Those not involved in current pension scheme can rejoice. A private pension funds scheme will kick off by next year.
The announcement was made by Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop, who said the new scheme would target the two million self-employed and those who were outside the current pension scheme.
The media reports quoted him as saying that the new pension funds could either be operated by new fund management firms to be licensed by the Securities Commission, or by existing firms.
He added that the funds would be regulated by the Securities Commission.