e turn to our mobile phones for everything these days, from work and meals to shopping and banking. With lockdown policies around the world further accelerating this trend, having an online avenue to save for the long term not only makes sense, but helps us stay safe in this new normal too.
Private Pension Administrator Malaysia (PPA) has embraced financial technology (fintech) since its establishment to make saving in the Private Retirement Schemes (PRS) a process that is as easy, convenient and secure with PRS Online.
What is PRS Online?
Four years ago, PPA introduced the PRS Online Top Up service to give PRS Members the flexibility of going paperless and cashless when contributing to their PRS funds. Two years later, the PRS Online Enrolment service was launched to simplify the PRS account opening process into a few simple steps.
Today, all you need to do to start saving is log on to the PRS Online service, select your preferred PRS Provider and fund, then complete the process with a banking transaction via FPX. That’s it!
The unique infrastructure of PRS with PPA’s role as the central administrator means that each PRS Member is given a lifetime PPA account upon enrolment. In other words, you can monitor and stay connected to your account as you progress along your savings journey right from the comforts of your own home. This account also gives you a consolidated view and summary of your total PRS balance.
Start Small. Start Now.
Saving for a long term goal like retirement can feel like a daunting task, and the first step is often the hardest to take. Many don’t know how to start or give up thinking that it is already too late.
The good news is that it doesn’t take a large amount to start saving for your future. You can start small with RM100. Simply put, if you are able to set aside a little less than RM4 per day, you would have enough to contribute RM100 every month into your retirement fund.
PRS Online is designed to help you start small:
- Minimum contribution amount of RM100
- No fixed monthly contribution interval – it’s all up to you
- Waiver of the RM10 PPA account opening fee
- 0% sales charge for those aged 30 and below
Get More with PRS Online
There are more reasons to start saving now:
- New enrolees stand to get more through the on-going PRS Online Enrolment Treats contest
- For a limited time only, contributions in participating PRS Providers gets you additional treats
From today until 14 December, 20 new enrolees will be selected via a draw each month to receive RM100 in PRS units. All enrolees will also be automatically entered into the Grand PRS Treats Draw to receive the 1st prize of RM3,000, 2nd prize of RM2,000 and 3rd prize of RM1,000 in PRS units.
At the same time, PRS Providers are also offering additional treats when you enrol or top up your PRS savings. When you add all the above to the tax savings that you would enjoy with the PRS Tax Relief, even a small start becomes a giant leap towards your retirement goal over time.
Can you start small with RM100 today? If so, then start now with PRS Online.