What is the Private Retirement Scheme?
Private Retirement Scheme
What you should know about the Private Retirement Scheme (PRS)
It is a new way to boost retirement savings
The PRS is a voluntary scheme for all individuals who are 18 years old and above. It is an additional way to boost total retirement savings, whether you are an Employees Provident Fund (“EPF”) member or not. If you are an EPF member, the PRS can complement your EPF savings.
It enables you to enjoy additional tax savings It enables you to enjoy additional tax savings
You can enjoy up to RM3000 per year personal tax relief* on top of the RM6000 per year tax relief for the mandatory retirement savings contribution and life insurance premiums. This could be as much as RM780 per year (depending on your tax bracket).
*For contributions into the PRS and deferred annuities effective from years of assessment 2012 to 2021
Benefits
For Employees/ Individuals
With PRS Plus, you can:
> Choose between conventional and Islamic private retirement schemes.
> Personalise and choose the mixture of funds that best suits your risk and return.
> Choose how much and how often you want to contribute.
> Benefit from the investment capabilities of an award-winning regional asset manager that has been recognised for long-term investment performance.
> Draw on our global experience and technical expertise.
> Receive the latest information updates and education needed to make better decisions.
> Boost retirement savings.
> Enjoy additional tax savings - up to RM3,000 per year personal tax relief.
Investment Choices
Both CIMB-Principal PRS Plus and CIMB Islamic PRS Plus have a choice selection of funds. You have the freedom to choose from the funds in both schemes if you wish:
Do-It-For-Me or Do-It-Myself
This is PRS FLOW chart
How to maintan your lifestyles after RETIRE?
Let's consider INFLATION.
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