Browsing: 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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Retirement Guidelines

I love reading on retirement matter. This article on The Star Online today provides a good guidelines on retirement mistakes to avoid. Some thoughts after reading this article:

1) Plan early and take advantage of ‘The power of compounding interest’. The earlier you start your retirement savings, the longer duration you will have and the bigger your retirement fund will grow.

2) Do not rely on EPF@KWSP alone for your retirement planning. Do additional retirement saving such as Private Retirement Scheme (PRS) or have additional investment with unit trust companies.

3) Take consideration of the effect of inflation in your retirement planning. If you think you need RM3000/month and to retire in 10 years, then you might actually need RM5000/month to retire by taking consideration of 6% inflation yearly.

4) Have a good medical coverage and purchase the policy as early as possible. As we age, the needs for medical care increase. A good medical coverage will greatly lessen the financial burden.

5) Learn to take risk to grow your nest egg. Ensure a portion of your nest egg is under high income generating portfolio.
No matter at what junction of our life, let’s take some time and plan for our retirement.

photo credit: Retirement via photopin (license)

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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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My First Private Retirement Scheme (PRS) Investment

By now, I believe most of us, the wage earners in Malaysia had heard of Private Retirement Scheme (PRS). In December last year, I started my first investment in Private Retirement Scheme (PRS). I have 2 consultants from different firms who had shared their PRS funds with me earlier. I invested in Manulife because the timing for the consultant to share with  me is right and she is very consistent and quite professional in my previous dealing with her. Btw, I also had other investment with her. So, I feel quite comfortable with her style. Back to my PRS investment, upon filling up the forms and answer a few questionnaires, the fund which is compatible with my ‘investment taste’ is Manulife PRS Growth Fund. Since 2013, I had done some reading about PRS, so I roughly had some idea what is PRS. If you wish to know more about PRS, I suggest you read about it here and here.
Well, if you’ve invested in PRS as well, do share with me which fund you’re investing in.
photo credit: scottwills via photopin cc

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A Good Financial Consultant…

This article published today on The Star Online caught my attention. After finished reading this article, the first thing in my mind is I wanted to share it here on my blog. 
I believe some of us have been approached by many financial consultants especially recently, due to the introduction of Private Retirement Scheme (PRS). The 3 main points mentioned in the article is quite true especially the second point. 
I still believe we need a good financial consultant to maximize the return from our investment. We all should invest and most importantly, invest wisely. Do not rely 100% on our financial consultant. We all must know where does our hard earned money goes to – the name of the fund, the target group, the risk, the time it take before we can see some return… The more you understand your own investment, the more likely you have confidence in your own investment.
I am sure there are still many good financial consultant out there… 
Happy investing…

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