Thanks for the support. Feel free to boom me any questions~ I am will to help~ :>
Private Retirement Fund, What the hell is that??
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 Apr 26 2012, 10:34 AM
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165 posts Joined: Jan 2008  
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Apr 26 2012, 03:51 PM
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Senior Member
3,294 posts Joined: Dec 2005
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QUOTE(andy_lyy @ Apr 18 2012, 09:26 AM) More sharing to all, Don't forget Prudential also got...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~  |
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Apr 29 2012, 05:45 PM
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Senior Member
1,423 posts Joined: Aug 2010 From: Sarawak
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The Star
According to what i see here in The Star article, some of the companies are offering high risk types of PRS to the public.. Well, from what i see, since its for retirement, putting those money at risks will be not my type... I rather be conservative since those collective monies will be for my retirement, therefore, i rather it be more less risky.. ^^ |
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May 4 2012, 07:26 AM
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Junior Member
165 posts Joined: Jan 2008
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QUOTE(smartinvestor01 @ Apr 29 2012, 05:45 PM) The Star Good, annuity product shall suitable for you as it is low risk, the investment is control by LHDN which only allowed in low categories like Govt Sexurities, FD, Treasury Bond.According to what i see here in The Star article, some of the companies are offering high risk types of PRS to the public.. Well, from what i see, since its for retirement, putting those money at risks will be not my type... I rather be conservative since those collective monies will be for my retirement, therefore, i rather it be more less risky.. ^^ |
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May 4 2012, 09:40 PM
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Junior Member
540 posts Joined: Jun 2006
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Hi all,
Just would like to find out: Is the 'annuity insurance' = 'PRS'? Will be given a personal tax relief of up to RM3,000. OR 'annuity insurance' is different from 'PRS', we can personal tax relief of up to RM3,000 EACH (up to total of RM6,000) Thanks. |
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May 5 2012, 12:09 AM
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Senior Member
546 posts Joined: Sep 2010
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Added on May 5, 2012, 12:31 amSource: The Sun Daily, Oct 9th, 2011 http://www.thesundaily.my/news/171238 During Budget 2012, the Government has proposed a new tax relief of up to RM 3,000 on contributions to; a. Private Retirement Scheme (PRS) b. Insurance Annuity for 10 years. Both Private Retirement Scheme (PRS) and Insurance Annuity for 10 years are totally different products, hence are mentioned SEPERATELY. As far as PRS is concerned, it is only extended to products managed by unit trust management companies. I believe one of the forumers here has confusingly quoted a product from insurance company (annuity) as part of PRS as both products share the same benefit on tax relief. This post has been edited by felixwang: May 5 2012, 12:44 AM |
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May 5 2012, 12:49 AM
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Senior Member
546 posts Joined: Sep 2010
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QUOTE(clickNsnap @ May 4 2012, 09:40 PM) Hi all, Both Annuity Insurance for 10 years and PRS are not the same thing. However, a person can only enjoy up to RM 3,000 on personal tax relief even though he/she has both different products.Just would like to find out: Is the 'annuity insurance' = 'PRS'? Will be given a personal tax relief of up to RM3,000. OR 'annuity insurance' is different from 'PRS', we can personal tax relief of up to RM3,000 EACH (up to total of RM6,000) Thanks. |
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May 9 2012, 09:45 AM
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Junior Member
165 posts Joined: Jan 2008
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This PRS/ Deferred annuity is planned for retirement.
After checking at PIDM website, Insurance products is under insured while unit trust/ investment is NOT covered by PIDM. Do you wanna risk your retirement fund? Save only 5% of annually income for your retirement while enjoying tax relief, 95% left, your may divide into property, unit trust, shares, commodity, is up to personnel interest. Again, this tax relief only for 10 years. the choice is in your hand. This post has been edited by andy_lyy: May 9 2012, 09:58 AM |
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May 15 2012, 10:24 AM
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Junior Member
11 posts Joined: Apr 2012
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I see. If save only RM3000/ year will be ok to me~
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May 17 2012, 08:55 AM
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Junior Member
145 posts Joined: Feb 2012
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QUOTE(yong417 @ Oct 10 2011, 10:11 PM) haha...no one yet to give me example of Private Retirement Fund... Najib always announce some 'new thing' too early.Securities Commission only manage to get the Guideline out in April 2012. Product may only be available for the market by early 2013. http://www.sc.com.my/main.asp?pageid=1119&...=&linkid=&type= Added on May 17, 2012, 9:01 am QUOTE(smartinvestor01 @ Apr 29 2012, 05:45 PM) The Star What are the available product that qualify this new RM3,000 tax relief? According to what i see here in The Star article, some of the companies are offering high risk types of PRS to the public.. Well, from what i see, since its for retirement, putting those money at risks will be not my type... I rather be conservative since those collective monies will be for my retirement, therefore, i rather it be more less risky.. ^^ RM3,000 x 26% (max tax bracket) = max. RM780 saving in tax Not a great deal (as tax relief limited to RM3,000) but seem better for those in highest tax bracket. This post has been edited by AskChong: May 17 2012, 09:01 AM |
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May 22 2012, 12:57 PM
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Junior Member
165 posts Joined: Jan 2008
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Bro,
PRS or Deferred Annuity is able to get this tax relief RM3000. Well, while preparing for own retirement fund while getting tax relief, it is up to u~ |
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May 22 2012, 01:48 PM
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Senior Member
3,294 posts Joined: Dec 2005
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Does anyone have Uni.Asia agent contacts preferably leng lui la
 pls pm me... |
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May 22 2012, 03:19 PM
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Junior Member
145 posts Joined: Feb 2012
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QUOTE(ronnie @ Oct 11 2011, 12:33 AM) This type of Private Retirement Fund doesn't exist yet in Malaysia. Najib is the best talker in Malaysia. He talks only.So Najib is just giving you "something" which you won't get "anything" After he talks... then only these people start working on it to make it materialise.... Until today, nothing yet.... so, effective YA2012? LOL..... |
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May 28 2012, 09:29 AM
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Junior Member
165 posts Joined: Jan 2008
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left 5 months plus, for those wish to fully utilise this tax relief facility for this year.
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Jun 4 2012, 04:20 PM
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Junior Member
11 posts Joined: Apr 2012
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Btw, is there any minimum or maximum amount of the saving?
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Jun 6 2012, 02:29 AM
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All Stars
52,874 posts Joined: Jan 2003
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MUTB to launch several funds under retirement scheme
KUALA LUMPUR: Manulife Unit Trust Bhd (MUTB), a unit of Manulife Holdings Bhd, aims to launch several funds under the private retirement scheme (PRS), earliest, by October this year. Read more: MUTB to launch several funds under retirement scheme http://www.btimes.com.my/Current_News/BTIM.../#ixzz1wweLJOrA |
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Jun 13 2012, 10:57 AM
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Junior Member
165 posts Joined: Jan 2008
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thanks for the sharing~~
most companies are trying to prepare this retirement scheme~ kindly pm me if wish to enroll into this retirement planning NOW~ |
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Jun 14 2012, 11:19 AM
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Senior Member
546 posts Joined: Sep 2010
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PRIVATE RETIREMENT SCHEME, PRS is referring to Unit Trust product and NOT to be confused with any other product. Only Unit Trust Consultants with "PRS Distribution" license are ALLOWED to promote and distribute PRS to the public.
UTCs are required to attend to a "seperate" course and an examination prior to obtaining the PRS Distribution license. It is an entirely different license to the existing FIMM license. This course is ONLY opens to UTCs who have been in the industry for 3 years and above. Thank you and regards, |
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Jun 14 2012, 05:45 PM
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Senior Member
4,436 posts Joined: Oct 2008
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QUOTE(felixwang @ Jun 14 2012, 11:19 AM) PRIVATE RETIREMENT SCHEME, PRS is referring to Unit Trust product and NOT to be confused with any other product. Only Unit Trust Consultants with "PRS Distribution" license are ALLOWED to promote and distribute PRS to the public. So many license wan... Where got fun? Just to maintain your CPD only will eat up all your time.UTCs are required to attend to a "seperate" course and an examination prior to obtaining the PRS Distribution license. It is an entirely different license to the existing FIMM license. This course is ONLY opens to UTCs who have been in the industry for 3 years and above. Thank you and regards, Best to get a CMSRL from SC, then apa pun boleh. "One license to sell them all" - a parody of the lord of the ring quote. Xuzen This post has been edited by xuzen: Jun 14 2012, 10:08 PM |
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Jun 18 2012, 02:47 PM
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Junior Member
165 posts Joined: Jan 2008
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QUOTE(xuzen @ Jun 14 2012, 05:45 PM) So many license wan... Where got fun? Just to maintain your CPD only will eat up all your time. thumb up~~~Best to get a CMSRL from SC, then apa pun boleh. "One license to sell them all" - a parody of the lord of the ring quote. Xuzen |
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