KUALA LUMPUR, July 31 — Starting tomorrow, contributors to Private Retirement Schemes (PRS) will be able to name their next-of-kin to receive their fund balance in the event of their deaths.
The Private Pension Administrator Malaysia (PPA), the central administrator of PRS, will launch the nomination process that will shorten the withdrawal process to just months.
The nomination document will also supersede all wills.
PPA chief executive officer Husaini Hussin said he expects 20 per cent of members to submit their nominations within the first year.
“Your gift of love can continue with a simple nomination for those you care most,” he said in a statement.
Members may make their nominations at any of their provider’s offices, or via consultants.
According to the statement, there are over 20,000 PRS consultants registered with eight PRS providers nationwide.
Members may also update their nominations by submitting new forms that would supersede their previous nominations.
PRS is a voluntary long-term savings and investment scheme designed to help Malaysians save more for their retirement.
