This article was last updated on April 16, 2022
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The Private Pension Administrator (PPA) has been established by the Securities Commission (SC) which was the one-stop centre that would be governing private retirement systems in the country. The SC said, “The other members of the board are Datuk Nozirah Bahari, Datuk Dr Thillainathan Ramasamy, Ou Shian Waei and Ahmad Zakie Ahmad Shariff.” It said yesterday in a statement that the PRA would be helmed by Zaiton Mohd Hassan, who is currently managing director of Capital Intelligence Advisors Sdn Bhd.
The first set of schemes comprising 24 funds was accepted by the SC, given by several private retirement schemes providers and would be offered to the public from September. It was said by the SC that the founding of the PPA was the last component of the Private Retirement Schemes (PRS) framework. It stated, “This follows on from the establishment of the legal framework for the PRS via amendments to the Capital Markets & Services Act 2007 in October 2011 and the issuance of Private Retirement Schemes Guidelines and Regulations in April this year and the approval of eight private retirement schemes providers.”
Datuk Seri Najib Tun Razak, the Prime Minister launched the final component of the private retirement scheme framework today. Similar to this, the SC, PPA and PRS providers would be conducting a series of educational and awareness programs shortly.
To meet the individual’s retirement goals and investment profile a range of funds would be available as well. SC also said, “To incentivize participation in PRS, individuals are granted tax relief of up to RM3,000 and employers are provided tax deduction on contributions to PRS made on behalf of their employees above the statutory rate and up to 19 per cent of employees remuneration. Tax exemption is also provided on income received by the PRS funds.”
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