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SHAH ALAM: The Employees Provident Fund (EPF) plans to introduce a new scheme called i-Legasi that will allow parents to transfer part of their retirement savings to their children, The Star reported.

EPF chief executive officer Ahmad Zulqarnain Onn said the initiative will enable contributors aged 55 and above to make intergenerational transfers of their savings to their children.

He said the facility will be available to members who are already eligible to withdraw their EPF savings and whose balances exceed the adequate savings threshold set by the fund.

Under the scheme, parents can transfer part of their savings directly into their children’s EPF accounts, although the funds cannot be withdrawn until the children reach the eligible withdrawal age.

EPF officials said the i-Legasi facility will also allow eligible members aged above 55 to transfer savings to their children without being subject to the current RM100,000 annual limit for voluntary top-ups.