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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

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.

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,