PPA launches contest to encourage saving online
Start saving in Private Retirement Schemes (PRS) and be in the running to boost your retirement savings with RM100 Monthly PRS Treats and Grand PRS Treats of up to RM3,000.
In an age of digital disruption where everything is moving online, more people are choosing to open a PRS account with PRS Online, a digital service developed by Private Pension Administrator Malaysia (PPA) to provide Malaysians an easy, convenient and secure way to save more for their retirement.
Encouraged by the public reception of PRS Online, PPA is launching a PRS Online Enrolment Treats contest so more people can take advantage of this online service and start saving for their retirement right away.
From August 1 to November 30, 2019, if you sign up for a PRS account via PPA’s PRS Online Enrolment service and answer three simple questions upon successful enrolment, you stand a chance to be one of the 20 recipients of a PRS Treat worth RM100 in PRS units in the Monthly Draw.
All online enrolees during this four-month contest period will also qualify to be among the three Grand PRS Treats recipients for the Grand Prize worth RM3,000, second prize of RM2,000 and third prize of RM1,000 in PRS units.
Existing PRS Members can also participate through referrals, where referrers of all successful Monthly PRS Treat recipients will automatically receive a PRS Treat worth RM100 in PRS units too. It is as simple as that.
“In line with the theme ‘GO PRS, GET TREATS,’ we want both new and existing PRS Members to get treats from this contest. For those who haven’t started, take this opportunity to kick start your retirement savings whilst existing PRS Members can share and double the joy as they are the best advocates of saving in PRS,” PPA chief executive officer Husaini Hussin said.
Although it is recommended that we set aside 10 per cent of our income for retirement, a recent PPA survey in March 2019 revealed that the main reason people are not saving as much as they should, or as much as they would like to, is due to other financial commitments.
“We all have our financial commitments but the important thing is to start inculcating the habit of saving. PRS is designed to be affordable as fees are low and you can start saving with as little as RM100. Once you have a PRS account, then continue to set aside a fixed sum regularly to build your retirement nest little by little.”
A beneficial feature of PRS is the tax relief, where contributors are eligible for a personal tax relief of up to RM3,000 per year. While the tax incentive is popular, the majority of PRS Members who save in PRS are doing so primarily for their retirement, according to the same PPA survey.
This mind-set bodes well for more than 440,000 PRS Members who are saving in this voluntary long-term savings and investment scheme, where net asset value (NAV) of PRS funds surpassed the RM3 billion mark in July 2019.
“It is a tremendous feat for the industry that more Malaysians are saving in PRS to supplement their retirement funds, given that PRS was only launched in 2012. PRS contributors can benefit from the choice of 55 funds and would see potential positive returns over the long term so long as they are not overly focussed over short-term market volatility.
“Alongside Securities Commission Malaysia as the regulator, PPA will continue to provide better services to PRS Members and drive to further grow the industry together with all stakeholders including PRS Providers and Distributors,” Husaini added.