You will just need to open a PPA (Private Pension Administrator) account in order to purchase PRS funds with the fee of RM10.
Malaysians and 18 years of age and Above
Foreigners and 18 years of age and Above.
Fee of RM10 for first-time PPA account application
Subsequent annual fee of RM8
For first-time PRS contributors, your PPA account opening must come together with PRS subscription.Please include in your payment of additional RM10 for the opening of PPA account. The purchase orders will only be processed after Phillip Mutual Berhad receives the complete documents and PPA account opening fees.Requirements for PRS form submission?
PRS is only applicable to Personal Account only.
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.
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.
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.
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).
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.
Yes, you can apply RSP once you have PRS fund in your holdings.
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.
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:
For more information about PRS fund, please do not hesitate to contact our Client Services personnel at 603 2783 0200 or visit our nearest branch.