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Private Retirement Scheme Malaysia PRS The Best

Private Retirement Scheme Malaysia PRS The Best

Private Retirement Scheme Malaysia
Private Retirement Scheme Malaysia

What is Private Retirement Scheme Malaysia ?

Are you looking for information on Private Retirement Scheme, PRS? This is the right place to start. As you may have heard, Private Retirement Scheme (PRS) is a voluntary long-term investment scheme designed to help individuals accumulate savings for retirement estimated around 55 to 60 years old. PRS seek to enhance choices available for all Malaysians, whether employed or self-employed, to voluntarily supplement their retirement savings under a well-structured and regulated environment. Please bear in mind that EPF or KWSP is different as the return of investment from EPF is lower. PRS take place as a second retirement saving but create higher returns for future or high retirement life style. Each PRS offers a choice of retirement funds from which individuals may choose to invest in based on their own retirement needs, goals and risk appetite. The fund options under a PRS are intended to enhance long-term returns for members within a regulated framework. Assets of each PRS are segregated from the PRS Provider and held by independent Scheme Trustee under a trust. 

6 Categories of People Who Should Contribute to Private Retirement Scheme Malaysia:

1) Private Sector Employees and the Self-Employed Who Concern of Their Future Old Days
- Everyone knows EPF recently (2015) have proposed to raise capital within the EPF from 55 to 60 years for 70% of the existing EPF account holders only RM50,000 and below. Will the pension, be enough (not more than RM50,000)? Statistics in 2014 showed the latest data, the average life expected of Malaysians has increased from 55 years of age for men was 75 years and 60 for women has risen to 79 Years? It means there are around 25-29 years to survive. There are many factors contributing to the increase in life expectancy of Malaysians. The main factor is medical qualities. Just look on how many private hospitals in Malaysia. There are many such as KPJ Hospital, Sunway Medical, Columbia Hospital, and more. Nowadays we have a medical card that can accommodate all the medical costs.

If you are worried that EPF money, may be used up less than 3 years, you should begin to contribute to this PRS Private Retirement Scheme. At least you can get monthly RM3000 / month private pension money. This is not a LIE, because these facts of why Private Retirement Schem is created by the government when launching Private Pension Retirement Scheme or Private Retirement Scheme in 2012 <CLICK HERE>.

Many people does not know about Private Retirement Scheme isn't? If you belong to this group of people, contact me immediately for consultation.

2) Youngster with life future planning
- If you are aged 30 years and below, please contact me to start saving contributions ni Private Retirement Scheme. Did you know, if you start early, you can contribute with a minimum monthly payment to get a monthly pension amount higher than the people who contribute into Private Retirement Scheme at older ages. In addition, you will be able to get incentives from the government RM500 into your savings. Provided that the minimum accumulated savings of RM1000. Its Free... who would not want this?

If you are smart, start early. Its not like your medical insurance cards, where you get lower payment because you're young. In the end, the money that you pay is gone for nothing. If you contribute to your Private Retirement Scheme, all the money is there (the amount will double up in your account) and can be drawn at the age of 55 years! Great right?

Start saving on Private Retirement Scheme wisely. Only wise man see his own future :)

3) Business man Dealing in High Risk Business and How to Avoid Money from Bank Suspended or bankruptcy
- Did you know the money in the Private Retirement Scheme can not be taken by the Bank or the courts to be used to repay your bankruptcy and debt settlement? You can deposit money in the account Private Retirement Scheme and wait until 55 years old  to use it as your pension money.

Some may feel that this is not a wise action as it is better to place the money under the name of siblings or spouses. But did you know, in case of death, the money becomes the property of inheritance or Harta Pusaka and can not be returned to us again? It should gone through the islamic distribution process or Faraid Process, and did you know that under faraid, sometimes you can only gets 1/8 of our parts? Its a big Loss, right?

Private Retirement Scheme is under your name and ONLY you can just take out the money. You can earn money your doubled money...yes doubled! After age of 55 or can take out some of it from the B accounts once a year. Consider this strategy..... contact me for further info.

4) Wise Government Servant with Clever Financial Planning
- There's no denying work in the government sector or people called it "Gomen People", is a group of relatively secured financially. They have a high salary increases annually with promised pension at aged of 55 or 60 years. They also have Pension Card for their health benefits. 

However, the only thing that these goverment servants lack of, is because they need to reduce their lifestyle and budget. The pension they will get is around half of their last salary while in service. They can survive, but they need to reduce their previous lifestyle. Previously, if they can play golf but now they need to play badminton hahaha.

By contributing to a Private Retirement Scheme, the amount of pension you get is twice as much or with higher potential! Wow! How good is that? You can maintain your lifestyle even after the pension age of 55 years. You can continue to play golf and maintain your golf club membership. You can also travel every year routine like you do with your family.

5) Smart Employer who care about their staff and their own finance
- Do you know, if you are an employer, there are so many strategies to reduce and avoid paying income tax on your bonus and monthly income which are taxed by the LHDN?

This is a secret technique hehehe. Contact me immediately for an appointment.


6) Expatriates and Foreign Workers Working in Malaysia Who Wants to Reduce Income Taxes and Maximize Their Total Income During Working in Malaysia
- Yes, it is another secret technique for foreign workers who work in Malaysia, regardless of what sector. It can be done legally and you may be able to profit doubled and reduce monthly income taxes tremendously! Contact me :)

3 main concerns that many retirees faces at retirement:

  1. Unable to replace their pre-retirement income during their retirement years. No more monthly income!
  2. The retirement fund that they have is not enough to last their entire retirement years. After 1-3 years, all EPF or KWSP money is fully utilized for loan settlement, buy a house, buy a new car, son's or daughter's wedding and so on.
  3. Effect of inflation to their retirement fund. The cost of living 15 to 20 years ago is different.

As a result, these retirees may

  1. Be dependent on financial support either from their family or the government. Not enough money!
  2. Outlive their retirement savings. Fully utilized. No more money in saving account. No back up plan!
  3. Face with an increased cost of living. Expensive and more expensive!
Private retirement schemes form an integral feature of the private pension industry with the objective of improving living standards for Malaysians at retirement through additional savings of funds. A high income nation must have a sound and sustainable social framework to ensure adequate retirement savings.
The PRS regulatory framework was developed by the Securities Commission Malaysia to accelerate the development of the private pension industry in Malaysia. The PRS will also add depth to the capital market as a source of long-term funding for various capital market activities and to enhance the role of the investment management industry as well as provide wider stimulus effect in contributing to the economic growth and development of Malaysia.

The PRS forms the 3rd pillar of Malaysia’s multi pillar pension framework and the right enabling environment is crucial for its success. The formation of PPA provides the central administration for the PRS.

Private Retirement Scheme Malaysia
 Private Retirement Scheme Malaysia

 Regulatory Framework for Private Retirement Scheme Malaysia

The Capital Markets and Services Act 2007 (CMSA) empowers the SC to regulate and supervise the PRS industry.
Framework Private Retirement Scheme Malaysia
Regulatory Framework for Private Retirement Scheme Malaysia

Securities Commission (SC) Malaysia

  • empowered by law to be the regulator of the PRS industry
  • provide a regulatory environment
  • development of PRS industry

Private Pension Administrator (PPA)

  • provide a life-time central account management, facilitating transactions and promoting efficient administration
  • acts as a one-stop resource centre
  • educate the public and promoting awareness on PRS
  • provide central administration and developing the industry
  • protect members’ interest

PRS Providers

  • exercise the PRS Provider’s powers for a proper purpose and in good faith, in the best interest of the members as a whole
  • exercise the degree of care and diligence
  • keep complete and accurate records of all information
  • not make investments in which it could have a financial interest or derive a benefit without approval of the Scheme Trustee
  • provide interim reports, annual reports and account statements

Scheme Trustee

  • ensure compliance of PRS Officers and Delegates
  • provide accurate valuation and pricing
  • ensure accuracy of all transactions to avoid unnecessary costs or risk to the fund
  • adequate accounting for all accounts

PRS Distributors and Consultants

  • PRS Distributors are licensed for dealing in PRS or registered persons under the Capital Markets and Services Act (CMSA) 2007
  • PRS Consultants are representatives of PRS Distributors and need to be registered with FIMM
  • Institutional PRS adviser are licensed bankers to distribute PRS schemes from more than one PRS providers
  • Corporate PRS adviser is financial planning firms that represent and distribute products from more than one PRS providers and can act on behalf of the contributors
  • PRS Consultants must obtain minimum knowledge of the PRS industry
  • PRS Consultants to act with integrity and a high level of professionalism



PRS Funds Selection Option

You can decide to choose a fund or not to choose a fund and invest based on the default option where contributions are allocated to the core funds based on your age. Each PRS Provider must offer the 3 core funds as a default option in their PRS.

If you choose the default option you will be allocated to the following core funds based on your age grouping:


Core Funds Age Asset Allocation
Growth fund: Age below 40 years Maximum 70% in equity; 30% in debentures/fixed income and money market instruments
Moderate fund: Age 40 years and above but have not yet reached 50 years Maximum of 60% in equity; 40% in debentures/fixed income and money market instruments
Conservative fund: Age 50 years and above 80% in debentures/fixed income instruments of which a minimum of 20% must be in money market instruments and a maximum of 20% in equity


Alternatively, you may choose any of the core funds which does not correspond with your age or any of the non-core funds offered by the PRS Provider.
The PRS Provider may offer a range of up to 7 non-core funds under their PRS scheme. You may choose to invest in one or more of these non-core funds based on the fund’s asset allocation and asset classes as well as whether the fund is a conventional, shariah-based, local or offshore fund.

Contributions

Individuals

Any individual who has attained the age of 18 years as of the date of the account opening of a private pension account may make a contribution to any fund under the PRS. The PRS is offered to Malaysians and non-Malaysians as well.

Contributions to any fund under the PRS will be maintained in two separate sub-accounts by the PRS Providers as follows:

Contribution for Private Retirement Scheme Malaysia
Contribution for Private Retirement Scheme Malaysia PRS

  • 70% in Sub-account A which must not be made available for pre-retirement withdrawal; and
  • 30% in Sub-account B which would be available for pre-retirement withdrawal subject to payment of an 8% tax penalty on the withdrawal sum.
Individuals have the option to contribute to more than one fund under a PRS Scheme or to contribute to more than one PRS Scheme, offered by different PRS Providers.

Being a voluntary scheme, there are no fixed amounts or fixed intervals for making contributions. Individuals can contribute to the PRS as often as they like and are encouraged to consistently save up to achieve their intended retirement goals.

Individual Tax Relief

The individual tax relief is applicable on gross contribution, i.e. inclusive of upfront charges.

For example, if an individual invested RM3,000 with a Provider and that Provider deducted RM10 for account opening fee, and RM50 for sales charge, the full RM3,000 is eligible for tax relief, and not RM2,940.

Tax relief of up to RM3,000 per annum will be applied on taxable income, for individual contributions made to the PRS for the first 10 years from assessment year 2012. Individuals may claim their individual tax relief for the PRS under Section F-F18 of the BE Form, which can be located at the Lembaga Hasil Dalam Negeri Malaysia (LHDNM) website at www.hasil.gov.my

Contribution statements to support the claim for tax relief may be obtained from the Provider as proof of investment made for the year of assessment.

Employers

Where an employer seeks to contribute to the PRS on behalf of its employees, the employer may enter into an arrangement with one or more PRS Providers of their choice. The amount and frequency of contribution is determined by the employer while employees choose the type of fund(s) under the Scheme offered by the PRS Provider. Where employees do not make a fund selection, the employer contributions would be channelled to the default option of the chosen PRS Provider.

Employer Tax Relief

Employers contributing to PRS on behalf of their employees are eligible for a tax deduction on their contributions above the EPF statutory rate, up to 19% of the contribution. Please note that the employer tax relief is only applicable on the company as an entity.

Withdrawals

Request for withdrawals may be made in the following circumstances and as follows:
  • After the day the member reaches the retirement age (or at any other age as the SC may specify from time to time), withdrawals may be made in part or in full;
  • Following the death of a member, only full withdrawals may be made;
  • Prior to the member reaching the retirement age, withdrawals from sub-account B may be made in part or in full; or
  • Permanent departure of a member from Malaysia, only full withdrawals may be made.
The following are not considered a withdrawal from a Scheme:
  • Exercise of cooling-off rights;
  • Withdrawal / Redemption for the purpose of transfer to a scheme by another PRS Provider; or
  • Redemption or holding of units by PRS Provider for the purpose of complying with repurchase requests by members or in creating new units to meet anticipated requests for units from contributions under the manager’s box
(Note: Members would be informed if any changes are made to the current specified age.)
For Pre-retirement withdrawals due to death, the following information and a copy of the following supporting documents must be sent to the PRS Provider as soon as reasonably possible for prior authorization by the PPA.

There is no tax penalty for withdrawal upon reaching retirement age of 55 years. Although employees above 55 years of age are still under employment, they are considered as having reached retirement age. As such, retirement withdrawals are allowed with no tax penalty involved.

Although lump sum withdrawals are permitted, members are encouraged to retain their savings for continuous investment under the respective Schemes.

Documentation for Withdrawal

Other than withdrawal due to death and permanent departure, no documents and reasons are required to make a pre-retirement withdrawal.
For pre-retirement withdrawals due to death or permanent departure from Malaysia, the following information and a copy of the following supporting documents must be sent to the PRS Provider as soon as reasonably possible. Prior authorization by the PPA is required for pre-retirement withdrawals due to death.

Permanent Departure (surrendering of Malaysian work permit or citizenship) – Submission of documents to Providers
  • Full Name, NRIC/ identification number and PPA account number; and
  • Letter of renounciation of Malaysian Citizenship (Form K/ Form Y); or
  • Letter to confirm surrender of identity card from the National Registration Department (NRD); or
  • Letter to confirm surrender of identity card from Malaysian Embassy/ High Commission of Malaysia/ Malaysian Consulate in foreign country
Expatriate and Foreign Worker withdrawal
  • Proof of termination of work
  • Full Name, passport number and PPA account number; and
  • Letter of resignation/ termination of contact of service by employer; or
  • Income tax clearance statement; or
  • Cancellation of work permit
Non-Working (unemployed) Foreigner withdrawal
  • Full Name, passport number and PPA account number; and
  • Proof of cancellation of long term social visit pass
Death of Member (Prior authorization by the PPA)

  • A copy of deceased Member’s IC/passport showing clearly full name and identification number/passport number;
  • A copy of relevant document(s) showing PPA account number;
  • Original and a copy of Death Certificate (DC);
  • Original and a copy of Letter of Administration (LA)/ Probate/ Sijil Faraid;
  • A copy of executor’s/ administrator’s IC;
  • A copy of the Provider’s Withdrawal Form; and
  • A copy of executor’s/ administrator’s bank account (not the front cover).
A copy of the above listed supporting documents must be sent by the PRS Provider to PPA via post/ e-mailed as soon as reasonably possible for prior authorization by PPA.
Following the death of a PRS Member, where payment to the trustee, executor or administrator of the deceased PRS Member requires the prior authorization of the PPA, a PRS Provider must pay the trustee, executor or administrator of the deceased PRS Member the proceeds of the re-purchase of units within 10 days after the PPA’s authorization is received by the PRS Provider.

If the deceased PRS Member has multiple PRS accounts, PPA will:

(i) Alert other relevant PRS Providers on the status of the deceased PRS Member to enable PRS Providers to monitor for any unauthorised instructions from a third party to the PRS Providers; and

(ii) Inform the executor or administrator of the estate of the deceased Member of other PRS accounts that may be held by the said deceased Member with different PRS Providers.

(Note: In the event of death, the PRS monies will return to the estate of the deceased member to be distributed in accordance to the instruction of the court.)



High Return of Investment = How Long Period of Investment

* Plan your retirement: Get a monthly income after RETIRED!
Act Now! The Sooner you start, the Higher you can get!

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