A UNIQUE feature of the Private Retirement Scheme (PRS) eco-system is the role played by the Private Pension Administrator Malaysia (PPA). This entity is an independent, not for profit organisation, established to provide the administrative infrastructure for the PRS.
It also plays a critical role in promoting public confidence and protecting members’ interests.
As an independent and neutral party, the PPA is an unbiased advocate for the PRS when promoting transparency and education.
The cornerstone of PPA’s mission is to serve and protect the interests of PRS members. The PPA is a member-centric organisation, providing members with easy and convenient 24/7 access to their PRS accounts.
Here members can review their transactions and fund performance. Since saving for retirement is a journey, PPA provides the ongoing service support, enabling members to manage their journey towards retirement by providing timely updated information on their PRS account.
The account management system hosted by the PPA also provides consolidated account reporting allowing members to have a complete view of all their PRS funds.
PRS members have easy access to PPA via its multilingual call centre, and also via email.
Engaging its membership base is another core focus. Through communication, engagement and education programmes, members are provided with the latest updates and reminders to make their next contribution and to take advantage of the PRS tax and youth incentives.
Annual account statements are sent to all PRS members. This statement doubles as a report card on the status of their contributions, transactions and fund performance. PRS members are encouraged to review their annual statements and to consider making any necessary adjustments to their contributions or funds to ensure that they stay on course with their retirement plan and timeframes.
The PPA also has a vast education resource to assist members to learn more about their retirement needs, account management functions and the PRS industry.
PPA also plays a role in promoting and educating the public on PRS. Recent market surveys show that a lot has been achieved since the PRS was launched in 2012. Approximately 32% of the working population is now aware of PRS. PPA’s ongoing promotion and education campaigns have also generated increasing interest in PRS, with over 100,000 monthly unique visitors to www.ppa.my.
PPA’s unique position in the PRS industry allows it to play a major role in supporting the growth and development of the industry.
With a mission to serve and protect the interests of its members and its advocacy and education roles, the PRS industry is set to continue its growth path and increase the Malaysian public enrolment into PRS.
Over time, PPA will make a key contribution to the Malaysian public’s need to develop their voluntary retirement funds and enhance the adequacy, sufficiency and sustainability of their income during their retirement years.
* Datuk Steve Ong is the CEO of the Private Pension Administrator Malaysia (PPA), the central administrator for the Private Retirement Scheme (PRS). The PPA is tasked by the Securities Commission Malaysia to promote the growth of the PRS industry, create general awareness and educate the public on retirement savings. The PPA also works to protect the interests of PRS contributors. This article by PPA first appeared in PRS Youth.
If you have any questions related to retirement planning, email AskPPA@ppa.my.