Nomura Securities Co. plans to withdraw from the securities industry's employees' pension fund as early as this month in order to save contributions and use them for its plan to create a U.S. 401(k)-style pension plan, company officials said Tuesday.
Nomura, Japan's largest brokerage house, wants to save contributions managed by the fund for pension payments added to basic benefits, the officials said.
With Japan expected to introduce 401(k)-type pension plans -- defined-contribution schemes whose benefits hinge on investment performance -- as early as April, Nomura hopes to establish a leading position in the market by creating a similar plan of its own, they said.
The securities industry's employees' pension fund was established in 1971 and now manages 600 billion yen for some 100,000 members, including around 13,000 Nomura employees.
Other major brokerage houses, such as Nikko Securities Co. and Daiwa Securities Group Inc., may also leave the pension fund, industry officials said.