This private retirement funds available in some insurance companies. For example, you pay RM3000/year for 20 years plan, then insurance company will pay you a sum/yr on 21st year onwards, this is consider retirement funds. For those need to pay 26% for income tax, RM3000 x 26% = RM780 exempted. This type of retirement plans definately give you better return than FD, somemore you get tax relief. You save RM780/yr x 10 years (only tax relief for 10 years) = RM7800, yet you still enjoy the saving return.

Hope i answer the question here.