01-06-2015
The Edge Special Report on PRS - 1 June 2015 (Giving the industry a much-need boost)
When the Private Retirement Scheme (PRS) was introduced in late 2012 as another source of retirement savings, in addition to the Employees Provident Fund (EPF) contributions, the Securities Commission Malaysia (SC) said it expected PRS funds to have RM30.9 billion under management within 10 years.
Today, with eight providers, 46 funds and more than RM850 million worth of assets under management (AUM), according to PRS central administrator Private Pension Administrator Malaysia (PPA), the nascent industry is still far from the target. PRS fund providers, however, remain optimistic about the industry's future.