You do not have to apply for the PRS Youth Incentive. The PPA will identify individual account eligible for the incentive based on the cut-off date of end June and December every year (2017-2018). They will ensure each youth is only eligible once for the incentive. PRS Providers are responsible for creating the units in sub-account A of the respective funds upon PPA’s instruction.
The RM1,000 will be converted into units of the same fund in which you have contributed RM1,000. In the event where you have a fund allocation into several funds by a single PRS Provider which resulted in RM1,000 in each fund, the RM1,000 will be divided equally between the Funds.
You may view the transaction via PRS Plus Online. If you have not received your Login ID/Password Mailer or should you require any assistance, please contact our Customer Care Centre at (03) 7718 3100.
Alternatively, you may also log into your PPA online account to view the transaction.
The RM1,000 is added into your PRS portfolio. Thus, it would be charged the annual Management Fee of 1.40%. However, the Sales Charge is waived on the RM1,000 incentive.
The RM1,000 incentive will be credited into sub Account A. Hence, no pre-retirement withdrawal is allowed.
The RM1,000 incentive is not tax deductible as it is not considered as a contribution by the PRS Member. The RM1,000 incentive will only increase your unit holding and portfolio value.
If you have more enquiries, you may call our Customer Care Centre at (603)7718 3100 or email to email@example.com. You may also visit our website at www.cimb-principal.com/prs
Alternatively, you may contact the PPA at 1300 131 772 or visit the official website at www.ppa.my
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