Pensioners beware, scammers know when you have cash, says Ahmad Maslan

KUALA LUMPUR: Scammers seem to be able to know when pensioners receive their gratuities to strike, says Deputy Finance Minister Datuk Seri Ahmad Maslan.

He said that pensioners should be careful with sweet promises by strangers as what is too good to be true were usually not true.

He said 22,000 people had lost RM850mil to scammers over the past year and among them were pensioners.

He also called upon civil servants to buy houses in their 20s so that they do not end up burdened with large household debts in their retirement days.

Ahmad was speaking to the media after a tour of the Retirement Fund (Incorporated) (KWAP) headquarters here on Friday (April 7).

"I hope KWAP will increase its efforts to ensure there is more awareness against scammers targeting pensioners.

"Do not be duped as whatever that is too good to be true is usually not true," said Ahmad.

He said that currently, KWAP has RM160bil in its fund and the government spends RM26.7bil annually to pay pensions of over 770,000 pensioners.

About 845 employers including public universities are contributors to the fund.

Ahmad also revealed the new slogan of KWAP which is "Your Retirement Companion".

The retirement fund has RM160bil and is the third biggest fund in the country after EPF and PNB.

On pensioners using a big percentage of their pensions for household debt, Ahmad said this was because civil servants tended to purchase their first houses when they were in their 30s and 40s.

"Pensioners usually have a household debt which includes the purchase of houses and cars and education loans.

"We hope that civil servants make their house purchase in their 20s so that when they are retired, the household debt does not eat into their pensions.

"One need not get married first before purchasing their first house," said Ahmad.

He also said that KWAP would be holding more activities to create awareness of the pension fund through MyPesara activities.

"KWAP will hold a roadshow to raise more awareness on scams. There will also be a carnival and a run," said Ahmad.

The Deputy Minister also said his tour at KWAP allowed him to meet the staff based here and in Cyberjaya.

"It is interesting that most of the staff looking after the retirement fund here are young and the average age of the employee is 34 years old," said Ahmad.

Also present at the media conference were the KWAP CEO Nik Amlizan Mohamed and KWAP Investment head Hazman Hilmi Salahuddin.

Hazman said that KWAP was expanding its portfolio of investments.

"We want to double the exposure, both domestically and internationally.

"In terms of investment, we are cautiously optimistic," said Hazman.