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MULTI-FUND STRUCTURE

The National Pension Commission (“PenCom”) recently published the Amended Regulation on Investment of Pension Fund Assets for the Pension Industry. The new investment guideline introduces a multi-fund structure, this would replace the existing “single-fund” structure that puts all contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile.

 

What is the multi-fund structure?
The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into three Fund types while retaining the single Retiree fund (four fund types in all 3 active funds and 1 Retiree fund).
What are the different Fund Types?
What are the features of each Fund Type?
What are the variable income instruments?
How soon will this new guideline take effect?
What has age and risk profile got to do with how my pension funds are invested?
Can I decide which Fund Type to be assigned to?
When will the 12-month period start counting, will it be from the date of commencement or from the date of my first switch?
What are the benefits of the multi-fund structure?
What are the impacts on my pension balance when my PFA moves into the multi-fund structure?
What is/are the requirement(s) for switching from one fund type to another?
If my date of birth is wrongly captured, which Fund Type will my PFA profile me?
Can I move back to the preferred fund free of charge after my date of birth correction (especially when my date of birth was wrongly captured by my PFA)?
Will the RSA and VC funds have separate fund price or the same?
How will the Fund Prices under the Multi-Fund Structure be determined at the point of crossing over to the new structure and what would happen to the Old Fund Price and units?
What are the multi-funds options for Approved Existing Schemes?