What Is Private Retirement Scheme

Private retirement schemes prs is a voluntary long term savings and investment scheme designed to help you save more for your retirement.

What is private retirement scheme. Everyone deserves to look forward to a happy and financially secured retirement after many years of working. What is the private retirement scheme prs. A private pension also called a personal pension is a product that you can use to save money for retirement. Defined contribution a pension pot based on how much is paid in.

The prs is a defined contribution pension scheme which allows people to voluntarily contribute into an investment vehicle for the purposes of building up their retirement fund. To be financially secured at retirement you will need to save adequately in order to provide 2 3 of your last drawn salary to continue the same lifestyle you have become accustomed to. The contents in this website were prepared in good faith and the private pension administrator malaysia ppa expressly disclaims and accepts no liability whatsoever as to the accuracy relevance completeness or correctness of the information and opinion. If yes you may want to consider investing in a private retirement scheme prs.

The prs was launched in july 2012 with the objective of offering malaysian employees and the self employed an additional avenue to save for their retirement. It also offers an opportunity for employers to make additional voluntary contributions towards the. Will you have enough to retire. For most workplace and personal pensions how.

Prs seek to enhance choices available for all malaysians whether employed or self employed to supplement their retirement savings under a well structured and regulated environment. These are usually defined contribution pensions which means the money you receive at retirement is based on the money you ve paid in and the performance of your investments. There are 2 main types. Private pension schemes workplace pensions and personal or stakeholder pensions are a way of making sure you have money on top of your state pension.

This is especially useful for those who wish to grow their retirement fund and invest but aren t savvy in the area of. Private retirement schemes prs is a voluntary long term savings and investment scheme designed to help you save more for your retirement.