KUALA LUMPUR: Private retirement scheme (PRS) funds achieved a significant milestone in 2015 with total net asset value (NAV) reaching RM1.172 billion.
The Securities Commission Malaysia (SC) said growth in PRS funds remained steady as they continued to focus on encouraging greater participation to ensure retirement planning remains a priority for Malaysians.
"Out of the total NAV, Islamic PRS funds accounted for 32 per cent.
"In 2015, four additional PRS funds were approved, resulting in a total of 50 PRS funds offered to the public whereas the total number of members stood at 180,651, a 40 per cent increase from December 2014," said the SC in its 2015 annual report released here.
The SC also gave approval in principle to the Private Pension Administrator (PPA) to launch an online platform this year to facilitate greater enrolment and contributions by the public.
This platform would offer a common infrastructure, managed by PPA as the central administrator, for the benefit of members as well as PRS providers by increasing connectivity and enabling the processing of applications and contributions electronically.
It said the online platform would widen investors access by permitting enrolment to be done at their convenience and for investments to be performed online, thereby creating a more conducive environment.
Meanwhile, the SC also unveiled a three-year plan to further spur the growth of the financial planning industry as well as to strengthen the role of financial planners.
The plan aims to improve visibility of financial planners, strengthen professional standards and market discipline, empower consumers through better access to knowledge, as well as achieve alignment of regulatory requirements with the size and scale of the industry. - Bernama