PETALING JAYA: Private pension plans (PRS) have exceeded RM 5 billion in net asset value (NAV), with half a million Malaysians saving for retirement.
The Private Pension Administrator Malaysia (PPA) said that number represented a 43% increase from RM3.5 billion as of December 31, 2019.
Securities Commission (SC) Chairman Datuk Syed Zaid Albar said the continued maturity of the PRS industry bodes well for Malaysians looking for other ways to accumulate retirement savings.
âThe 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 in a statement.
PPA Chairman Datuk Zaiton Mohd Hassan (pictured above) said the landmark achievement was a testament to the public’s 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 online PRS and the nomination, âZaiton said.
PPA said the 43% net asset value growth from the end of 2019 was made possible by the resilient and strong performance of PRS funds, despite last year’s volatility and its fair share of market movements. over the past nine years.