Principal PRS Plus & Principal Islamic PRS Plus – Extension of time to comply with Guidelines on Private Retirement Schemes
On 26 February 2021, Principal Asset Management Berhad (“Principal Malaysia) has obtained approval from the Securities Commission Malaysia for an extension of time until 31 December 2021 to comply with the paragraphs below under the Guidelines on Private Retirement Scheme (“GPRS”) for the Core Funds under Principal PRS Plus and Principal Islamic PRS Plus:
|Scheme||Principal PRS Plus||Principal Islamic PRS Plus|
|PRS Core Funds||Principal PRS Plus Conservative||Principal Islamic PRS Plus Conservative|
|Principal PRS Plus Moderate||Principal Islamic PRS Plus Moderate|
|Principal PRS Plus Growth||Principal Islamic PRS Plus Growth|
Extension of time sought on following paragraphs under the GPRS:
11.10 A Notwithstanding paragraph 11.10, where an individual becomes a member and has made his first contribution to the Scheme a month before he attains the age of 45 or 55 years old as the case may be, the PRS Provider must allocate such contribution to the moderate fund or conservative fund as the case may be.
11.13 - Subject to paragraph 11.13A, where the member is in the default option, the PRS Provider must redeem the member’s units in the current core fund and purchase units in the next core fund before the end of the next calendar month from the day the member attains the age of 45 years old and the age of 55 years old (“Switch‐in Date”), unless the member instructs otherwise.
11.13A In relation to the switching exercise referred to in paragraph 11.13, the switching must be executed in equal proportion over a five‐year period based on the number of units remaining in the relevant fund. The first switching must be executed on the Switch‐in Date and the subsequent four switching must be executed no later than 10 business days from each anniversary of the Switch‐in Date.
A Second Supplemental Disclosure Document for the Principal PRS Plus and Principal Islamic PRS Plus will be issued to reflect the information.
Should you require clarification or further information with regards to the above, please do not hesitate to contact our Customer Care Centre at 03-7718 3000.