Enhancing Pension Scheme
The PRS is an initiative under the Capital Market Master Plan 2 to accelerate the development of the private pension industry, which is designed to provide additional retirement funding. The PRS is expected to contribute towards establishing the 3rd pillar (voluntary) as part of the country’s robust pension scheme.
Each PRS scheme is required to appoint an approved PRS scheme trustee to actively monitor the operation and management of the fund under the scheme by the PRS Provider to safeguard the interests of members. The scheme trustees has a fiduciary duty to ensure that the PRS Provider comply with the scheme’s deed and disclosure document. In addition, the PRS scheme trustee provides custodianship of the PRS fund’s assets.