Provident funds under personal management

An Individually Managed Provident Fund (IRA) is a savings path in which the saver manages his or her retirement savings funds himself or herself or does so through a licensed portfolio manager on his or her behalf. In this framework, the saver benefits from the tax benefits of a provident fund or a continuing education fund, while maintaining full control over the investment policy and asset mix. The member determines the personal investment policy, which is actually carried out by the portfolio manager in accordance with his or her instructions and goals, and he or she may replace the licensed manager at any time. Such personal management is currently possible for continuing education funds of any type, and for provident funds – only in an independent capacity.