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PRS Info
Private Retirement Scheme
New way to boost retirement savings
PRS is a voluntary scheme for all individuals who are 18 years old and above. It is an additional way to boost total retirement savings, whether you are an Employees Provident Fund (“EPF”) member or not. If you are an EPF member, the PRS can complement your EPF savings.
Latest incentive announced by Government
Government proposes in budget 2017 a one-off incentive of RM1000 to contributors who participate in the PRS scheme with a minimum cumulative investment of RM1,000 within a year. The incentive, which is available for individuals aged between 20 and 30 years will be implemented from 1st January 2017.
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.

* For contributions into the PRS and deferred annuities effective from years of assessment 2012 to 2021
* For the list of PRS funds distribute by PMB, please click HERE.
1: What is Private Retirement Scheme (PRS)?
A: PRS is an investment scheme that facilitates the accumulation of retirement savings through voluntary contributions. The PRS is designed to complement the Employees Provident Fund (EPF) and is regulated by Securities Commission Malaysia (SC).

2: Who are the approved PRS Providers under Phillip Mutual Berhad?
A:
•   Affin Hwang Asset Management manulife
•   American International Assurance Bhd
•   AmInvestment Service Berhad
•   Kenanga Investors Berhad
•   Manulife Asset Management
•   RHB Investment Management Sdn Bhd

3: How to apply for PRS?
A: You will need to open a PPA (Private Pension Administrator) account in order to purchase PRS funds. Fee is RM10.

4: What is the Private Pension Administrator (PPA) and its functions?
A: Regulated by the SC, the Private Pension Administrator ("PPA") aims to promote efficiency and convenience to the PRS members through its functions, which include: • 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.

5: What are the charges to apply for PPA account?
A: For first-time PPA account application, there is a fee of RM10. Subsequently, an annual fee of RM8 will be charged to you.

6: Who are eligible to buy PRS funds?
A: Malaysians and foreigners who are 18 years of age and above are eligible to sign up for the scheme.

7: How does PRS work?
A: 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.

8: How to invest in PRS?
A: For first-time application, you are required to submit the following documents:
•   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. 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.

9: Can I purchase PRS funds via Personal and Beneficiary account?
A: PRS is only applicable to Personal Account only.

10: What is the transaction cut-off time for PRS?
A: 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.

11: What are the payment procedures for cash investments?
A: Currently, you can pay by:
•   Mail-in Cheque / Cheque Deposit
•   Fund Transfer (AmIslamic Bank Berhad account no : 066-202-201623-4)

12: Can I sell my PRS funds?
A: 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.

13: What are the charges to sell my PRS funds?
A: 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.

14: Can I transfer my existing PRS holding to another PRS providers?
A: 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).

15: Can I switch my PRS fund ?
A: 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.

16: Can I invest via Regular Savings Plan (RSP)?
A: Yes, you can apply RSP once you have PRS fund in your holdings.

17: What are the benefits of contributing to a PRS?
A: Individual who contribute to a PRS can enjoy up to RM3,000 tax relief per year of assessment. In addition, PRS serves as an additional retirement savings on top of your EPF savings.

18: Is there any other incentives other than tax relief?
A: Government proposes in budget 2014 a one-off incentive of RM500 to contributors who participate in the PRS scheme with a minimum cumulative investment of RM1,000 within a year. The incentive, which is available for individuals aged between 20 and 30 years will be implemented from 1st January 2014.

19: If I am a retiree, can I still participate in PRS?
A: 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.

20: What are the requirements for PRS form submission?
A:
•   Use BLACK pen only.
•   Handwriting “For PPA Use Only” on the NRIC photocopy. Any other word on the NRIC will not be accepted.
•   PPA Account Opening Form / PRS Account Opening Form must be printed both front and back in 1 piece of clean A4 paper.
•   No punched hole and or white correction liquid/tape on all the PRS documents. Any correction on the form will be rejected.
•   Not allowed to use recycle paper.
•   Your PRS will only be processed after Phillip Mutual Berhad receives the complete documents.

21: Where to submit the PRS form?
A:
Head Office
Address: B-2-7 Block B Level 2, Megan Avenue II, No 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur
General Line: 603-2783 0300
Fax: 603-2166 6417

Customer Services
Address: B-2-7 Block B Level 2, Megan Avenue II, No 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur
Hotline: 603-2783 0200
Fax: 603-2711 3036

Phillip Investor Centre
Phillip Investor Centre – Taman Molek, Johor Bahru
Address: No 15, 15-01 & 15-02, Jalan Molek 1/29, Taman Molek, 81100 Johor Bahru, Johor Darul Takzim
Tel: 607-352 5999
Fax: 607-352 4808

Phillip Investor Centre - Sutera Utama, Johor Baharu
Address: No. 9, 9A, 9B, Jalan Sutera Tanjung 8/2, Taman Sutera Utama, 81300 Skudai, Johor
Tel: 607-558 9233 / 607-559 1488
Fax: 607-559 9488

Phillip Investor Centre – Melaka
Address: No 542, Jalan Merdeka, Taman Melaka Raya, 75000 Melaka
Tel: 606-292 4388
Fax: 606-292 4366

Phillip Investor Centre – Penang
Address: No 29A (GF) , Lebuh Pantai , 10300 Penang
Tel: 604-261 6866
Fax: 604-261 4346

Phillip Investor Centre – Kuching
Address: Lot 2650 & 2651, Block 10 KCLD, Central Park Commercial Centre, 3rd Mile, Jalan Rock, 93200, Kuching, Sarawak
Tel: 6082-238 633
Fax: 6082-238 644

Phillip Investor Centre - Kota Kinabalu
Address: Suites 505-506, 5th Floor, Central Building, Jalan Sagunting, 88000 Kota Kinabalu, Sabah
Tel: 6088-266 350
Fax: 6088-266 352

Phillip Investor Centre – Kota Damansara
Address: No 12A, Jalan PJU 5/8, Dataran Sunway, Kota Damansara, 47810 Petaling Jaya, Selangor Darul Ehsan.
Tel: 603-2106 8500
Fax: 603-6142 9188
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:

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

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.