the tax relief for annuity could be utilised when you get into annuity product offered by insurance companies. im not sure about any other insurance companies but Prudential had created such account since 2 or 3 years back if im not mistaken. currently their annuity product provides tax relief of up to RM1,000 per year and no one knows how soon it will be revised to cater up to RM3,000. do check with your Prudential wealth planner

How do I go about it if I wish to grow my retirement fund via PRS?

In short, It is better than FD, similar to EPF. Cum tax saving for 10 years~

As it is meant for retirement. BNM n SC have restricted only can invest into low risk like - Govt Bonds, FD to ensure the PRS won't become speculation meanwhile to enjoy the RM3000 Tax Relief. This is like 2nd EPF to ensure u have money up to age 75~

If you are looking for high risk high return, this is not the cup of your tea. If you are looking forward for Retirement Planning cum Tax Relief, you definitely love it~


This post has been edited by andy_lyy: Apr 9 2012, 03:31 PM

those selected company need to submit the proposal fund/scheme to SC to get approval first in 6 months. So, The fund/scheme need appoval from SC first before available in the market.

http://www.theedgemalaysia.com/in-the-fina...-providers.html

Guys, don't rush into anything first until approved appointed intermediaries come out with approved products.

As I shared before. So far there is ONLY 1 product is approved by BNM. SC is controlling investment company. BNM is controlling banks and insurance company. More ppl are enjoying this PRS NOW~

This post has been edited by andy_lyy: Apr 18 2012, 09:43 AM

Please the attached link: http://www.skrine.com/index.php?option=com...=403&Itemid=613

The approval of the Securities Commission ("SC") is required before a person can establish or operate a Scheme (Section 139V).


To set up a PRS, the approval of SC is required.

yup. that sure. only 1 is approved up to today~~ :>


tq.

This post has been edited by andy_lyy: Apr 17 2012, 11:17 AM

SC has approved 8 companies. how come cant see Uni Asia?

The eight PRS Providers approved by SC so far are:

AmInvestment Management Sdn Bhd,
American International Assurance Bhd,
CIMB-Principal Asset Management Bhd,
Hwang Investment Management Bhd,
ING Funds Bhd;
Manulife Unit Trust Bhd,
Public Mutual Bhd, and
RHB Investment Management Sdn Bhd.

For ING Funds, currently we not yet have any product that is under PRS since the approval was just announced this month. Probably will take 2 to 3 months before we can launch a product that is suitable for PRS.

Good things are worth the wait!


Regards,
Gavin Lim from ING

Thanks Gavin for the info. I have verified the info over STAR newspaper on the 6th April, 2012.
http://biz.thestar.com.my/news/story.asp?f...00&sec=business

I was wondering how come andy_lyy claims that only one company has the approval?

More sharing to all,

SC controls those INVESTMENT COMPANIES, BNM controls those INSURANCE COMPANIES/ BANK.

Insurance companies already eligible to join this PRS is because they have existing deferred annuity, yet, the product need to restructure to comply to the BNM compliance so that can get RM3000 tax relief. The conventional deferred annuity / saving plan cant get this tax relief.

BNM and LHDN have set guideline/compliance for the PRS/ Deffered Annuity to entitle RM3000 tax relief.

Well, they are 2 corporates responded swiftly to come out with the latest financial product which is COMPLY to the BNM guideline.
I am helping for distribution for this product. (but i am not from UniAsia~)

Companies get approval to join this PRS. Please read carefully, they need to come out with the product which must comply to the guideline~

so far only the UniAsia PRODUCT is complied to the guideline.

Retirement planning is good to start early~

Extra sharing, the power of compounding.
http://en.wikipedia.org/wiki/Compound_interest
http://www.mindyourfinances.com/money-mana...vings/081104-04

Anyone wanna plan for retirement EARLY and get the tax relief RM3000, feel free to contact me~ I am ready to share~



This post has been edited by andy_lyy: Apr 18 2012, 01:04 PM

Hi all,

If anyone is interested to read a FAQ on PRS, please see my file attached.

By the way, SC was announced the eligibility requirements as a PRS Provider on last December, and the INITIAL LIST of 8 approved PRS Providers was announced about 2 weeks ago. I wonder how a company can come out with a plan which comply with the latest PRS guideline so fast? Some more the company is still not yet listed in the INITIAL LIST.

Some company may already have some deferred annuity products. However, these products are definitely NOT ELIGIBLE for the tax incentives under PRS Scheme. The company should seek for SC's approval as a PRS Provider first, then will be given 6 months to comply with the conditions of their approval, which includes obtaining SC's approval for their schemes and funds under their PRS.

andy_lyy, if what you said is true, would you kindly provide some proof? People will listen to you if you have newspaper or any trustworthy source of info to support what you said.

To all the agents of PRS here, may I know how many % of the amount paid to PRS are deducted to pay as commission to agents?

PRS, what the ROI? Investing into what type of instruments? What's the source of fund, cash?

You may call to Uni Asia and verify~or your MD shall know this, perhaps.

I am here for provide financial planning service (now kinda hot is this PRS) and I am not agent from UniAsia~

Hahaha... I like the way you said ..

at this rate retiring early would mean our doom haha

pls advise how you count. tq.

andy, pm me details as to how to get some brochures from you.