PRIVATE RETIREMENT SCHEME (PRS)

PRS is an investment scheme that facilitates the accumulation of retirement savings through voluntary contributions. It is a voluntary scheme for all individuals who are 18 years old and above.The PRS is designed to complement the Employees Provident Fund (EPF) and is regulated by Securities Commission Malaysia (SC).

New way to boost retirement savings

It is an additional way to boost total retirement savings, whether you are an Employees Provident Fund (‘EPF’) member or not.

Latest incentive announced by Government

A one-off incentive of RM1000 to young individuals who contribute to a PRS Youth Incentive

Enjoy additional tax savings

Enjoy up to RM3000 per year personal tax relief on top of the RM6000 per year tax relief for the mandatory retirement savings contribution and life insurance premiums.

Start Saving for Tomorrow, Today with our approved PRS Providers

Affin Hwang Asset Management 

AIA Pension and Asset Management Sdn Bhd 

AmFunds Management Berhad 

CIMB – Principal Asset Management Berhad 

Kenanga Investors Berhad 

Manulife Asset Management Service Berhad 

RHB Asset Management Sdn Bhd 

Ready to Secure Your Retirement Years ?

What are the Eligibility Requirement?

What are the Charges?

Regulated by the Security Commissions, the Private Pension Administrator (“PPA”) aims to promote efficiency and convenience to the PRS members through its functions, which includes :

 

  • To provide a one-stop administrative framework for the growth and operation of the PRS landscape.
  • To facilitate all the inquiries and transactions requested by the members.
  • To provide the PRS related information in order to create awareness and educate the public on the PRS.

How Do I Get Started?


You will just need to open a PPA (Private Pension Administrator) account in order to purchase PRS funds with the fee of RM10.

Plan Ahead for Your Golden Years with Private Retirement Scheme

Sign Up today and get tax relief up to RM 3000 per annum.

All contributions made to PRS will be split and maintained in sub-accounts A and B as follows
  • 70% of all the contributions made to any fund within the scheme to be held in sub-account A and cannot be withdrawn until the retirement age
  • 30% of all the contributions made to any fund within the scheme to be held in sub-account B and can be withdrawn once a year upon payment of 8% tax penalty.
  • The value of sub-account A and B can increase or decrease according to the unit price.

FAQs

How to invest in PRS?

For first-time application, you are required to submit the following document :

  • PPA Account Opening Form
  • Provider’s Account Opening Form and Transaction Form
  • A copy of Malaysian NRIC (front and back of the NRIC must be on a single page with vertical format) or passport for foreigners

 

What are the payment procedures for cash investments?

  • Mail-in Cheque / Cheque Deposit
  • Fund Transfer (AmIslamic Bank Berhad Account No : 066-202-201623-4)

 

Can I purchase PRS funds via Personal and Beneficiary account?

PRS is only applicable to Personal Account only.

 

What is the transaction cut-off time for PRS?

Your orders will be processed on the same business day if all the required documents and payments are received before 12pm. If the documents and payments are received after 12pm or on a non business day, orders will be processed on the next business day.

 

Can I sell my PRS funds?

The withdrawal of PRS funds is only applicable to Account B after 1 year of your subscription. For account A, you can only withdraw upon retirement age of 55.

 

What are the charges to sell my PRS funds?

You will need to pay a tax penalty of 8% to Inland Revenue Board of Malaysia and a PPA pre-retirement withdrawal fee RM25 per transaction.

 

Can I transfer my existing PRS holding to another PRS providers?

Yes, you can transfer your PRS holding to another PRS providers. However, the transfer only can be done after one year from the first subscription date. You will need to pay for PPA transfer fee of RM25 per request and others related transfer fee (if any).

 

Can I switch my PRS fund?

Yes, you can switch between the funds of the same fund providers. There is no switching fee and also no restriction to the number of switching transactions.

 

Can I invest via Regular Savings Plan (RSP)?

Yes, you can apply RSP once you have PRS fund in your holdings.

 

If I am a retiree, can I still participate in PRS?

Yes, you still can participate in the PRS scheme, however you may not able to enjoy the tax relief unless you have taxable incomes with which to use the PRS tax relief against.

 

PRS Form

You need to submit a complete set of documents to us once you have settled keyed in your transaction. It will consider as a complete set of documents once we received the form as below:

  • PRS Fund provider account opening form
  • PRS Fund Provider Provacy & Data Protection Act(PDPA) Form
  • FIMM PRS Pre Investment Form
  • Investor Suitability Assessment(ISA Form. (For AIA PRS funds, investors are required to use AIA ISA Form)
  • Photocopy of Malaysian NRIC/Passport for foreigners. (The front and back of the Malaysian NRIC must be on a single page)
  • MEPS FPX Direct Debit Form (If you interested on monthly deduction)
  • Proof of Payment