Private Retirement Scheme - PRS update

Finally PRS launch tomorrow by Hwang DBS.

First PRS will make its debut tomorrow
KUALA LUMPUR: The first Private Retirement Scheme (PRS) will make its debut tomorrow (31/10). The fund, which will be launched by Hwang Investment Management Bhd (HwangIM), is called HwangPRS. According to HwangIM, this is the first PRS fund approved by the Securities Commission (SC). Prime Minister and Finance Minister Datuk Seri Najib Razak, launched the PRS framework on July 19 this year. The PRS, which was lauded by many quarters, is set to boost retirement savings for workers and the self-employed. The SC, in April this year, has approved eight PRS providers. Besides HwangIM, other providers include AmInvestment Management Sdn Bhd, American International Assurance Bhd, CIMB-Principal Asset Management Bhd, Hwang Investment Management Bhd, ING Funds Bhd, Manulife Unit Trust Bhd, Public Mutual Bhd, and RHB Investment Management Sdn Bhd. The PRS providers were selected on the basis of their expertise in investment and/or pension fund management, experience in global pensions management, financial strength, governance structure and proposed business model. In December last year, SC released the guidelines on "Eligibility Requirements for Private Retirement Scheme Providers", which stipulated the expectations and requirements for interested and qualified parties.