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> SSPN, Skim Simpanan Pendidikan Nasional

hyzam1212
post Apr 26 2011, 09:35 AM

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QUOTE(numbertwo @ Apr 7 2011, 11:23 AM)
excuse me , but this dividend payout is merely following FD rates IMO...

But, dividend isn't the attraction it gets, the tax relief is!  So, pls don't put money here if you are thinking to get some good dividend out of it..
*
QUOTE(aeronlim @ Apr 25 2011, 10:31 PM)
forget about SSPN, even when I need to withdraw, I need to wait for 10 working days for withdrawal to get the money.

Btw, it was a good choice for saving RM3k for income tax relief
*
I agree with you guys. SSPN is not an attractive place to put your money savings-wise. Its purpose in the first place is for your children education in the future. Education insurance or takaful is the better way to go to be honest. But the tax relief is the major criteria in order to get some exemption. They should put some tax relief on PTPTN payment though, then everybody will pay ma laugh.gif
CKKwan
post May 1 2011, 08:51 AM

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QUOTE(500Kmission @ Apr 25 2011, 09:40 PM)
When are you deposit? How much do you get? and How much do you deposit?
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I started to deposite 3 years ago, now have 9k in account.
Cowhide
post May 1 2011, 03:30 PM

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QUOTE(CKKwan @ May 1 2011, 08:51 AM)
I started to deposite 3 years ago, now have 9k in account.
*
No interest?
Should it be

2008 = 3000
2009 = 3000 + (3000 x 2.5%) + 3000 (new deposit) = 3000 + 75 + 3000
2010 = 6075 + (6075 x 3.25) + 3000 = 9287

Where is your RM287?

echoesian
post Sep 29 2011, 10:44 AM

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Withdrawal only can be done after the child get to enroll in a higher education approved by the government? What if I want to withdraw voluntarily?


Added on September 29, 2011, 11:08 amSSPN cannot simply withdraw out the money right?

This post has been edited by echoesian: Sep 29 2011, 11:08 AM
hyzam1212
post Sep 29 2011, 11:15 AM

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QUOTE(echoesian @ Sep 29 2011, 10:44 AM)
Withdrawal only can be done after the child get to enroll in a higher education approved by the government? What if I want to withdraw voluntarily?


Added on September 29, 2011, 11:08 amSSPN cannot simply withdraw out the money right?
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Precisely, its not investment-driven but long term gain for your children especially for their education, P is for Pendidikan...there is some penalty I think if you want to withdraw it outside the agreed terms, loss of benefits maybe
echoesian
post Sep 29 2011, 09:08 PM

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QUOTE(hyzam1212 @ Sep 29 2011, 11:15 AM)
Precisely, its not investment-driven but long term gain for your children especially for their education, P is for Pendidikan...there is some penalty I think if you want to withdraw it outside the agreed terms, loss of benefits maybe
*
That means even in the future if my kid enroll to oversea university, I also can't take it back? If that the case, what is the point?


Added on December 8, 2011, 10:02 pmSo can anyone confirm that we only can get back the money only if our children enroll to the local universities?

This post has been edited by echoesian: Dec 8 2011, 10:02 PM
Denis
post Dec 31 2011, 08:37 AM

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QUOTE(ronnie @ Apr 4 2011, 02:57 PM)
It's TAX RELIEF lah....  cool2.gif

It used to be 4% evey year ;-)
user posted image
http://senseofmoney.blogspot.com/2009/09/s...idend-rate.html

The dividends drop because MOST PTPTN loans are not being paid back....
*
Assume your tax rate = 26% and tie your fund in SSPN for 10 years
=> 26%/10 years
=> 2.6% dividend earn per year.

Therefore, the average total return per year (base on historical data) is as follow:-

Year 2003 3%+2.6% = 5.6%
Year 2004 4%+2.6% = 6.6%
Year 2005 4%+2.6% = 6.6%
Year 2006 4%+2.6% = 6.6%
Year 2007 4%+2.6% = 6.6%
Year 2008 4%+2.6% = 6.6%
Year 2009 2.5%+2.6% = 5.1%
Year 2010 3.25%+2.6%=5.85%
Year 2011 ?% + 2.6% = ?.??%
Year 2012
---
---

Worth to do SSPN saving?
twincharger07
post Dec 31 2011, 04:42 PM

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public mutual bond still de best .. too bad sold out...
http://www.publicmutual.com.my/application...formancenw.aspx

Select PUBLIC BOND FUND in fund name..
popice2u
post Jan 2 2012, 05:42 PM

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i dump RM3k in dec for income tax relief
Denis
post Jan 3 2012, 01:44 PM

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QUOTE(Denis @ Dec 31 2011, 08:37 AM)
Assume your tax rate = 26% and tie your fund in SSPN for 10 years
=> 26%/10 years
=> 2.6% dividend earn per year.

Therefore, the average total return per year (base on historical data) is as follow:-

Year 2003    3%+2.6% = 5.6%
Year 2004    4%+2.6% = 6.6%
Year 2005    4%+2.6% = 6.6%
Year 2006    4%+2.6% = 6.6%
Year 2007    4%+2.6% = 6.6%
Year 2008    4%+2.6% = 6.6%
Year 2009    2.5%+2.6% = 5.1%
Year 2010    3.25%+2.6%=5.85%
Year 2011    ?% + 2.6% = ?.??%
Year 2012
---
---

Worth to do SSPN saving?
*
SSPN is only worth to invest if the total return is over 6%. i.e. the return surpass the EPF dividend rate.
leahcim
post Mar 8 2012, 12:38 AM

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wrong post

This post has been edited by leahcim: Mar 8 2012, 12:40 AM
wongmunkeong
post Mar 8 2012, 01:33 PM

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QUOTE(Denis @ Jan 3 2012, 01:44 PM)
SSPN is only worth to invest if the total return is over 6%. i.e. the return surpass the EPF dividend rate.
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A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.


This post has been edited by wongmunkeong: Mar 8 2012, 01:35 PM
kparam77
post Mar 8 2012, 03:27 PM

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QUOTE(wongmunkeong @ Mar 8 2012, 01:33 PM)
A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.
*
ya, me too, i just open acc for both my kids. this is to get loan easyly if needed, not for the returns. im putting very minimal just to maintain the acc with SSPN.
firee818
post Mar 8 2012, 04:20 PM

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QUOTE(wongmunkeong @ Mar 8 2012, 01:33 PM)
A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.
*
I will only doing it for tax relief purpose, with the condition that my tax rate for the year fall into 26% categories.


Added on March 8, 2012, 4:24 pm
QUOTE(kparam77 @ Mar 8 2012, 03:27 PM)
ya, me too, i just open acc for both my kids. this isĀ  to get loan easyly if needed, not for the returns. im putting very minimal just to maintain the acc with SSPN.
*
BTW, to maintain the account at least RM1000 in order to get the insurance.

QUOTE
Keistimewaan:

Premium dibayar oleh PTPTN.
Perlindungan RM ke RM (Dollar to Dollar) (insurans am) dan RM100,000 (insurans amanah).
Khairat/pampasan kematian untuk pendeposit (RM2,000) dan penerima manfaat (RM500).
Syarat:
Had umur pendeposit 18 tahun hingga 65 tahun.
Had umur penerima manfaat 1 hari hingga 28 tahun.
Pendeposit mempunyai baki akaun sekurang-kurangnya RM1,000 pada setiap masa.

Nota:

Perlindungan Takaful ini tertakluk kepada Peraturan Perlindungan Takaful Berkelompok PTPTN


This post has been edited by firee818: Mar 8 2012, 04:25 PM
kevyeoh
post Mar 21 2012, 11:04 AM

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i am a bit lazy to find out more details through google/internet...
just wondering, if you save RM500, then you are qualified to apply for like RM17k loan or something like that?

or the loan is equivalent to the amount you saved?

if we can put a small amount of money to be eligible for PTPTN loan in future, i think dumping in RM500 is worth it also leh...
smile.gif


QUOTE(kparam77 @ Mar 8 2012, 03:27 PM)
ya, me too, i just open acc for both my kids. this is  to get loan easyly if needed, not for the returns. im putting very minimal just to maintain the acc with SSPN.
*
PJusa
post Mar 21 2012, 11:29 AM

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From: PJ
actually the computation of the return should factor in your personal tax break.

assume your tax rate is 26%, you place 3k into the account - instant tax back of 780.

in other words: your investment is only 2220 BUT you get interest based upon 3000. i.e. the interest you get is much higher.

if you got 3.25% in 2010 it was for 3000 not the 2220 you actualy place. this means you get RM 97,50 for the entire year for a placement of 2220 which means the effective interest rate was actually: 4,39 percent. in other words the interest you get might not be much but it surely is better than a FD placement and it *will* better if you actually pay tax.
firee818
post Mar 22 2012, 08:44 AM

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QUOTE(PJusa @ Mar 21 2012, 11:29 AM)
actually the computation of the return should factor in your personal tax break.

assume your tax rate is 26%, you place 3k into the account - instant tax back of 780.

in other words: your investment is only 2220 BUT you get interest based upon 3000. i.e. the interest you get is much higher.

if you got 3.25% in 2010 it was for 3000 not the 2220 you actualy place. this means you get RM 97,50 for the entire year for a placement of 2220 which means the effective interest rate was actually: 4,39 percent. in other words the interest you get might not be much but it surely is better than a FD placement and it *will* better if you actually pay tax.
*
OK, another way of looking into it.

Nevertheless, it was still lower than EPF (5.xx%) and PNB fund (6.xx%).
Indeed, it is a good choice to put into it if u don't have any other sources for saving your fund....but not one of the best.
aeiou228
post Mar 22 2012, 07:38 PM

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Pls take note that the tax relief is based on ANNUAL INCREAMENTAL DEPOSIT. Ie the net fresh deposit for this year total deposits/withdrawals minus last year total deposits/withdrawals.
If year 2000 opened new account and placed deposit rm3000 and no more fresh deposit thereafter till now, then only year assessment 2000 can claim rm3000 relief. Year 2011 can not claim any tax relief.
If want to claim 2011 tax relief, one must deposit fresh fund in 2011 but only the fresh fund is entitle to tax relief.


Added on March 22, 2012, 7:39 pmThis calculation is incorrect.

QUOTE(Denis @ Dec 31 2011, 08:37 AM)
Assume your tax rate = 26% and tie your fund in SSPN for 10 years
=> 26%/10 years
=> 2.6% dividend earn per year.

Therefore, the average total return per year (base on historical data) is as follow:-

Year 2003    3%+2.6% = 5.6%
Year 2004    4%+2.6% = 6.6%
Year 2005    4%+2.6% = 6.6%
Year 2006    4%+2.6% = 6.6%
Year 2007    4%+2.6% = 6.6%
Year 2008    4%+2.6% = 6.6%
Year 2009    2.5%+2.6% = 5.1%
Year 2010    3.25%+2.6%=5.85%
Year 2011    ?% + 2.6% = ?.??%
Year 2012
---
---

Worth to do SSPN saving?
*
This post has been edited by aeiou228: Mar 22 2012, 07:39 PM
wongmunkeong
post Mar 22 2012, 08:07 PM

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QUOTE(aeiou228 @ Mar 22 2012, 07:38 PM)
Pls take note that the tax relief is based on ANNUAL INCREAMENTAL DEPOSIT. Ie the net fresh deposit for this year total deposits/withdrawals minus last year total deposits/withdrawals.
If year 2000 opened new account and placed deposit rm3000 and no more fresh deposit thereafter till now, then only year assessment 2000 can claim rm3000 relief. Year 2011 can not claim any tax relief.
If want to claim 2011 tax relief, one must deposit fresh fund in 2011 but only the fresh fund is entitle to tax relief.


Added on March 22, 2012, 7:39 pmThis calculation is incorrect.
*
More realistic calculations below?
Attached Image

ZIP file with Excel attached for easy DIY.
Please note:
1. Need AnalysisToolpack installed in Excel
2. Change the variables in the YELLOW cells
3. If U understand the formulas - U can change any other cells without fear



Attached File(s)
Attached File  SSPN_returns.zip ( 6.6k ) Number of downloads: 393
aeiou228
post Mar 23 2012, 02:04 PM

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Nice work mungkeong,

26 % is the minority group. Can you take the majority average income group at 12% tax bracket and calculate the effective yield per annum over 18 years ? Assuming starting deposit is 1000 and annual incremental deposit is rm1000, dividend at 3.5%pa.

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