below are the list of providers :
http://www.ppa.my/providers/providers-schemes/

1 noOb question; does it matter which provider we go for ?

I mean, they are all under PPA, right ?

I am so over my head on this 1, so hopefully fellow forumers can assist me [and others who are like me] for better understanding :

[1] How long is the commitment (e.g. when can I reap the benefit of my contributions ? I suppose it is based on the retirement age as per the statutory law in Malaysia ?

[2] What is the minimum contribution, and what is the frequency [monthly, annually?]

I am so over my head on this 1, so hopefully fellow forumers can assist me [and others who are like me] for better understanding :

[1] How long is the commitment (e.g. when can I reap the benefit of my contributions ? I suppose it is based on the retirement age as per the statutory law in Malaysia ?
PRS objective are helping to accumulate retirement savings, contributions to the PRS are also split and maintained in two sub-accounts, i.e. sub-account A which comprises 70% of contributions and sub-account B which comprises 30% of contributions. Full withdrawals from the PRS account can only be made upon the satisfaction of certain criteria* and partial-withdrawals can only be made from sub-account B subject to restrictions and penalties**.

*Reaching the prevailing retirement age, death or leaving Malaysia permanently.
**Members may only withdraw the amount in sub-account B once a year. The withdrawal amount is subject to a pre-retirement withdrawal fee of RM25 and also a tax penalty of 8%. The tax penalty will be deducted before the balance is credited to your account. The first pre-retirement withdrawal is allowed only after a year from the date of the first contribution by the PRS contributor. Subsequently, pre-retirement withdrawals will be allowed once in every calendar year.
"pls note that...there may not be "any benefits" available during the intend retirement age withdrawal, "IF" the funds are performing badly for some times prior to the withdrawal age....this investment is NOT risk free".
When you invest in a PRS Fund, there is investment risks involved. There are general risks which you will be exposed to when investing in any of the PRS Funds as well as specific risks associated with the investment portfolio of each PRS Fund. Therefore, before making an investment decision, you should consider the different type of risks that may affect you and the Fund. These risks are disclosed in the PRS Scheme Disclosure Document or Product Highlights Sheet.

[2] What is the minimum contribution, and what is the frequency [monthly, annually?]
Minimum initial contribution is RM100 and minimum subsequent contribution is RM50 per fund. frequency...up to your likings and convenience

Thanks for the elaborate reply, much appreciated!
On the phrase that I have put in bold, the 'retirement age' is as per the statutory law in Malaysia, or is it determined by the prs ?

^
Which means, UT buys counters in BSKL, prs buys UT funds?
Or you mean to say that prs works the same way as other UT funds?


On a separate question;
So if I got this correct, upon reaching retirement, the prs will disburse money in lump sum to the depositor? i.e. the same way as epf ?
Or is it like a pension scheme, whereby the depositor will get certain sum of money disbursed until he/she dies ?

Is it insured by PIDM ?

Ah, not insured.
That in itself is a risk to take into account.

The ability for the plan to remain in force for years to come, i.e. 3O-4years down the road..

Anyone here an agent for this retirement scheme?
Please let me know via PM, thanks!

The incentive of RM1,000 is meant for youth below what age ?

^ Oh, thanks! Apologies for the error.


Anyway, what would be the determinant factors in deciding which PRS to choose?
I'd say the fund performance, and the fees and charges of that PRS.

Your thoughts on this?

^ True dat, so i am of the opinion that it is best to look at the fees charged, e.g. management fees, switching fees, as it could be eating up what ever gain we may get from the funds.


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Out of curiosity, is it possible to withdraw money from epf and put it in prs ? <-- just checking on whether can / cannot, so please no war on which funds provide better returns, thanks.

LOL nothing really, just curious.