SINGAPORE, March 13 — CIMB Bank Singapore announced today that it is the only bank in Singapore to partner with Tokio Marine Life Insurance Singapore Ltd (TMLS) to offer the TM Retirement@63 plan.

In a statement, CIMB said this is a single premium, participating endowment plan with annual payouts, specially designed as a retirement funding solution.

It is also first of its kind retirement savings plan that has a unique Recurring Single Premium (RSP) option feature.

With rising life expectancy and a growing ageing population, it said TM Retirement@63 plan provides timely supplementary retirement income for customers where they will receive their 10 years of annual payouts from age 63, i.e. on reaching the statutory retirement age (currently at age 62).

Under the TM Retirement@63 plan, customers can kick-start their retirement planning with a one-time minimum premium of S$10,000 (RM26,700), by using either cash or funds from their Supplementary Retirement Scheme (SRS) accounts.

They can also make annual contributions to the plan via the RSP option to increase the annual payouts amount for their retirement.

Mak Lye Mun, Country Head of CIMB Group Singapore and Chief Executive Officer of CIMB Bank Singapore, said, “We can now tap into a growing market of  S$1.66 billion in SRS contributions and channel these funds to derive greater benefits for Singaporeans.

“This plan will open a path for us to address a new customer base and provide Singaporeans with a solution to enhance their retirement planning."

Mak said people can now invest their SRS funds at an early stage and enjoy the payouts in their golden years.

TMLS CEO Lance Tay meanwhile said with this plan, clients can opt for the RSP using either cash or SRS funds for their retirement planning and enjoy attractive returns.

"We will continue to design innovative insurance solutions that address the needs of our society and benefit our clients," he added.

The first 100 customers who sign up for the plan with the SRS Recurring Single Premium option (minimum of S$10,000) will receive a Pitti Bravo Automatic

Capsule Machine retailing at S$248. — Bernama