What is PRS?
The Private Retirement Scheme (PRS) is a
voluntary long-term contribution scheme designed to help individuals accumulate
savings^ for retirement. At Public Mutual, we provide a wide range of PRS funds
that you may choose to contribute to based on your contributon time horizon,
risk appetite and age.
The scheme is open to all individuals aged 18 and
above, including foreigners, be it employed or self-employed as a supplement to
their retirement savings.
^ Funds
under PRS are neither capital guaranteed nor capital
protected funds.
What are the benefits of contributing to PRS?
Professional Management- The funds under PRS will be professionally managed with the purpose of meeting the retirement objective of members.
- Contributions are not bound by any fixed amount or fixed periods.
- Individuals can contribute according to their age and risk tolerance.
- Contributors will have the option to switch funds (subject to terms and conditions) or contribute to more than one fund under PRS.
- Members who made contribution to the PRS funds are allowed to claim for a tax relief of up to RM3,000 per annum for the first 10 years from assessment year 2012 (together with any deferred annuity payment).
- Income distributed from the PRS funds to members will be exempted from Malaysian income tax.
- Employers who made contribution to the PRS on behalf of their employees are allowed to claim tax deduction against their business income on the contribution made up to 19% of the employee’s remuneration (together with contribution made to any other approved scheme).
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