Private Retirement Scheme (PRS)


 

PRSprs01

 

PRIVATE RETIREMENT SCHEME

Private Retirement Scheme (PRS) is a individuals accumulate savings for retirement which is voluntary long-term contribution scheme. PRS very flexible which members may choose to contribute the PRS funds according your age, risk profile and time horizon.

PRS is open for person who aged 18 and above, including foreigners, employed or self-employed for retirement savings.

WHAT ARE THE BENEFITS OF CONTRIBUTING TO PRS?

1. TAX INCENTIVES

I. Members who made PRS fund contribution are allowed to enjoy TAX RELIEF of up to RM3,000 per annum for the first 10 years from assessment year 2012 (together with any deferred annuity payment). Table below shows the indicative rates and amount of tax savings you may enjoy:-

Chargeable Income (RM)

Applicable Tax RatePotential Tax Savings – RM (*)
20,001 – 35,0005%150
35,001 – 50,00010%300
50,001 – 70,00016%480
70,001 – 100,00021%630
100,000 – 150,00024%720

(*) – Assuming a contribution of RM3,000

Example your applicable tax rate is 24%, potential tax savings per year is RM720.00, total potentail tax savings for 10 years is RM7,200.00.

 II. TAX-EXEMPTED income derived to members from PRS funds.

 III. Employers who on behalf made contribution of PRS to their employees are allowed to claim TAX DEDUCTION against their business income on the contribution made up to 19% of the employee’s remuneration (together with contribution made to any other approved scheme).

2. PROFESSIONAL MANAGEMENT

I. PRS funds will be manage professionally with meeting the retirement objective of members.

3. FLEXIBILITY

I. Not any fixed amount or fixed periods for the contributor.

II. Contributor can contribute according to their age and risk tolerance.

III. Contributors can contribute more than one fund under PRS and will have the option to switch funds (subject to terms and conditions).

HOW TO ENJOY THE ABOVE BENEFITS?

Contact Us Now for further detailed information!!!

Email: [email protected]

Mobile no: 017-575 9300