Kuala Lumpur, 25 June 2013

Concerted Efforts to Accelerate Awareness on Private Retirement Schemes

The Securities Commission Malaysia (SC) is working with the industry to accelerate awareness on Private Retirement Schemes (PRS). At the first PRS Conference since the framework was launched last year, pension experts around the world together with industry representatives gathered at the SC today to discuss growth prospects of the private pension industry.

“It is important to widen the accessibility of PRS to all members of the population and crucial for both providers and distributors to expand coverage across the nation, from the self-employed as well as the younger demographics,” Datuk Ranjit said while delivering his opening remarks at the PRS Conference held at the SC today.

PRS are voluntary long term investment schemes designed to help individuals accumulate savings for retirement. Net asset value of PRS has reached RM100 million with more than 30,000 account registered, which is an encouraging development given the short timeframe of six months since the first PRS was launched end of last year.

The one-day PRS conference, with talks by pension experts from Australia, US and Hong Kong, reached out to over 300 public-listed companies (PLCs) from various industries, Government-linked companies (GLCs), SMEs, as well as employers and trade associations, to ensure that employers see the benefit of PRS as part of their talent retention strategy.

As part of several investor awareness programmes initiated by the SC, a PRS exhibition will be held at the SC Building on Saturday, 29 June 2013, between 9:30 am. to 2.00 pm. Admission is free. The Private Pension Administrator Malaysia and the seven PRS Providers would be participating at the exhibition. Further information on the exhibition can be found here.