Commonly asked questions about the Private Retirement Scheme (PRS)
What is PRS?
PRS is a voluntary long-term investment scheme designed to help individuals accumulate savings for retirement. PRS seek to enhance choices available for all Malaysians, whether employed or self-employed, to voluntarily supplement their retirement savings under a well-structured and regulated environment. Find out more about PRS here.
Who is eligible to participate in PRS?
Any individual who has attained the age of 18 years as of the date of the account opening of a private pension account may make a contribution to any fund under the PRS. The PRS is offered to both Malaysians and non-Malaysians. Find out more about investor eligibility here.
How do I contribute to PRS?
You can make regular contributions or lump sum contributions to PRS. Please note that there may be differences in the minimum initial contribution amount and subsequent contribution amount and this may differ amongst the PRS Providers. Learn more about providers here
What are the government incentives provided for PRS contributions?
- Annual RM3,000 personal tax relief for Year of Assessment 2012 to 2021
- One-time Government incentive of RM500 for Malaysians age between 20 – 30 who have contributed a minimum of RM1,000 to a single PRS fund with any calendar year between 2014 – 2018
- Inclusion of PRS as allowable deduction (up to 19%) in a Company’s tax computation
How do I monitor my PRS account?
Upon opening a PRS account with a Provider, you are automatically enrolled as a lifetime member of PPA. PPA members are given an online account, which features a single consolidated view, to enable members to view their investment details, check transactions and have access to performance reporting 24 hours a day. More info about PRS membership here.