Egypt’s Finance Ministry has said the country’s state pension fund is to begin directing billions of dollars into private investments when a new pension law comes into force in January 2012, Reuters has reported. In the first year under the law, a new state pension system that works on the basis of defined contributions, instead of a current arrangement based on defined benefits, will collect an estimated £E15-20bn ($2.6-$3.5bn), Deputy Finance Minister, Mohamed Maait said. The new law will allow employees who have contributed under the old system to enter the new system if they choose, leading to the new system’s large initial size.