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 Private Retirement Fund, What the hell is that??

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roarus
post Jun 7 2019, 10:34 PM

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QUOTE(darkterror15 @ May 31 2019, 10:15 AM)
for those who plan to top up and get the incentive, i top up in 2014 to get 500 from government contribution.

1/1/2019 my balance is 1499 which is rm 1 less than 1.5k since 2014, and today i check is 1542 as of 31/5. Ok lets say the interest i get is rm 42 for 5 years, each year is only 0.56% interest. I meant come on dont waste time on this rubbish PRS. you put in FD can get much more than this. Luckily i didnt top up any after the first time. They even charge service fee for top up

I can imagine when i retired and go to the aia to withdraw then the fella give back me 1.5k since 2014. Never trust investment plan from insurance again. They spend your money invest in big car and big house for themselves.
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Most likely you paid sales fee back in 2014, which puts you in negative from the start

Time to get your hands dirty:
1. Skip the agent, buy through 0% sales fee platform like fundsupermart

2. Monitor your funds, switch if required due to performance and your age. Morningstar allows you to view net returns https://gllt.morningstar.com/e6qvxuu98r/fun...B&tab=ShortTerm

For starters you may compare core funds between each fund house - core funds are Conservative (age 50 above), Moderate (40-50), Growth (under 40)

A lot of us here like the non core fund CIMB Principal's Asia Pacific excluding Japan and put money in it as long as there's tax relief.
roarus
post Oct 22 2019, 09:32 PM

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QUOTE(imationCF @ Oct 22 2019, 09:15 PM)
Hi guys,

I have a question. Last year i open the PRS account via PPA Website and invested in CIMB asset (now known as principal).

I wanted to know if i were to open FSMONE account, the PRS fund i bought in FSMONE will reflect in PPA account?

Thanks
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Yes it will - holding Principal PRS fund via FSMONE here. You will see different class though (class A direct from Principal, class C from FSMONE)

This post has been edited by roarus: Oct 22 2019, 09:33 PM
roarus
post Oct 22 2019, 10:17 PM

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QUOTE(imationCF @ Oct 22 2019, 09:34 PM)
Does the class matters?
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Not at all, at least for PRS funds. They pretty much feed to their vanilla equity/bond fund.

Class A vs Class C of Principal AM Asia Pac ex-Japan fund performed pretty much tick for tick since inception
roarus
post Oct 22 2019, 11:46 PM

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QUOTE(adele123 @ Oct 22 2019, 10:45 PM)
Ok. Cannot use shortform.
Fund management charge is the charge the fund managers earn lo. Erm... but essentially the fund is the same. So rest assured your investment is fine.

I only remember fmc being different.
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I too remember Class C's Total Expense Ratio being a pinch higher than A and X in the prospectus, but Morningstar is showing the same across all classes:
user posted image

Either case - as Morningstar graph shows, the difference comes to ~RM2 for RM10,000 invested over almost 7 years. I wouldn't lose sleep over it.
roarus
post Mar 27 2020, 11:32 PM

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Maybe they'll take SSPN approach? Relief Amount = Contribution - Withdrawal for that calendar year
roarus
post Apr 15 2021, 09:47 PM

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QUOTE(Ramjade @ Apr 15 2021, 09:32 PM)
PRS statement by FSM not recognized by LHDN. You will need official statement from fund house to get tax relief if query by LHDN as what happen to me.
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Do you know where to get for Principal fund purchased via FSM? Looked around the portal https://online.principal.com.my/index/ but no statement section
roarus
post May 1 2022, 01:02 AM

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QUOTE(shaunkL @ Apr 19 2022, 12:59 PM)
Yes, but the EPF quota for tax is fulfilled already.
Since 2014, public bank PRS Growth fund
How to change to other fund?
Thanks, how to withdraw from existing fund and change to other fund ?
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I've transferred from PM to FSM, you need to open up an account with FSM first. The following are the steps given to me when I contacted FSM client support many years back, do drop them an email to check if anything has changed and links to download the forms

QUOTE
To initiate the PRS transfer, you will need to submit original documents as below:

1. PRS Transfer Form
2. Fundsupermart Transfer Instruction - Cash Form
3. Consent Letter
4. CIMB Joint Account Opening Form
5. CIMB Contribution Form
6. Please submit a copy of NRIC (front and black) printed in vertical format on a single page

Please be informed that you have filled in the correct name and address in the Consent Letter, as for section 2 – ContributionAuthorization under CIMB Contribution Form, you may leave it blank as this is a transfer request. Once the transfer has been completed, you can place subsequent top up via your account without need to submit any form (within the same fund house).
One problem I encountered was signature:
- first submission FSM rejected because I signed it electronically in PDF before printing
- second time PM rejected on basis that my signature did not match, I had to go to a PM branch to update my signature before resubmitting another round of tranfer
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