PRS FAQs

Applying for PRS

What are the application requirements and supporting documents?

Anyone whom is 18 years old and above is eligible to contribute to the PRS. You will need proof of identification: Identification card/ Police/ Armed Force ID (for Malaysians) or Passport (Foreigners). To learn more about the PRS scheme features, its regulatory framework, benefits and structure, please refer to the PRS and You section.

What should I consider when choosing a PRS?

When making your PRS contribution, you need to take into account various factors such as your age, personal and household income, risk tolerance, retirement objectives as well as the suitability of the different funds under the various schemes to meet your retirement needs.

Where can I obtain information about the funds available? How would I know which option would suit me best?

You can decide to choose a PRS fund or not to choose a PRS fund and invest based on the default option where contributions are allocated to the core PRS funds based on your age. For further details on fund options, please refer to Structure of PRS page. Meanwhile for the list of available funds and PRS Providers, please refer to the PRS Providers & Schemes section.

If I am an undischarged bankrupt, can I open an account with a PRS Provider?

An undischarged bankrupt is not prevented from participating in a private retirement scheme by opening an account. However, as an undischarged bankrupt, you have a legal duty to inform the DGI of all your assets or properties which include your investments in PRS as provided under section 24 of Bankruptcy Act 1967.

Contributions (Individuals)

Is there any minimum contribution for PRS?

The minimum contribution varies from Provider to Provider. To find out more on the minimum contribution amount for each respective PRS Provider, please go to the PRS Providers & Schemes section.

What are the contribution types?

Any individual who has attained the age of 18 years as of the date of the account opening of a private pension account may make a contribution to any fund under the PRS. The PRS is offered to Malaysians and non-Malaysians as well. For details on the contribution types, please refer to About PRS Funds page.

Can my spouse/ parent/ partner contribute to the PRS on my behalf?

Yes, they can. However, contribution to the PRS must be done under their own PPA account.

Do I need to contribute on a monthly basis to the PRS?

Being a voluntary scheme, there are no fixed amounts or fixed intervals for making contributions. Individuals can contribute to the PRS as often as they like and are encouraged to to make regular monthly contributions to take advantage of “Dollar cost averaging” – a technique designed to reduce market risk through the systematic regular contributions at predetermined intervals (monthly) and set amounts to achieve their intended retirement goals. PRS members could make additional contributions to their respective PRS funds via PRS Online Top Up or through their selected PRS Provider(s).

When do I start contributing to my PRS account?

Contributions to your PRS account could be made at the same time or prior to opening your PRS account.

How do I make payment to my Provider?

First decide the amount, then either make payment to your respective PRS Providers through direct debit or online fund transfer. Additional contributions into your funds could be done through PRS Online Top Up, PPA’s online service for the convenience of all PRS Members. To find out more about PRS Online, go to PRS Online page.

Can I withdraw from my EPF to contribute to the PRS?

The PRS is a supplementary form of retirement savings in addition to the EPF and is voluntary in nature. Members are not permitted by law to withdraw from EPF to contribute to the PRS.

Where do I check my contribution details?

Contribution details may be obtained from your PPA online account.

Is the investment into PRS guaranteed by the government or does it have a minimum dividend policy?

PRS investments are not guaranteed and it does not have any statutory minimum dividend policy. You are advised to read and understand the Disclosure Document and Product Highlights Sheet to understand the risks involved before investing into a PRS.

What happens to the contributions in my PRS account if I am declared a bankrupt after having participated in the scheme?

As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS Members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for withdrawals according to the permitted circumstances as specified in the Guidelines of Private Retirement Schemes (“PRS Guidelines”). However, withdrawals from the account will be subjected to the oversight and conditions from the Director General of Insolvency (“DGI”).

Contributions (Employer)

If I am an employee of Company X and I am currently contributing to the PRS in my personal capacity. Should Company X also contribute to my PRS?

As PRS is a voluntary scheme, it is not mandatory for any employer, employee or individuals to contribute. Check with your Employer if they have an Employer sponsored program for the PRS. For further details please go to PRS for Employers page.

I am interested to contribute PRS for my employees. Who should I talk to?

You may approach any of the PRS Provider for further information or contact PPA at 1300-131-772. For a full list of the PRS Providers, please go to PRS Providers & Schemes page.

My company is contributing to PRS on behalf of my employee. What amount of tax relief is the company entitled to?

Employers contributing to PRS on behalf of their employees are eligible for a tax deduction on their contributions above the EPF statutory rate, up to 19% of the contribution. Please note that the employer tax relief is only applicable on the company as an entity.

Am I personally entitled to the 19% tax relief?

No, only employers contributing to PRS on behalf of their employees are eligible for the tax deduction.

What happens to the contributions in my PRS account if I am declared a bankrupt after having participated in the scheme?

As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for withdrawals according to the permitted circumstances as specified in the Guidelines of Private Retirement Schemes (“PRS Guidelines”). However, withdrawals from the account will be subjected to the oversight and conditions from the Director General of Insolvency (“DGI”).

Switching & Transfer

First Year

Can a Member switch funds within the first year?

Switching between funds of the same Provider is allowed within the first year. For further details on Switching, please refer to the Other Important Information page under the Joining PRS section.

Frequency & Fees

How many times can a Member switch in one year? And what are the fees involved?

PRS Members are allowed to switch between funds in the scheme, subject to the terms and conditions as specified in the scheme’s disclosure document. As such, please refer to the Disclosure Document of your respective scheme for the number of switches allowed within a year as well as the fees involved.

Bankruptcy

What happens to the contributions in my PRS account if I am declared a bankrupt after having participated in the scheme? Am I still able to switch funds?

As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for withdrawals according to the permitted circumstances as specified in the Guidelines of Private Retirement Schemes (“PRS Guidelines”). However, withdrawals from the account will be subjected to the oversight and conditions from the Director General of Insolvency (“DGI”).

First Year

Can a Member transfer Providers in the 1st year of subscribing to PRS?

Transfers can only be instructed between Providers after the first year of subscription to the PRS from the date of first contribution.

Frequency & Fees

How many times can a Member transfer in one year? And what are the fees involved?

A transfer request can only be conducted once per calendar year (there had been no prior transfer with the Transfer or Provider (releasing Provider) in that calendar year). Please refer to the PRS Providers page for the fees involved in relation to transfers.

Transfer Scenarios

Scenario 1

I made a contribution to Provider 1, Fund A on 2 January 2013. On 2 February 2014, I wish to transfer all my contributions from Fund A to Provider 2, Fund C. I did not conduct any transfers this year. Will my transfer request be approved?

Yes, your transfer request will be approved because:

1) You have contributed in Fund A for over one year;
2) This is your first transfer request from Provider 1;
3) You are transferring to a single fund.

Scenario 2

I invested in Provider 1’s Fund A on 2nd January 2013. On 14th February 2014, I would like to transfer all my holdings from Fund A to Provider 2’s Fund C and Provider 3’s Fund D. I have not made any other transfer for the year. Will my transfer be approved?

No, your transfer will not be approved as you are only allowed to transfer to 1 fund. For further details on Transfers, please refer to the Other Important Information page under the Joining PRS section.

Bankruptcy

What happens to the contributions in my PRS account if I am declared a bankrupt after having participated in the scheme? Am I still able to transfer funds between Providers?

As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for withdrawals according to the permitted circumstances as specified in the Guidelines of Private Retirement Schemes (“PRS Guidelines”). However, withdrawals from the account will be subjected to the oversight and conditions from the Director General of Insolvency (“DGI”).

Withdrawals

Retirement withdrawal may be made, in part or in full, the day after a PRS Member reaches the age of 55 years old as currently stipulated by Securities Commission Malaysia.

PRS Members can contact their PRS Consultants or PRS Providers to obtain and submit a withdrawal form.

  1. Is there any limit on the number of times I can withdraw upon retirement?
    No, there are no limit to the frequency of retirement withdrawals.
  2. If I initially invested in PRS and then stopped contributing, when can I withdraw from my PRS account or transfer to another PRS Provider?
    Even if there are no repeat contributions after the initial investment, your PRS account is still deemed active and withdrawals or transfers to another PRS Provider upon retirement can still be conducted.

    Transfers, however, can only be performed once per calendar year. Each PRS Provider has different fees and charges in relation to transfers. Please refer to this fees comparison table for more information.
  3. Why is the retirement age 55 years old?
    For the purpose of allowing PRS Members to make retirement withdrawals, members must be at least 55 years old, as stipulated by Securities Commission Malaysia. PRS Members would be informed if any changes are made to the current specified age.
  4. Is the 8% tax penalty applied to full or partial retirement withdrawal amount?
    There is no tax penalty for retirement withdrawal.
  5. What will happen if a member has not made any transactions for more than 12 months subsequent to attaining the age of 100 years?
    It will be considered as unclaimed moneys and the Scheme Trustee may transfer such accrued benefit held by the Scheme Trustee to the Registrar of Unclaimed Moneys, in accordance with the requirements of the Unclaimed Moneys Act 1965.
  6. What happens to the contributions in my PRS account if I am declared a bankrupt? Am I still able to withdraw the funds?
    As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for a retirement withdrawal. However, withdrawals from your PRS account will be subjected to the oversight and conditions from the Director General of Insolvency.

Scenario 1
I am 55 years old and I wish to withdraw in full from my PRS account. Would I incur the tax penalty?

No. PRS Members may make full or partial retirement withdrawals without tax penalty upon reaching the age of 55, as stipulated by Securities Commission Malaysia.

Scenario 2
I am an employee above 55 years old, but still under employment and I continue to subscribe to PRS. Do I still incur an 8% tax penalty when I withdraw from my PRS account?

No. Retirement withdrawals without tax penalty are allowed for PRS Members aged 55 years old and above, even if they are still under employment. Although lump sum withdrawals are permitted, PRS Members are encouraged to retain their savings for continuous investment with PRS, and to consider making monthly or regular withdrawals to support their golden years.

Pre-Retirement Withdrawal (if you are below 55 years old)

Pre-retirement withdrawals can be made for the following reasons:

Pre-retirement withdrawals from Sub-Account B may only be made from a PRS fund one year after the date of enrolment, except when it is due to permanent departure.

Pre-Retirement Withdrawal for General Purposes can be made, in part or in full, from Sub-Account B, which holds 30% of a member’s PRS savings. Such withdrawals are allowed one year after the date of enrolment, once per calendar year and are subjected to an 8% tax penalty on the withdrawn amount.

  1. Is the 8% tax applied to the full withdrawn amount or the net amount minus fees and charges?
    The tax penalty of 8% imposed on pre-retirement withdrawals would be applied on the full withdrawn amount.
  2. What are the fees involved?
  3. How do I make a pre-retirement withdrawal?
    You can contact your PRS Consultant or PRS Provider to obtain and submit a withdrawal form.
  4. If I do not want to contribute to PRS anymore, can I withdraw all my money and close my PRS account?
    You can stop contributing to PRS at any time, but you can only withdraw from Sub-Account A, which holds 70% of your PRS savings upon reaching 55 years old, as stipulated by Securities Commission Malaysia. This is to ensure you have adequate savings for your retirement years.

    Before the age of 55, as long as you’ve been a PRS Member for at least one year, you may make pre-retirement withdrawals for general purposes from Sub-Account B, which holds 30% of your PRS savings. Such withdrawals can be made once per calendar year and are subjected to an 8% tax penalty on the withdrawn amount. Additionally, PRS Members also have the option to switch their PRS savings to another fund within the same PRS Provider or transfer it to another PRS Provider’s fund. Fees for switch and transfer requests differ according to PRS Providers. Please see our fees comparison table or consult your respective PRS Providers for more information.
  5. What happens to the contributions in my PRS account if I am declared a bankrupt? Am I still able to withdraw the funds?
    As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for a pre-retirement withdrawal for general purposes. However, withdrawals from your PRS account will be subjected to the oversight and conditions from the Director General of Insolvency.

Scenario

I invested in Provider 1’s Fund A and Provider 2’s Fund B on 2nd January 2013. On 2nd February 2014, I would like to make pre-retirement withdrawal from Fund A and Fund B. I have not made any pre-retirement withdrawal for the year. Will my pre-retirement withdrawal be approved?

Yes, your pre-retirement withdrawal will be approved because:

i. You have invested in Provider 1’s Fund A and Provider 2’s Fund B for more than 1 year; and
ii. You have not made any pre-retirement withdrawal for the year.

Permanent departure of a member from Malaysia refers to the surrendering of a Malaysian work permit or citizenship. Withdrawals must be made in full from both Sub Account A and B, and the withdrawal form can be obtained from, and submitted to, PRS Providers or PRS Consultants.

  1. What documents are required for me to make a pre-retirement withdrawal due to permanent departure?
    • PRS Provider’s withdrawal form
    • Original and copy of NRIC (front and back) clearly showing full name and identification number; and
    • Letter of renunciation of Malaysian Citizenship (Form K/Form Y); or
    • Letter to confirm surrender of identity card from the National Registration Department (NRD); or
    • Letter to confirm surrender of identity card from Malaysian Embassy/High Commission of Malaysia/Malaysian Consulate in foreign country.
  2. What documents are required for expatriates or foreign workers?
    • PRS Provider’s withdrawal form
    • Original and copy of passport clearly showing full name and passport number, and
    • Letter of resignation/termination of contract of service by employer/proof of termination of work; or
    • Income tax clearance statement; or
    • Cancellation of work permit.
  3. What documents are required for non-working foreigners?
    • PRS Provider’s withdrawal form
    • Original and copy of passport clearly showing full name and passport number; and
    • Proof of cancellation of long term social visit pass.
  4. How can PRS Members, aged 55 or above, who will be permanently leaving the country make a full withdrawal?
    • PRS Members aged 55 or above can make a retirement withdrawal anytime, in part or in full. Contact your PRS Provider or PRS Consultant to obtain and submit a withdrawal form.
  5. What happens to the contributions in my PRS account if I am declared a bankrupt? Am I still able to withdraw the funds?

    • As an undischarged bankrupt, you will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for pre-retirement withdrawal due to permanent departure. However, withdrawals from your PRS account will be subjected to the oversight and conditions from the Director General of Insolvency.

Scenario

I am a foreigner and I ceased to work in Malaysia before the age of 55. Can I withdraw all my funds?

Yes, you are entitled to make a full withdrawal from sub-accounts A and B without any tax penalty as this is considered a pre-retirement withdrawal due to permanent departure. You will be required to furnish the following list of documentation:

  • PRS Provider’s withdrawal form
  • Original and copy of passport clearly showing full name and passport number, and
  • Letter of resignation/termination of contract of service by employer/proof of termination of work; or
  • Income tax clearance statement; or
  • Cancellation of work permit.

Pre-retirement withdrawals for housing purposes from Sub Account B without tax penalty can be made once every calendar year from each PRS Provider. The applicant must have been a PRS Member for at least one year and has a minimum balance of RM500 in Sub Account B. Once the withdrawal application is approved, the proceeds will be credited into the member’s bank account within 10 business days.

Permitted Housing Withdrawal Amount

  1. Am I eligible to make withdrawal for housing purposes?
    Any PRS Member (Malaysian or foreigner) below the age of 55 are eligible to make pre-retirement withdrawals from Sub-Account B for housing purposes without the 8% tax penalty. The applicant must have been a PRS Member for at least one year and have a minimum balance of RM500 in Sub-Account B.
  2. What are the requirements to apply for housing withdrawal?
    Members can apply for housing withdrawal provided there is a minimum balance of RM500.00 in
    Sub Account B.
  3. What are the types of Housing Withdrawal allowed for withdrawals related to housing?
    There are 3 types of housing withdrawal:

    • Withdrawal for purchase of house
    • Withdrawal for building a house
    • Withdrawal to reduce/redeem housing loan
  4. Where can I obtain the withdrawal form for housing?
    You may download a copy of the PRS Housing Withdrawal Form – Buy or Build House, PRS Housing Withdrawal Form – Reduce or Redeem Housing Loan and the Guide to Complete Form for Housing Withdrawal.
  5. How can I make the application?
    You may speak to your PRS Consultants for assistance or you can submit your application to your respective PRS Providers.
  6. How long is the processing time for the money to be released upon application?
    Upon approved application, the proceeds will be credited into your account within 10 business days.
  7. How do I know if my application is approved or rejected?
    You may contact your respective PRS Providers. Alternatively, you can also call PPA at 1300-131-772.
  8. As a joint purchaser, is a member still eligible to apply for withdrawal for building a house?
    Yes, a PRS Member is eligible to apply for housing withdrawal as long as the member is the purchaser or the co-purchaser and the borrower, or the co-borrower financing the loan.
  9. How many times can a member apply for withdrawal for housing?
    You are eligible to make a withdrawal once every calendar year, by submitting all required documentation as described under the Guide to Complete Form for Housing Withdrawal.
  10. Is the withdrawal for housing application restricted for only one PRS fund at a time?
    No. You may withdraw from all PRS Providers which you have an account with.
  11. Am I eligible to make a pre-retirement withdrawal for housing if I am declared a bankrupt?
    As an undischarged bankrupt, you will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You are also eligible to make pre-retirement withdrawal for housing purposes. However, withdrawals from your PRS account will be subjected to the oversight and conditions from the Director General of Insolvency.

Forms

Pre-retirement withdrawal for healthcare purposes from Sub-Account B without tax penalty and can be made once per calendar year from each PRS Provider, as long as the applicant has been a PRS Member for at least one year.

Healthcare withdrawals can be made to cover a list of illnesses for self and immediate family members, including medical equipment and/or medication, described in the document below:

  List of illness (Source: Schedule J, Guidelines on PRS, 21 Feb 2020)

  1. Am I eligible to make withdrawal for healthcare purposes?
    Any PRS Member (Malaysian or foreigner) below the age of 55 are eligible to make pre-retirement withdrawals from Sub-Account B for healthcare purposes without the 8% tax penalty, as long as the applicant has been a PRS Member for at least one year.
  2. What medical problems or situations do the healthcare withdrawal cover?
    You may refer to the list of illnesses described in the Guide to Complete Form for Healthcare Withdrawal.
  3. Where can I obtain the healthcare withdrawal form?
    You may download a copy of the PRS Withdrawal Form for Healthcare and the Guide to Complete Form for Healthcare Withdrawal.
  4. Can we apply for healthcare withdrawal for the use of family members as well?
    Yes, you can. You can withdraw from Sub Account B for the purpose of healthcare for yourself or your immediate family members which includes spouse, children (biological/adopted/step), parents (biological/adopted/step/in-laws), and sibling (biological).
  5. How can I make the application?
    You may speak to your PRS Consultants for assistance or you can submit your application to your respective PRS Providers.
  6. How long is the processing time for the money released upon application made?
    Upon approved application, the proceeds will be credited into your bank account within 10 business days.
  7. How do I know whether my application is approved or rejected?
    You may contact your respective PRS Providers. Alternatively, you can also call PPA at 1300-131-772.
  8. How many times can I make an application to withdraw for healthcare in a year?
    You are eligible to make a withdrawal once every calendar year by submitting all required documentation as described under the Guide to Complete Form for Healthcare Withdrawal.
  9. Is the withdrawal for healthcare application restricted for only one PRS fund at a time?
    No. You may withdraw from all PRS Providers which you have an account with.
  10. Is this withdrawal for healthcare restricted to only local treatment coverage?
    No. You are able to make withdrawal for local or foreign treatments.
  11. If the PRS Member is incapable of making such application by himself or not in a condition to do so or unable to sign any documents required due to any illness or any other acceptable reasons, can the application be made by any other person on his behalf?
    Yes. In the event a member is unable to sign the withdrawal form for healthcare due to health reasons, the member may sign using his or her thumbprint or appoint a person through the power of attorney.
  12. Am I eligible to make a pre-retirement withdrawal for healthcare purposes if I am declared a bankrupt?
    As an undischarged bankrupt, you will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You are also eligible to make pre-retirement withdrawals for healthcare purposes. However, withdrawals from your PRS account will be subjected to the oversight and conditions from the Director General of Insolvency.

Scenarios of Withdrawal for Healthcare

Example 1: Member’s medical bill is RM3, 000.
Member has withdrawn RM2, 000 from EPF/ claimed personal insurance/ employer has paid.
Member is still entitled to withdraw RM3, 000 from PRS according to his medical bill.

Example 2: Member’s medical bill is RM500. Member have multiple providers. Balance in sub account B as shown below:
Sub-account B in Provider A: RM500
Sub-account B in Provider B: RM500
Sub-account B in Provider C: RM400

Member submits withdrawal form to Provider A, Provider B and Provider C.
Providers will receive notification once PPA has approved the withdrawal request.

Example 3: Member’s medical bill is RM1, 000. Member has multiple providers. Balance in sub account B as shown below:
Sub-account B Provider A: RM500
Sub-account B Provider B: RM400
Sub-account B Provider C: RM400

Member submits separate withdrawal forms to each Provider A, Provider B and Provider C.
Member is entitled to withdraw RM500 from Provider A, RM400 from Provider B, and RM400 from Provider C up to the amount of the medical bill.

Example 4: Member’s medical bill is RM1, 000. Member has multiple providers. Balance in sub account B as shown below:
Sub-account B Provider A: RM500
Sub-account B Provider B: RM400

Member submits withdrawal form to Provider A to withdraw RM400 only despite medical bill being RM1, 000.
Member is entitled to withdraw the said amount.

Forms

Following the death of a member, the withdrawal process will depend on whether the nomination process was completed.

If a nomination was made, the nominee(s) may withdraw the deceased member’s PRS savings in accordance to the allocated percentage as stated in the nomination form. Details on how to make a withdrawal, information on how to enquire the nomination status of a deceased member and the relevant forms can be found on PPA’s dedicated page on all things related to Nomination.

In the event no nomination was made, then the PRS balance shall be paid to a lawful executor or administrator of the deceased member’s estate.

  1. What documents are required to make a withdrawal if no nomination was made?
    • A copy of the PRS Provider’s Withdrawal Form;
    • A copy of deceased PRS Member’s IC/passport showing clearly full name and identification number/passport number;
    • A copy of relevant document(s) showing PPA account number;
    • Original and a copy of Death Certificate (DC);
    • Original and a copy of Letter of Administration (LA)/Grant of Probate;
    • A copy of executor’s/administrator’s IC; and
    • A copy of executor’s/administrator’s bank account (not the front cover).
  2. How long does it take for the PRS balance to be disbursed?
    Proceeds from a deceased member’s PRS account will be disbursed by the PRS Provider within 10 days after receiving all relevant forms, supporting documents and authorization.
  3. What if the deceased member has multiple PRS accounts?
    Upon receiving a withdrawal request, PPA will alert all relevant PRS Providers on the status of the deceased member to prevent any unauthorised instructions from a third party. If there are multiple PRS accounts, PPA will inform the executor or administrator of the deceased member’s estate.

Withdrawals can be made in the event of Permanent Total Disablement (PTD), Serious Disease (SD) or Mental Disability (MD), as defined by Securities Commission Malaysia. Such withdrawals must be made in full from both Sub Account A and B, and is exempted from the 8% tax penalty.

  1. How are PTD, SD and MD defined for this withdrawal?
    Please refer to the Guide to Complete PRS Withdrawal Form for PTD, SD or MD for a list of definitions for PTD, SD and MD.
  2. How do I make a withdrawal due to PTD, SD or MD?
    A withdrawal may be made to the relevant PRS Provider by completing the PRS Withdrawal Form for PTD, SD and MD, accompanied by a medical report for PTD, SD or MD prepared by the member’s treating doctor. Do ensure all supporting documents submitted are certified true copies and verified by a Commissioner of Oaths, complete with the name, address and official stamp of the Commissioner of Oaths.For further details, including applications for fast-track withdrawals, please refer to the Guide to Complete PRS Withdrawal Form for PTD, SD or MD.
  3. What if I’m diagnosed with PTD, SD or MD when I’m 55 years old or older, can I still make retirement withdrawals?
    Yes. PRS Members aged 55 and above can make a retirement withdrawal anytime, in part or in full. Contact your PRS Provider or PRS Consultant to obtain and submit a withdrawal form.
  4. Can the next of kin withdraw on behalf of a PRS Member who is incapacitated due to PTD, SD or MD?
    If members are unable to manage their personal or financial affairs, and require the assistance of a third party to complete and sign the withdrawal form due to PTD, SD and MD on their behalf, then the third party must satisfy one of the following criteria:

    • Appointed by a court of competent jurisdiction to manage the affairs of the member. A certified true copy of the relevant court order is required.
    • Appointed by member through power of attorney. A certified true copy of the power of attorney registered and endorsed by the High Court of Malaya is required.

    In cases of PTD only, where members are unable to sign the withdrawal form, thumbprints may be accepted in lieu of signatures, provided there is a PRS Consultant and a treating doctor to verify and endorse the member’s consent and inability to sign the withdrawal form.

  5. What is the mode of payment?
    Payment will be credited into the member’s bank account or a cheque will be issued under the member’s name. Court orders authorizing payment to be made to third parties would be decided on a case by case basis upon consultation between PPA and the relevant PRS Providers.
  6. Once a member is diagnosed with PTD, SD or MD, how soon must the withdrawal be made?
    There is no time limit, but the withdrawal form must be submitted to a PRS Provider within a year of the medical report’s date.
  7. What happens to the contributions in my PRS account if I am declared a bankrupt? Am I still able to withdraw the funds?
    As an undischarged bankrupt, you or your employer may continue to contribute to PRS. You will still enjoy rights accorded to PRS members including the right to switch funds or request for transfer of any accrued benefits to another PRS Provider. You may also request for withdrawal due to PTD, SD or MD. However, withdrawals from your PRS account will be subjected to the oversight and conditions from the Director General of Insolvency.

Forms

PRS

PRS and You
Joining PRS
PRS Providers & Schemes
Fund Performance
PRS FAQs