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Nomura Securities Co. said Tuesday it will set up a new company today to provide management and operation services for defined-contribution pension plans modeled on U.S. 401(k) pension programs.

Nomura DC Planning Co. will be set up with a capital of 490 million yen and a staff of 13.

Nomura has already set up a company with the Industrial Bank of Japan for consultation services on 401(k)-style pension plans.

The company is scheduled to start operations Oct. 1 when Japan will introduce the programs.

Contributions for the schemes are defined but benefits to be paid after retirement vary according to investment plans.

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