PRS
Are you ready for retirement? Is your EPF enough for retirement? You can buff up your retirement savings by contributing into PRS.
What is PRS?
Private Retirement Schemes (PRS) is a voluntary long-term savings and investment scheme to help you accumulate savings for your retirement. It acts to supplement the mandatory retirement scheme.
All contributions made to PRS will be split 70:30 into Sub-Account A and Sub-Account B. Retirement withdrawal may be made, in part or in full, the day after retirement age of 55. Amount in Sub-Account B can be withdrawn once a year before retirement age of 55, subject to 8% penalty on the withdrawal sum.
Why save in PRS?
- Designed for retirement.
- Tax incentive. Enjoy up to RM3,000 personal tax relief annually (until assessment year 2025).
- Affordable. Initial and subsequent contribution as low as RM100 and RM50 respectively.
- Money in PRS is protected from creditors according to Section 139ZA of the Capital Markets and Services Act (CMSA).