can anyone confirm that if someone invest in this PRS, he can get RM 3000 income tax relief AND RM500 tax rebate ? Where to get more information on this ? thanks

sounds shady. 

PRS YOUTH INCENTIVE RM500

In the 2014 Budget tabled on 25 October 2013, the Prime Minister had announced an incentive of RM500 to contributors who participate in the PRS scheme to inculcate the importance of saving from an early age to ensure sufficient savings after retirement. The RM500 is a one-off contribution by the Government to young PRS members to encourage youth to undertake long-term savings for retirement through the PRS.

Eligibility:

Individuals must be Malaysian nationals
Individuals may be existing PPA account holders or new members who make a gross contribution of RM1,000 within any calendar year between 2014 to 2018 in a single PRS fund of a Provider
Individuals must be aged between 20 and above but have not reached the age of 31 at the time the member reaches the minimum gross contribution of RM1,000 within a calendar year
Available for new PRS fund contributions of RM1,000 within a calendar year
Contribution within the calendar year may be on a lump sum or staggered basis
Any employer contribution are excluded from the incentive programme
(RM500 contribution is only paid if the youth has saved RM1,000 within a calendar year.)

Starting young benefits and facts:

Go on regular monthly contribution instead of lump-sum to ease burden on finances
RM1,000 a year contribution works out to just about RM80 a month
Individuals who start early, between the age of 20 and 30, will have a good 30 to 40 years of saving accumulation and compounding before reaching retirement

I have attended a PRS Road Show organised by VKA Wealth Planners Sdn Bhd (a Financial Firm). They are giving out zero entry sales charge on all PRS products. Tak kira sapa, AIA ke, Manulife ke, Hwang ke, CIMB ke... semua zero sales charge.

I think it is for a limited time, promo period.

You can contact them directly during office hour.

Xuzen

is ther any criteria like earn below certain amount in order to eligible for the RM500 incentive?

Anyone here have had their RM500 credited into their PPA accounts? I topped up RM3,000 early this year and have yet to receive the funds in my PPA account (I assume the Govt would pass the money to the respective PRS providers to purchase additional units)

Class A = full price, for those bodoh-bodoh walk in retailers

Class C = Corporate sales. Bulk purchase. e.e. FSM is consider corporate client, hence they will sell to FSM at corporate rate.

Class X = Employer contribute. 200 pax and above. Lock in wholesale with big repeating customers.

This is what I heard when I spoke to one of the CIMB people during the roadshow.

Xuzen

Sime Darby, Pos Malaysia, SP Setia.... etc. No, Class C is your boss pay for you.... and your boss got >200 workers & he is wililing to contribute to PRS from his own pocket baru dapat masuk Class C.

Xuzen

the mgmt fees and other fees are usually pro rated daily and deducted from the daily NAV...which means you cannot see it. What you see is the NAV up and down to reflects the profits/lost
but the 3% SC is directly deducted from you investment amount...which you can see directly just after you buy in.....

Lahm,



2016 - 2012 = 4 years; one more year your Mngt fee would be 1.5%, so change or no change makes no different.



2.25% - 1.5% = 0.75% savings in Mngt fee. If you pay upfront 3% sales charge, it will take 4 years to neutralize the initial sales charge. But by year 5, both the Class A and C will be 1.5%, so not much different. It is like one, you pay first, the other you pay annually. To me, both makes no different.

Xuzen