PETALING JAYA: The Private Retirement Schemes (PRS) has exceeded RM5bil in total net asset value (NAV), with half a million Malaysians saving for the retirement.
The Private Pension Administrator Malaysia (PPA) said the number represented an increase of 43% from RM3.5bil as at Dec 31,2019.
Securities Commission (SC) chairman Datuk Syed Zaid Albar said the continuing maturity of the PRS industry bodes well for Malaysians seeking additional avenues to accumulate retirement savings.
“The SC is committed to enhancing the PRS framework including expanding the breadth and depth of PRS offerings and its related services.
“This includes greater use of technology to widen accessibility of this voluntary scheme and increase its appeal to a younger generation of prospective members, ” he said in a statement.
PPA chairman Datuk Zaiton Mohd Hassan (pic above) said the landmark achievement was a testament of the public’s confidence in PRS as a voluntary savings scheme for their retirement.
“This vote of confidence is not something PPA takes lightly, which is why we work hard every year in collaboration with PRS providers to develop more value-added services such as PRS online and the nomination feature, ” Zaiton said.
PPA said the NAV growth of 43% from the end of 2019 was made possible by the resilient and strong performance of PRS funds, despite going through last year’s volatility and witnessing its fair share of market movements over the past nine years.