Remain calm, Shafudah tells pension fund members … FIMA comes into effect

Andreas Thomas Finance minister Ericah Shafudah, has assured pension fund members and the public that existing retirement benefit commutation provisions remain unchanged despite the implementation of the Financial Institutions and Markets Act (FIMA). Making a ministerial statement in the National Assembly on Tuesday, Shafudah said the proposed preservation regulation, which generated public concern during the FIMA reform process, has not yet been implemented. The proposed regulation would have allowed a person changing jobs before the age of 55 to withdraw only 25% of their retirement savings in cash, while preserving the remaining 75% until retirement age.