Exclusive Retirement Structure

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PRIVATE RETIREMENT LIVING SCHEMES (PRS)

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Progress the PRS Industry

With increasing life expectancy and growing living requirements, many Malaysians find that all their savings are inadequate in order to meet their old age needs. PRS form an important feature with the private pension industry with the objective of improving living specifications for Malaysians at old age through additional savings of funds. Because long-term purchase vehicles, PRS are designed to support enhance adequacy and expand coverage of retirement benefits to all segments of the populace. It matches Malaysia's mandatory retirement financial savings schemes. Advantages to the PRS are non-reflex. Individuals (retail investors, self-employed and employees) or employers can participate as PRS contributors. Giving private monthly pension benefits could be a tool intended for employers to attract and maintain skilled ability. The PRS information decide in this newsletter includes a information of the framework, the key features of PRS as well as the regulatory safety measures. A number of common questions and email address details are also decide in this publication.

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PRS Structure

The pension landscape in Malaysia has been produced a boost with all the development of a PRS framework, which is a key deliverable from the Securities Percentage Malaysia (SC) under the Capital Market Masterplan 2 . Important components

PRS Distributors & Consultants

Exclusive Pension Manager (PPA)

PRS Providers

Schemes Trustees

Strategies

PRS are presented by approved PRS Providers. Every PRS will include a range of retirement funds from which people may choose to invest in, based on their own retirement requires, goals and risk hunger. The PPA functions as a record keeping and useful resource centre for data about all ventures performed by simply contributors. It will facilitate ventures and showcase efficient government. The PPA will also behave as a resource middle for data and research relating to the PRS market in Malaysia. The possessions of each PRS will be seperated from the PRS Provider and held by simply an independent Plan Trustee within trust. The SC manages and supervises all intermediaries in the PRS industry, namely the PRS Providers, the PPA, the Scheme Wholesale real estate flipper and marketers of PRS to ensure the proper functioning of the PRS industry and protects associates, via prudential and buyer protection requirements.

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The SC is in the final levels of putting into action the PRS framework – the PPA has been set up and approvals have been awarded to Schemes subject to the PRS Companies fulfilling certain conditions. The eight PRS Providers authorized (as of 5 April 2012) are: AmInvestment Managing Sdn Bhd; American International Assurance Bhd; CIMB-Principal Asset Management Bhd; Hwang Purchase Management Bhd; ING Money Bhd; Manulife Unit Trust Bhd; Public Mutual Bhd; and RHB Investment Managing Sdn Bhd.

Prior to the sale of PRS to the public simply by end-2012, this really is an important period for potential members to comprehend how PRS fits into the remainder of their retirement planning and to equip themselves with information about the several PRS Companies and Schemes before causing PRS.

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Key Features of PRS

Made to provide decision and flexibility Promotes members to adopt control of their retirement financial savings • PRSaredefinedcontributionsschemeswheretheaccruedbenefitstomembersare determined by the total amount contributed as well as investment earnings thereon. The goal of savings in PRS should be to make the members' savings grow over the long term. MemberswouldhavetheoptiontocontributetomorethanonefundunderaPRS or to contribute to more than one PRS, made available from different PRS Providers. Beingvoluntaryinnature, therewouldbenofixedamountsorfixedintervalsfor making contributions to PRS. A default option would also be made readily available for members who select their PRS Provider but usually do not specify a fund choice. The standard option might cater for...

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