Are you ready for your retirement life? If not, what and how are you going to do before it is too late? These are a few critical questions Malaysians should ask ourselves without further procrastination. With increasing life expectancy and rising living standards, many Malaysians find that their savings are inadequate to meet their retirement needs.
Private Retirement Schemes (PRS) form an integral feature of the private pension industry with he objective of improving living standards for Malaysians at retirement through additional savings of funds. As long-term investment vehicles, PRS are designed to help enhance adequacy and expand coverage of retirement benefits to all segments of the population. It complements Malaysia's mandatory retirement savings scheme - EPF.
Voluntary?Yes. It's totally up to YOU to contribute voluntary anytime. Who can participate? Anyone, be it individuals (retail investors, self-employed and employees) or employers. Offering private pension benefits could be a tool for employers to attract and retain skilled talents. We will discuss this in detail later.
Who are PRS Providers?
As of 1st June 2013, there are a total of 8 PRS providers approved by Securities Commission as below:
- AmInvestment Management
- AIA Bhd
- CIMB-Principal Asset Management
- Hwang Investment Management
ING Funds BhdKenanga Investors Bhd
- Manulife Asset Management Services
- Public Mutual
- RHB Investment Management