Private retirement scheme needs further development, improvements – Tengku Zafrul

Malaysia’s existing voluntary privately funded pension segment, the Private Retirement Scheme (PRS), needs to be further developed and improved to achieve the World Bank’s five-pillar pension policy framework, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said the capital market must play its role in achieving the objectives under the framework, which aims to protect the risk of poverty in old age and address pension adequacy during retirement years. Tengku Zafrul also said the corporates must adapt to embrace this agenda or risk being left behind — not only by investors but also by financial institutions and the broader supply chain which has increasingly emphasised on environmental, social and governance (ESG).