PPA’s “Go PRS, Get Treats!” Rewarded Malaysians who Save for … · 2020-02-11 · FOR...
Transcript of PPA’s “Go PRS, Get Treats!” Rewarded Malaysians who Save for … · 2020-02-11 · FOR...
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PPA’s “Go PRS, Get Treats!” Rewarded Malaysians who Save for Retirement
PETALING JAYA (24 January 2020): Private Pension Administrator Malaysia’s (PPA) inaugural “Go PRS,
Get Treats” contest saw Malaysians throughout the country participating and taking the initiative to
plan as well as save for their future with the Private Retirement Schemes (PRS), a voluntary long-term
savings and investment scheme.
The Grand Prize of RM3,000 in PRS units went to Selangor resident Lim Tzyy Wee, who received his
reward during a prize presentation ceremony organized by PPA. It was a case of double happiness for
Lim as he was also among the 80 recipients of a PRS Treat, worth RM100 in PRS units, awarded through
the contest’s monthly draw, from August to November 2019.
“I only came across PRS two years ago and had some extra money to save in 2019,” the 33-year-old
Lim said. “I don’t really have much time outside working hours, so I personally like how simple the
online process is to enrol for a PRS account. The whole process took less than 30 minutes.”
“The PRS Online service was developed with individuals like Lim in mind,” said Husaini Hussin, CEO of
PPA. “In the age of fintech where people are comfortable getting their information online, they would
naturally do their own research and read through the information provided on PPA’s website.”
“Aside from highlighting the importance of retirement planning, we launched this contest knowing
the value people placed on the convenience of an online service,” Husaini added. “With PRS Online
and some easy-to-use tools like the retirement calculator available on PPA’s website, it is very easy to
start saving in PRS. The PRS Treat is just a little extra reward to the recipient’s retirement savings.”
This was true for Seh Soon Lee, who took home the Second Prize of RM2,000 in PRS units, and Tee
Chui Teng, who received the Third Prize of RM1,000 in PRS units. Both knew about PRS before the
contest and were happy to see PRS Treats on offer when they decided to take the plunge.
For Seh, saving for retirement was not a priority because he only just started working three years ago.
But reading about “Go PRS, Get Treats” in the news got him thinking about how much he needed to
have in order to live comfortably once he stopped working.
“According to PPA’s retirement calculator, I would need RM1 million to have a withdrawal plan of
about RM6,000 per month for 20 years,” said Seh, who hails from Perak. “It is good to diversify and
have extra retirement savings due to inflation, as the mandatory scheme alone might not be enough.”
On the other hand, it was about managing priorities and budget for Johor-born Tee. She first learnt
about PRS through articles on the PRS personal tax relief of up to RM3,000 per year. The affordability
factor of PRS Online stood out too, as the minimum initial investment amount is only RM100.
“Although I knew about the tax relief, as my friends would share articles and remind me during tax
season, I didn’t know I could enrol online,” Tee said. “The contest showed me how to do so with just
a few simple steps. I did it in my own time and the e-banking transaction was convenient and secure.”
“It is great to see the top three prize recipients coming from three different states, with all below the
age of 35 to boot. They might be at different stages of life, but it is always the right time to start
cultivating the habit of regular savings.” Husaini said. “We believe a contest like this raises awareness
on retirement preparedness and is in line with the National Strategy for Financial Literacy 2019-2023.”
Every month during 2019’s “Go PRS, Get Treats” contest, 20 PRS Treats worth RM100 in PRS units
each were awarded via monthly draws to individuals who enrolled via PRS Online and answered three
questions. All enrolments during the contest period were then automatically entered into the Grand
PRS Treats Draw for the Grand Prize, Second Prize and Third Prize.
This year, PPA intends to launch another contest in the second-quarter (Q2) so that more Malaysians
will join the close to 460,000 PRS Members already on the retirement savings bandwagon. As at 31
December 2019, the Net Asset Value (NAV) of all 57 PRS funds stood at RM3.5 billion.
Going forward, PPA will continue to produce educational content to lift the level of financial literacy
among Malaysians, and make information as accessible and as transparent as possible. For example,
the PRS fund performance page on PPA’s website has been enhanced to make it easier to view all PRS
fund performance, including their respective sales charges and management fees.
Below is a quick view of PRS fund performance according to fund categories, annualised since
inception:
Top Performing PRS Funds in the Following Categories Annualised Returns* (%)
Conservative 4.29
Moderate 6.02
Growth 6.22
Non-Core 11.35
Non-Core Islamic 6.48
Source: Morningstar (6 Jan 2020) *Annualized returns indicate the average growth for each year over a given time period, which in this instance, is from the date of funds’ inception up to 31 Dec 2019
For more information about PRS Online and PRS fund performance, please visit www.ppa.my
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About PPA
Private Pension Administrator Malaysia (PPA) is the central administrator for the Private Retirement
Schemes (PRS). PPA is a body approved by the Securities Commission Malaysia and is established to
administer and promote the growth of the PRS industry.
A significant role of PPA is to manage a life-time central account for PRS Members. PPA continually
advocates the importance of retirement savings through PRS by being a one-stop resource centre for
the public on retirement learning and PRS in Malaysia. These include the implementation of value-
added initiatives such as driving greater awareness through marketing programmes and collaboration
with stakeholders covering universities, media and government agencies to synergistically elevate and
encourage Malaysians to save more for the future with PRS. The PRS Online services developed by
PPA further allows the public and PRS Members to enrol and top-up their PRS contributions from the
computer and smart devices in an easy, convenient and secure way.
About PRS
The Private Retirement Schemes (PRS) is a voluntary long-term savings and investment scheme
designed to help Malaysians save more for their retirement. PRS seeks to enhance choices available
for all Malaysians whether employed or self-employed to supplement their retirement savings under
a well-structured and regulated environment. There are eight PRS Providers offering a choice of 57
retirement funds, from which individuals may choose to invest in based on their own retirement
needs, goals and risk appetite. The fund options under PRS are intended to enhance long-term returns
for members within a regulated framework. Malaysians have the option of saving in PRS through
multiple channels such as PRS Online, the PRS Providers and over 22,000 PRS Consultants.
PRIVATE PENSION ADMINITRATOR MALAYSIA
___________________________________________________________________________
Media contact:
Wong Mew Sum, Acting Head of Marketing & Communication | [email protected]
Ernest Chua, Assistant Manager, Marketing & Communication | [email protected]
Telephone: 03-7732 1520
___________________________________________________________________________
PPA’s CEO Husaini Hussin (right) presenting the Grand Prize to Lim Tzyy Wee.
Grand Prize recipient Lim Tzyy Wee (fifth from right), with PPA’s CEO Husaini Hussin (fourth from
right) and Wong Mew Sum, PPA’s Acting Head of Marketing and Communication (third from left)
“Go PRS, Get Treats” Grand Prize recipient Mr Lim Tzyy Wee
Mr. Lim Tzyy Wee, Grand Prize Recipient
Mr. Seh Soon Lee, Second Prize Recipient
Ms. Tee Chui Teng, Third Prize Recipient