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 Private Retirement Fund, What the hell is that??

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T231H
post Sep 25 2016, 02:01 AM

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QUOTE(1tanmee @ Sep 25 2016, 12:48 AM)
To be eligible for the youth incentive programme, it is so long as it hits the 1k gross investment amount, right? i mean, doesn't matter if the amount is paid lump-sum or in a few payments?
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Accumulate a minimum gross investment amount of RM1,000 in a single PRS fund of a single PRS provider within a calendar year, between 2014 till 2018..
https://www.fundsupermart.com.my/main/resea...tive-RM500-4558

there are other T & C to be eligible for the youth incentive programs too...
T231H
post Sep 25 2016, 06:02 PM

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QUOTE(jueiri @ Sep 25 2016, 05:10 PM)
Dear sifus, i wanna ask about the youth incentive.
I  have contributed on 30/06 to prs, i hv checked the incentive not in yet.

Anyone knows when it will be credited into my prs acc? Anyone get theirs already?
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PPA will credit the RM500 into your PRS fund(s) after the cut-off date of end June and December every year from 2014 to 2018.
https://www.fundsupermart.com.my/main/resea...tive-RM500-4558

not sure if your 30/6 contribution can make it to the end June date line.....
heard it from past forummers some time back is that, the incentive $$ would be credited in 4 months after the date line
T231H
post Oct 9 2016, 10:25 PM

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QUOTE(1tanmee @ Oct 9 2016, 09:08 PM)
What are the charges incurred to maintain FSM account?
fyi, recently registered with FSM, and subscribed to the PRS.

Was charged RM10.60, to which I was told is one-off.

What about the other charges? For argument's sake, i am not planning to increase/transfer/switch/decrease anything.
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Q: What are the charges to apply for PPA account?
A: For first-time PPA account application, there is a PPA account opening fee of RM10.60* which will be deducted from your investment amount.
Subsequently, an annual fee of RM8.48* will be deducted from your investment amount for subsequent investment on the next calendar year. *GST 6% included.

more FSM PRS FAQs...
https://www.fundsupermart.com.my/main/faq/1...me-PRS--8865#16
T231H
post Oct 21 2016, 10:03 PM

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QUOTE(Avangelice @ Oct 21 2016, 09:58 PM)
yeap easy money actually. the problem is millennials don't see that. they want physical currency and assets that are practically worthless. Goverment has been doing a lot to get people to save but nobody pays attention
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some will still be interested to start saving......just for the tax relief (ending 2021?) and for the youth incentive benefits.....thus many would stop after those goodies stopped..... sad.gif
T231H
post Oct 21 2016, 10:18 PM

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QUOTE(Ramjade @ Oct 21 2016, 10:12 PM)
Do we still get the benefit (tax relief) if one is >30 years old?
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Tax relief - up to RM 3,000 per tax payer per year of assessment (Y/A) from Y/A 2012 to 2021.
did not mention age limit ....
https://www.fundsupermart.com.my/main/resea...s-Benefits-2965

ONLY PRS youth incentives has age limit
Aged 20 and above but have yet to reach the age of 31
https://www.fundsupermart.com.my/main/resea...tive-RM500-4558
T231H
post Oct 21 2016, 10:26 PM

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QUOTE(Avangelice @ Oct 21 2016, 10:22 PM)
he was talking about tax relief no? fsm better stop the youth incentive now that Goverment is offering 1k for any prs fund
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yes, he talked about tax relief,...I provided more info ...cannot? doh.gif

aiayh...give them some time to update the RM 500 info...the Budget just announced today....and maybe the RM500 is still applicable for yr 2016 mah?
T231H
post Oct 21 2016, 10:36 PM

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QUOTE(Avangelice @ Oct 21 2016, 10:30 PM)
but but those who apply now... next year no 1k. kesian you know some people don't read the latest news. buta buta there lol
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ya-lor...like those you mentioned earlier in another thread..those got the movie tickets....

that is the lesson learnt on Eq investment...you just don't know what will happens next...
like china mkt corrected, sudden Yuan devaluation in Jan...Brexit, ...Liquidity problems in M'sia small caps.....in Aug

guess have to 'press" ball loh...but investment journey have to keep going on amid lessons learnt and to be learnt again and again.....
T231H
post Oct 21 2016, 11:04 PM

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QUOTE(ivzh @ Oct 21 2016, 10:58 PM)
guys any comment on

-AMPRS - ASIA PACIFIC REITS - CLASS D
-CIMB-PRINCIPAL PRS PLUS ASIA PACIFIC EX JAPAN EQUITY - CLASS C 

hope the tax relieve will stay long after 2021 =x
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I would buy what my portfolio lagged or when I needed the PRS % to supplement my portfolio's allocation needs....

yes, hopefully it will continue after 2021,......will the "Head" still be here or already changed....thus this projects may be stopped by then...
T231H
post Oct 22 2016, 03:14 PM

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QUOTE(Avangelice @ Oct 22 2016, 03:09 PM)
exactly my argument. why need to go through all the hassle
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for disillusioned of performance wise or alignment of asset allocation to supplement the portfolio??
T231H
post Oct 23 2016, 11:23 AM

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QUOTE(MiKE7LIM @ Oct 23 2016, 11:08 AM)
the existing PRS for 1K govt top up 500 still valid right?

base on the existing comments,,,we can get tax relief up to 3K?  didnt aware about it.... If i open account now mean its FREE of RM8 charge...

but can it be withdraw? lets say I not working in Msia anymore..
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Q: Who is eligible for the PRS Youth Incentive RM500?

A:
• For Malaysians only.
• Aged 20 and above but have yet to reach the age of 31.
• Accumulate a minimum gross investment amount of RM1,000 in a single PRS fund of a single PRS provider within a calendar year, between 2014 till 2018.
• Contributions from employers are excluded from this incentive program.
Scenario
Mr. A will be turning 31 on 27 December 2014. He has invested RM1,000 gross amount in PRS X on 27 November 2014. Mr. A will be entitled to the RM500 incentive from the Government as he made the contribution when he was 30 years old and within the period of 2014 to 2018.*
*Kindly make your contributions at least 1 month before your 31st birthday to allow your application to be processed in time for you to be eligible for the RM500 incentive.

Q: 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. (up till year 2021)

Q: Can I withdraw the RM500 incentive?

A: No as the RM500 incentive will be credited into your sub-account A, which can only be withdrawn when you retire at 55 years old.

https://www.fundsupermart.com.my/main/faq/1...eme-PRS--8865#8

PRE-RETIREMENT WITHDRAWALS (If you are below 55)
http://www.ppa.my/prs/prs-faqs/
T231H
post Oct 24 2016, 12:08 PM

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QUOTE(csm189 @ Oct 24 2016, 11:37 AM)
Hi,
I am 29 this year and were planning to invest in PRS to get the tax relief and 500 incentive. My question, if I invest now, will the government give another 500 for me in next year since the budget 2017 will increase to 1k and next year I still not reach age 31 yet, or I will only get 500 as the investment is done in this year?

If I only able to get 500, should I wait until next year only do the investment?
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may i suggest you wait for a month or so for the full details to be finalised....wait for the PRS providers / tax blogers to come out with some articles/ writtings about this......
T231H
post Oct 29 2016, 02:51 PM

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QUOTE(silverwave @ Oct 29 2016, 12:08 PM)
I'm in the same position and age as you, just created my FSM account and came across this new Rm1k incentive. So now i'm thinking if i should wait as well.  biggrin.gif

I need clarification from all the sifu's here, if i'm not wrong, it has to be the first investment of minimum Rm1k to get the Rm500/1000 rebate. Second investment does not count, is that correct?
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it is based on "accumulate a minimum gross investment amount of RM1,000 within a calendar year. ...until (end of 2018)

T231H
post Nov 13 2016, 12:11 AM

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QUOTE(MiKE7LIM @ Nov 12 2016, 11:44 PM)
Hi, anyone know if we can invest PRS via EPF money?
and which is the best PRS in Msia? in term of performance and service.
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Can I withdraw from my EPF to contribute to the PRS?
The PRS is a supplementary form of retirement savings in addition to the EPF and is voluntary in nature. Members are not permitted by law to withdraw from EPF to contribute to the PRS.
http://www.ppa.my/prs/prs-faqs/

unless you can meet the T&C for withdrawal from EPF...ex...reached retirement age.

to see the performance of the PRS funds
http://www.ppa.my/getting-started/funds-re...nd-performance/
T231H
post Nov 22 2016, 09:32 PM

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QUOTE(1tanmee @ Nov 22 2016, 09:19 PM)
I assume this is declared in the recent Budget tabling? Where can I get more reading on this?
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try the link in page# 85...
post# 1692

This post has been edited by T231H: Nov 22 2016, 09:36 PM
T231H
post Nov 22 2016, 09:48 PM

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QUOTE(1tanmee @ Nov 22 2016, 09:43 PM)
thanks T231H.

I just opened my PRS account, contributed gross accumulated investment of RM1,000 to one pension fund.
I did this a few months before turning 31, and have not received my incentive yet. To confirm... will my incentive be RM1,000 or RM500?
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RM 1000 starts new year.....
so looks like those that had reached a first contribution amount of RM 1000 before end of 2016 will only gets RM500 youth incentives

btw, what is "one pension fund.?"
which PRS providers provides that?

more on PRS youth incentives on google....
http://www.ppa.my/prs/prs-youth/youth_faq/
http://www.publicmutual.com.my/prs/PRSYouth.aspx
https://www.fundsupermart.com.my/main/resea...tive-RM500-4558
http://ringgitohringgit.com/faq-prs-youth-scheme-malaysia/

This post has been edited by T231H: Nov 22 2016, 09:54 PM
T231H
post Nov 24 2016, 02:08 PM

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QUOTE(plumberly @ Nov 24 2016, 01:49 PM)
Like to know when can we withdraw the money in PRS, on 55 or now 60? Thanks.
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indirect answer....
Q: UPON REACHING THE AGE OF 55, DO I STILL NEED TO BEAR THE WITHDRAWAL COST?

A: No, you are NOT required to pay the 8% to Inland Revenue Board of Malaysia and PPA pre-retirement withdrawal fee of RM25 per transaction.The withdrawal can be in part or in full.
You can withdraw both your investments in account A and account B at any time.
https://www.fundsupermart.com.my/main/faq/1...me-PRS--8865#17

* subjected to change by the Govt... biggrin.gif
T231H
post Nov 29 2016, 08:32 AM

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QUOTE(joe_star @ Nov 29 2016, 08:25 AM)
Who is giving for 0%? Care to share smile.gif
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try the list here....
https://www.fundsupermart.com.my/main/prs/g...tePRSTable.svdo
T231H
post Nov 29 2016, 08:38 AM

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QUOTE(cappuccino vs latte @ Nov 29 2016, 08:36 AM)
Choose the funds with good performance instead of sc charge
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thumbsup.gif rclxms.gif
that is right.....

hmm.gif just beware that, that past performance may not repeats, but SC are that to stay.
T231H
post Nov 29 2016, 09:51 AM

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QUOTE(zzzhhhzzz @ Nov 29 2016, 09:44 AM)
guys if I want to buy PRS fund from fundsupermarket, what will be the procedure like ? Should i first open an account with them then only purchase the PRS fund that I like or when i open an account with them I need to specifiy which fund i purchase already ? how long does it take to complete my purchase with fundsupermarket ?
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Methods Of Purchase
Please find the steps below for the purchase of PRS funds. Fundsupermart.com (FSM) will process your transaction once you have done the steps below.
https://www.fundsupermart.com.my/main/resea...f-Purchase-2966

FAQs on Private Retirement Scheme (PRS) in FSM MY
https://www.fundsupermart.com.my/main/faq/1...cheme-PRS--8865
T231H
post Dec 11 2016, 12:16 AM

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QUOTE(lengzhai @ Dec 10 2016, 11:14 PM)
I recently signed up for Kenanga OnePRS Growth Fund. It is very bad I guess is not the Fund itself but the person who managed it.
Can you please share your reason/proof of this statement?

Actually how much is the minimum entrance fee for Kenanga? RM1k?
if you mean Kenanga One PRS funds, then "yes". unless you go for the regular contribution plan.....see the link for more details

https://www.fundsupermart.com.my/main/admin...tusMYK1PRSG.pdf
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This post has been edited by T231H: Dec 11 2016, 12:18 AM
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