Browsing: Malaysia Private Retirement Scheme

How To Top Up Manulife PRS via Maybank2u (2017)

Earlier this week, I got frustrated when I wish to top up my Manulife PRS investment through Maybank. I’ve done that before and I did shared on my previous post. It was simple and quick and easy too. But this time, when I wish to do my transfer, I saw additional details which is PRS account number. Not a problem because I have my PRS account number. But, the transaction was unsuccessful. The error message mentioned ‘Unsuccessful – Invalid bill account/reference number. Rejecte Code: [0087]. I tried for second and third time, but still failed. At last, I called my agent and told her the issue I faced. I sent her the error page and she told me to remove the last 2 character of my PRS account number [PRS account number consist of 12 characters XXXXXXXXXX-X. I just omit the last 2 character ‘-X’]. Finally, my transaction is successful. She reminded me to send her my Maybank online transaction slip, together with a print screen to proof that the Maybank account holder is under my name. Because she told me, this year onward, third party is not allowed for payment of PRS investment. Something related to anti money laundering act.

There comes the second problem. Because a friend of mine had transferred her fund to me so that I can assist her to top up her PRS investment. Previous year, I had successfully helped her to top up her fund too. Due to the anti money laundering act, I had to transferred back the fund to her, so that she can do IBG from her own bank account to PRS Maybank account. Quite troublesome.

Luckily I had contacted my agent earlier when my bank transfer was unsuccessful, and she advised me that I will not be able to help my friend to top up her fund through my bank transaction. Even if I can successfully transferred the fund, the fund will not be updated to  my friend PRS account due to different bank account name vs PRS account name.

So, lesson learned:

1) First, check with PRS agent before performing any transaction;

2) Online top up must be through PRS account holder name only. No third party is allowed;

3) Alternatively, PRS member can choose to deposit cash but the original bank-in slip must be submitted to the agent.

photo credit: Senior Guidance Piggy bank with dollar bills via photopin (license)

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How To Top Up Manulife PRS Investment Through Online Banking

To top-up my Manulife PRS Investment, I have a few options below:
1) Write a cheque to Manulife Asset Management Services Berhad;
2) Pay cash to my PRS advisor;
3) Through online banking or e-banking
Since I am a Maybank2u user, so it’s much more easier to top-up my Manulife PRS Investment through MBB online banking. You will be able to find the guidelines on online payment on Manulife Asset Management Services Bhd website.The steps are similar, just that for PRS investment, I need to select Manulife Asset Management Services Bhd (PRS Pension). Instead of key-in the investment account number, I need to key-in my full name (as per IC) and my New IC number. My advisor said that, the system will automatically top-up based on full name and New IC number. 
To be on the safe side, I also email the payment receipt to my advisor. A few days after my transfer done, I saw my investment been updated accordingly. 
If you are not a Maybank2u user, you still can make an online GIRO transfer to Manulife Asset Management Services Bhd Maybank account. You may request the Maybank account number from your advisor.
Hope the above helps.

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Why I invested in Private Retirement Scheme (PRS)?

If you’ve read my earlier post here, you will know that I had made my first Private Retirement Scheme (PRS) investment in December last year. I read from The Star Online that, as at 31 August 2013, there were 36,663 PRS contributors. Seems like not so many are interested to invest in PRS. Or maybe the figures had significantly increase by now?

Personally, there are 2 reasons why I invested in PRS:

1) Individual Income Tax Relief
This is the main attraction. Tax relief of up to RM3,000 per year for taxable income for the first 10 years starting from assessment year 2012. I’ve missed out assessment year 2012. So, I have about 8 more years to go.

2) To Compliment my KWSP@EPF Savings
One thing I am very sure is that I cannot rely on my KWSP@EPF savings alone for my retirement planning. I am definitely sure, my KWSP@EPF savings will not be sufficient to support me and my lifestyle in my golden years. So, this PRS investment is an add on to my existing investment portfolio. It is also a force savings for me. Hopefully, over the years, my PRS investment will grow into a significant amount.

photo credit: 401(K) 2013 via photopin cc

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