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.
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.