Private Pension Administrator: Private Pension Plans Continue Steady Growth, Net Asset Value Exceeds RM 5 Billion | Malaysia

0

Datuk Zaiton Mohd Hassan delivers his opening speech at the launch of the Public Transport Fund in Kuala Lumpur on May 2, 2019. – Photo by Ahmad Zamzahuri

KUALA LUMPUR, May 3 – Private pension plans (PRS) have surpassed RM5 billion in net asset value (NAV) to date, with half a million Malaysians saving for retirement, an increase of 43 percent compared to RM 3.5. billion as of December 31, 2019.

In a statement released today, the Private Pension Administrator Malaysia (PPA) said the growth in net asset value has been made possible by the strong and solid performance of the PRS funds, despite last year’s volatility and fairness. share of market movements over the past nine years.

PPA Chairman Datuk Zaiton Mohd Hassan said reaching this milestone demonstrates public confidence in the PRS as a voluntary savings scheme for their retirement.

“This vote of confidence is not something that PPA takes lightly, which is why we work hard every year together with PRS providers to develop more value added services such as PRS Online and the Nomination function.” , she noted.

Meanwhile, Malaysia Securities Commission (SC) Chairman Datuk Syed Zaid Albar said the continued maturity of the PRS industry, as evidenced by this milestone, bodes well for Malaysians at the looking for other ways to accumulate retirement savings.

“The SC is committed to improving the PRS framework, in particular by broadening the scope and depth of PRS offerings and its associated services.

“This includes greater use of technology to expand the accessibility of this voluntary program and increase its appeal to a younger generation of potential members,” he said.

To further stimulate the industry, PPA said it will continue to work closely with SC, PRS vendors and its network of nearly 25,000 PRS consultants nationwide in its continued effort to raise awareness of the importance of saving for retirement, especially among young people.

Currently, around 58 percent of PRS members are aged 40 and under, which bodes well for the country’s future retirement security.

“In addition, the extension of the annual RM 3,000 tax break for the scheme until 2025, as announced in the 2021 budget, demonstrates the continued commitment of the government and the SC to prioritize the welfare of the people. retirement for all Malaysians.

“This decision ensures that people remain incentivized to save for retirement in accordance with well-established practice in several jurisdictions which offer tax breaks for voluntary retirement savings,” he added. – Bernama


Source link

Share.

Leave A Reply