 11) that the company has received regulatory approval from the Securities Commission Malaysia (SC) for its private retirement schemes (PRS) – CIMB-Principal PRS Plus and CIMB Islamic PRS Plus.

Campbell Tupling, chief executive of CIMB-Principal, commented: “We believe CIMB-Principal’s PRS is one of the most comprehensive solutions offered in the market, as it has two separate approved conventional and Islamic schemes. Retirement planning is now more convenient and accessible to individuals who wish to start a PRS for themselves with CIMB-Principal.”

With the green light given, CIMB-Principal is rolling out its PRS with the aim of complementing Employees Provident Fund (EPF) savings by employees, and also to help individuals who do not contribute to EPF for their retirement.

The approved funds under CIMB-Principal’s PRS are:

CIMB-Principal PRS Plus

CIMB Islamic PRS Plus

CIMB-Principal PRS Plus Conservative

CIMB Islamic PRS Plus Conservative

CIMB-Principal PRS Plus Moderate

CIMB Islamic PRS Plus Moderate

CIMB-Principal PRS Plus Growth

CIMB Islamic PRS Plus Growth

CIMB-Principal PRS Plus Equity

CIMB Islamic PRS Plus Equity

CIMB-Principal PRS Plus Asia Pacific Ex Japan Equity

CIMB Islamic PRS Plus Asia Pacific Ex Japan Equity

 

“In its infant stage, public awareness and education are important to ensure that the working population is well-informed and familiar with PRS. Our focus will be on educating the general public on the benefits of PRS savings for retirement via outreach programmes and sales distribution channels. CIMB-Principal will also be working closely with corporates to ensure that PRS solutions are adopted as part of their compensation and benefit package in order to attract and retain talent,” added Mr. Tupling.

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