Just Like EPF, PRS Nominations To Supersede Wills
Private retirement scheme (PRS) contributors are now able to nominate who will facilitate and expedite the withdrawal of their PRS balance in the event of their demise.
This means the nomination will supersede any will, just like contributions made to the Employees Provident Fund (EPF).
This initiative kicked off in August 1 and is part of a campaign by Private Pension Administrator (PPA) to roll out more campaigns and introduce value-added services, part of an initiative to encourage Malaysians to save for their retirement.
On a separate note, PRS has hit a quarter of a million members, with incentives offered by the government such as annual tax relief as one of the main reasons.