· Offered to the public for the purpose of building up long-term savings for retirement
· PRS Framework
· 6 core funds: -
a) You can select either default option or non-default option
b) All contributes made to PRS will be split and maintained in 2 sub-accounts A & B
- Professional management
- Ease of transactions
- Enjoy personal tax relief
- Income of the fund is exempt from Malaysia income tax (Max. RM3,000)
- Tax deduction for employers on contribution made
- Capital & returns not guaranteed
- Market risk
- Fund Manager risk
- Inflation risk
- Legal & regulatory risk
- Risk associated with the default option
Fees & Charges
- RM10 PPA account opening fee (one off)
- 3% of sales charge
- RM8 per annum of PPA annual fee (if contribute subsequent year)
- RM25 PPA pre-retirement withdrawal fee
- RM25 Service Provider transfer fee & RM25 PPA transfer fee (to another PRS provider)
- Other management fee, trustee fee and PPA administration fee per annum of NAV.
- Withdrawal proceeds within 10 days.
- Pre-retirement withdrawals: Death of member, Permanent departure from Malaysia, Withdrawal of accrued benefits from sub-account B.
- The scheme is open to all individuals aged 18 and above, including foreigners.