Don’t lose savings to scams

KUALA LUMPUR: Scammers seem to strike pensioners when they receive their gratuities, said Datuk Seri Ahmad Maslan (pic).

The Deputy Finance Minister cautioned pensioners against falling for the sweet promises of strangers.

“If they are too good to be true, then they usually are,” he said.

He added that pensioners were among 22,000 people who had lost RM850mil to scammers over the past year.

He also urged civil servants to buy houses in their 20s so that they would not end up burdened by debt in their retirement years.

Ahmad was speaking to the media after a tour of the Retirement Fund Inc or KWAP headquarters here yesterday.

He also revealed the new slogan of KWAP – “Your Retirement Companion”.

“I hope KWAP will increase its efforts to ensure there is more awareness of scammers targeting pensioners,” he said.

Ahmad said that currently, KWAP has RM160bil – the third biggest fund in the country after the Employees Provident Fund and Permodalan Nasional Bhd – and the government spends RM26.7bil annually to pay pensions of over 770,000 members.

About 845 employers are contributors to the fund, with public universities making up the most number.

On pensioners using a large percentage of their pension to pay off debts, Ahmad said this is because civil servants tend to purchase their first houses when they are in their 30s or 40s.

“Pensioners usually have a household debt that includes the purchase of houses, cars and paying off education loans.

“We hope civil servants will buy a house in their 20s so that when they retire, their household debt will not eat into their pensions.

“One need not be married before buying a house,” he said.

KWAP, he said, will increase awareness of the pension fund through MyPesara activities.

“KWAP will hold a roadshow to raise more awareness of scams and such.

“There will also be a carnival and a run,” he added.

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

“It is interesting to see that most of the staff looking after the retirement fund are young, with 34 being their average age,” said Ahmad.

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