PNB Unit Trust Investors Can't Name Beneficiaries

Investors in unit trusts managed by Permodalan Nasional Berhad (PNB) cannot name their beneficiaries as regulations stipulated by Malaysia's Securities Commission does not allow the naming of beneficiaries.

"We are now finding ways of meeting the investors' wishes without going against the regulations set by Malaysia's Securities Commission," said chief executive officer of the PNB Group, Tan Sri Hamad Kama Piah Che Othman.

He said this when asked by reporters after launching the Amanah Saham 1Malaysia (AS1M) Promotion at the state level, here on Wednesday.

During the question-and-answer session with the public during the launch, Hamad was asked whether investors in unit trusts managed by PNB could name their beneficiaries as what was done by the Employees Provident Fund (EPF) and Tabung Haji.

He said when the deceased left shares worth RM600,000 or less, the beneficiaries could apply for the division of his estate under the Small Estates (Distribution) Act 1955 at the Land Administrator's Office.

If the amount was higher, the beneficiaries could apply for the distribution of the estate at the Estate Administrator's Office, the High Court or the Public Trustee.