KUCHING: Public Bank Bhd (Public Bank) announced the distribution of six Public Mutual Bhd’s (Public Mutual) Private Retirement Scheme (PRS) funds, which will be out in the market today.
According to its press release yesterday, the six PRS funds comprised of conventional series and syariah-based series, with minimum initial contribution of RM1,000 and minimum additional contribution of RM100.
“With Public Bank distributing the funds, Public Mutual’s PRS funds are now available through all Public Mutual PRS Consultants and Public Bank branches,” it stated.
“A PRS is a voluntary long-term contribution scheme regulated by Securities Commission Malaysia and is designed to help individuals accumulate savings for retirement,” it added.
The scheme would be open to all employed or self-employed individuals and complements the mandatory contributions made to Employees Provident Fund.
Individuals who contributed to PRS would be able to enjoy tax relief of up to RM3,000 per annum.
Public Mutual is Malaysia’s largest private unit trust company with more than 90 unit trust funds under its management and over 2.8 million account holders.
As at end of January 2013, the total net asset value of the funds managed by the group was RM54.3 billion.