by Editor Editor

Making a Nomination in the Private Retirement Schemes (PRS)

Government introduced the Private Retirement Schemes (PRS) which is a voluntary contribution pension scheme to encourage people to save more for their retirement other than EPF contributions.

When you invest in the Private Retirement Schemes, you will automatically be enrolled as a member of Private Pension Administrator (PPA) Malaysia. Therefore, you are allowed to make a nomination in the Private Retirement Schemes for your loved ones to avoid going through the hassle and a lengthy estate administration process if you are no longer around.

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by Editor Editor

Nominating Amanah Raya Berhad as Nominee or Trustee for Minor Children

A muslim EPF member can nominate an individual as nominee acts as administrator for the administration and distribution of the member’s savings according to the Hukum faraid. On the other hand, a non-muslim EPF member nominates an individuals to receive his/her savings as beneficiaries.

Starting from 1 January 2018, EPF members have an option to nominate Amanah Raya Berhad (ARB) as nominee in their Employee’s Provident Fund (EPF) other than next-of-kin. If a member chooses to nominate ARB as nominee, then ARB will act as an administrator for all member’s savings. A member can also appoint ARB as Trustee for a minor nominee who is below 18 years old. Estate administration fee will be charged a 2% flat rate of the total amount of member’s savings upon the members’ demise.

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