hi i can open an account for my younger brother right (immediate family member)? coz i dont have my own children. and he's still in primary school.

take both if you have high chargeable income in your tax.

If your tax bracket is 19%, and you take up both SSPN (6000) and PRS (3000), can save

9000 x 19% = RM1710

how much is your chargeable income now? i mentioned, if you got high chargeable income, just take both.. why want to choose? 1 is for retirement, 1 for children education..

i also dont trust the government.. but due to the tax relief that i can get, its definitely a good choice! 19% tax savings = 19% ROI Dont bother about the yearly dividend, take that as bonus.

anyway when your kid go college you can make withdrawal ma.

so sad.. can relief rm6k tax leh

you got SSPN account, u mean you open the account right? so do you have children liao?

the beneficiary must be your children in order to do tax relief.

from my understanding, can withdraw for your kid education, need show offer letter from college/uni. then can do full withdrawal.

Calculation is accurate..

assuming you are having chargeable income of 60k = 19%.

60k - 9k (SSPN + PRS) = 51k

you now only have 51k chargeable income, although still on 19%, but your 9k no need get tax anymore. so effectively, 9k x 19% = RM1710


'A 100% withdrawal is possible but will require the beneficiary’s offer letter to local university or colleges, a vague statement on the beneficiary ‘no longer wishing to participate in the educational process’, or in the event of the beneficiaruy’s / depositor’s death or incapacitation.'

so yes, if your child gets the offer letter from uni or college, can make full withdrawal.