PPA launches on­line con­tri­bu­tion top-up ser­vice

The Sun (Malaysia) - - SUNBIZ -

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.

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