PPA launches online contribution top-up service

PETALING JAYA: Private Pension Administrator Malaysia (PPA), the central administrator for Private Retirement Schemes (PRS), has launched a new online service called PRS Online Top Up.

The new service works as a new channel for PRS members to make additional contributions into their existing PRS funds.

Built to be mobile friendly and supported by robust e-banking infrastructure through the Financial Process Exchange (FPX) payment gateway, this online infrastructure is developed, operated and maintained by PPA. Supported by the Securities Commission Malaysia and the Capital Market Development Fund, PRS Online Top Up allows PRS members to top up their PRS funds directly from their smartphones, tablet or computer.

PRS members can choose to top up by making it a recurring monthly contribution. PPA said the top up transactions are secure via e-banking transfers through the FPX and top up contributions are efficiently administered by an authorised trustee.

To make additional contributions via the new service, members only need to decide the top up amount, choose the fund and make the payment.

“Building the retirement nest egg requires long term regular contributions and facilitating this commitment requires an easy transaction facility to ensure that members do not miss their contributions.

“Against this backdrop, PRS Online Top Up is a timely innovation to enable PRS members to save more for their retirement through regular top ups,” said PPA.