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Private Retirement Fund, What the hell is that??
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junclj
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 Dec 1 2020, 02:05 PM
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Hi, I'm new to this PRS. Yesterday, I was just submitted my application through their online enrolment in here - https://www.ppa.my/ then I just simply choose Public Mutual because I only know this. So I uploaded my scanned IC and paid RM100.50 and wait for confirmation. Just now I have received a phone call from Public Mutual to ask for my confirmation about my residential country, my current working company name and address. Then she just finish her conversation with me after asking these few questions. What should I do next? Keep waiting for approval? This post has been edited by junclj: Dec 1 2020, 02:08 PM |
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junclj
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Dec 1 2020, 02:22 PM
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QUOTE(ironman16 @ Dec 1 2020, 02:16 PM) i think thats the way.....normally ur PPA account is PPA<IC number> i think later PM will snail mail/email u the receipt n anything about the account..... Why dun just open PMO account n buy PRS through PMO?.....pusing pusing u.... Why dun buy through FSM which is 0% sales charge? (but Public not in FSM list, if u insist Public oso) why u buy RM100.50 only? why dun just 3k one shot? u happily pay RM 0.5 every time u making top up ?.....BTW is ur money, its ok....just curious.......  i'm new to this, its just default as RM100.50, so I just proceed for it. My purpose is just try open account only and not for serious investment. Besides, I don't have RM3,000 on hand in my bank account. All my money were saved into ASB2. |
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junclj
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Apr 21 2021, 04:23 PM
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I was found that PRS is not worth for saving for retirement plan. I am still preferring to ASB/ASB2/ASM. Since I was calculated the ROI from the past, the average returns were just around 3%. After I reached to certain age, the bank automatic switch my account to another lower risk growth funds. Then ROI will further drop to 1.5~2% for another growth fund. Returns are too low, not worth for retirement plan.
Better just save all my money every months into ASB/ASB2 or ASM. At least I have freedom of withdraw money anytime. The dividend for ASB/ASB2/ASM still have around 4% or above.
I was just applied a PRS account recently and observing their operate methods for few months. I my agent for PRS is Public Mutual Online, usually I just login directly through PMO portal to check my fund status. The price is variable, sometimes profit, sometimes loss. Actually I do not care much of it. No different like mutual funds. Return is quite low actually.
In conclusions, I'm still prefer to save my money to ASB/ASB2/ASM every months. PRS not really worth, even EPF is better than it.
This post has been edited by junclj: Apr 21 2021, 04:39 PM
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junclj
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Apr 21 2021, 04:43 PM
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QUOTE(yklooi @ Apr 21 2021, 04:39 PM) the bank will do that without our consent? Yes, will automatic switch when you reach certain age. 
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junclj
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Apr 21 2021, 05:07 PM
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QUOTE(yklooi @ Apr 21 2021, 04:50 PM) guess you selected the DEFAULT Option... How Does the Scheme Work? You can select to contribute your monies under the (a) default option or (b) non-default option as follows:- Default option
Your contributions under the default option will be automatically allocated to the core fund that corresponds to the age group as specified in the following section.
Non-default option
You can actively select one or more funds from the core funds or the non-core funds regardless of your age.
https://www.publicmutual.com.my/Our-Product...tirement-Schemeyes, i'm now under default option. Thanks for your explain. I just hope just maintain my current growth fund until I get retire. I am now login to check my account and there have option to choose for switching to non-default. So I am trying to do it now. |
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