faqs

The Securities Commission Malaysia (SC) provides the regulatory framework for the PRS industry, ensuring a stable operating environment.

The SC has established the Private Pension Administrator (PPA) as the central administrator to provide a one-stop account management that serves and protects members’ interest.

An approved PRS Scheme Trustee is appointed to monitor the operation and management of the scheme by the PRS Provider. The PRS scheme trustee has a fiduciary duty to ensure that the PRS Provider complies with the scheme’s deed and disclosure document. Apart from this, the PRS Scheme Trustee provides custodianship of the PRS fund’s assets.

If you have any questions or have a dispute on your PRS investment, please contact our customer service personnel at 1300-22-7771 during office hours from 8.30 a.m. to 5.00 p.m.

If you are dissatisfied with the outcome of the internal dispute process, please know that you have the option to refer your dispute to the Securities Industries Dispute Resolution Corporation (SIDREC). They can be contacted at 603-2282 2280 or via email info@sidrec.com.my.

You can open a PRS account provided that you declare all your assets or properties which include PRS investments to Director of General Insurance, as required under section 24 of Bankruptcy Act 1967.

No joint PRS accounts are allowed.

You can pay directly to AIA Pension and Asset Management Sdn. Bhd. via interbank fund transfers, bank drafts or personal cheques. Credit cards can only be accepted for regular contributions with standing instructions.

Please use "APAM Sdn Bhd" as payee name for all payment channels.

We DO NOT accept third party cheques and cash.

Individuals

• Account Opening Form
• Product Suitability Form
• Photocopy of identity card (“IC”) (Malaysians) or Passport (foreigners)
• Payment Slip (Cheque/Telegraphic Transfer/Interbank Fund Transfer)

 

Corporate clients

• A copy of board resolutions
• Standard company documents (Form 24, form 49, etc)
• Photocopy of the Directors’ ICs
• Authorised Signatories
• Account Opening Form

Account Opening Form can be downloaded from our website, www.aia-prs.com.my.

You may submit your documents directly to any of the AIA branches, authorised PRS consultants or to our office at Level 10, Menara AIA, 99 Jalan Ampang, Kuala Lumpur.

You can also apply online via https://prsenrolment.ppa.my

As contributions to the PRS fund are voluntary, there are no fixed amounts or fixed intervals when it comes to investing. You can contribute to the PRS as often as you like and are encouraged to make regular monthly contributions to take advantage of “dollar cost averaging”. However, there is a minimum contribution of RM100 set for each fund.

If you want to make additional contributions into your funds, you can do so via PRS Online Top Up under PPA’s website or contact us.

Members are not permitted by law to withdraw from EPF to contribute to PRS.    

• Yes, you can. You have the flexibility to switch funds with your PRS provider at any time.
• You can also opt to move your money to a fund operated by another PRS provider once a year, based on the terms outlined by your existing PRS provider.
• You can only request for your first transfer one year after you make your first contribution to any fund under the scheme.

• Full withdrawal

− The day after you reach retirement age, currently at 55

− When you pass away (your next of kin can apply for withdrawal)

− If you leave Malaysia permanently

 

• Pre-retirement withdrawals

Pre-retirement withdrawals from sub-account A & B due to medical reasons

− Full pre-retirement withdrawal from sub-account A & B is allowed for permanent total disability, serious disease and mental disability with effect from 1 August 2017.

− Latest original medical report and withdrawal form must be submitted to the PRS provider.

− Pre-retirement withdrawals from sub-account B without 8% tax penalty for the purposes of housing and healthcare

 

Pre-retirement withdrawals from sub-account B without 8% tax penalty for the purposes of housing and healthcare

− Withdrawal can be made once every calendar year.

− Withdrawal proceeds will be credited to your bank account within 10 business days.

− A minimum balance of RM500 must be maintained in sub-account B if it is for the purchase of house, constructing a house and to redeem/reduce housing loan.

− Full withdrawal can be made for the purpose of healthcare for yourself or your immediate family members (spouse, children, parents and sibling).

− Healthcare needs cover 91 types of illnesses, including the cost of medical equipment or medication for the approved illnesses.

Option A (fixed amount)

-  Monthly or annual withdrawals set at a fixed amount until all PRS assets have been withdrawn.

-  For monthly withdrawals, minimum withdrawal amount is RM100 in multiple of RM100.

Option B (fixed period)

-  Monthly or annual withdrawals over a fixed period of 5, 10, 15 or 20 years.

-  Withdrawal amount for each year will be calculated based on the asset balance and the selected period of withdrawal.

When a member passes away, his/her savings will be transferred to the executor, administrator or named beneficiary. The Scheme Trustee will be required to release all or part of the balance where required pursuant to a grant of probate or letters of administration.

Documents required for PRS withdrawal due to death are as below:

• A copy of the deceased member’s IC/passport
• A copy of relevant documents(s) showing PPA account number
• Original and a copy of Death Certificate
• Original and a copy of Letter of Administration/Probate
• A copy of executor’s / administrator’s IC
• A copy of the PRS Provider’s Withdrawal Form and
• A copy of executor’s / administrator’s bank account

 

You are encouraged to make a nomination, so that the nominated person(s) will be able to expedite the withdrawal of your PRS balance when you pass away.

There is no restriction on the number of times or when you can make a nomination.

You can nominate up to 6 persons and allocate specified percentage of the PRS balance to be paid to the nominee(s).

The nominee must be an individual (not welfare bodies/organisations/societies).

A witness, aged 18 and above, is required to be present when you make the nomination except for the following persons:

- the persons selected as nominee;

- the spouse of the nominee;

- an employee of the PPA; or

- an employee/consultant of the PRS provider

The PPA nomination form can be downloaded from PPA’s website. Please complete the form after a PRS account has been opened, and submit it together with a copy of your identification (front and back) to PPA or APAM for processing.