KUALA LUMPUR, April 26 -- The Employees Provident Fund (EPF) announced yesterday a much-anticipated restructuring of contributors' accounts that would allow some portion of their retirement fund to be withdrawn anytime.

The fund said the move is meant to be a major recalibration to change a decades-long system put in place to help private sector workers build old-age savings.

Ahmad Zulqarnain Onn, its chief executive officer, said the new scheme is meant to "empower" contributors through some flexibility on how to manage their retirement savings.

What is it?

Under the new system, all contributors will have their savings distributed between three accounts beginning May 11.

The percentage of contribution that goes into the first accoun...