More: SSPN is a saving scheme introduced by the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN). PTPTN was established under the Perbadanan Tabung Pendidikan Tinggi Nasional Act 1997.
SSPN was introduced to enable parents to save and eventually finance their children's education at higher learning institutions. To encourage individuals to deposit into SSPN, paragraph 46(1)(k) of the ITA was introduced to allow a deduction for individuals who make deposits into the scheme.
The amount allowed as a deduction is the net contribution in the relevant year limited to a maximum of RM6,000 effective from YAs 2012 to 2020. The net contribution is the amount of deposits after deducting the amount of withdrawals made during the year.
Premium for deferred annuity and contribution to private retirement scheme
Effective YA 2012 to 2021, section 49(1D) of the ITA provides that a deduction
not exceeding RM3,000 can be claimed by an individual who has
(a) paid premiums for a deferred annuity; or
(b) made or suffered the making of a contribution to a private retirement scheme approved by the Securities Commission
PRS is a voluntary long-term investment scheme that offers a range of funds to cater to different risk profiles.
PRS operates as a unit trust scheme with trustee to ensure that the fund's assets are segregated from the PRS provider. Funds under PRS will be professionally managed by PRS providers to meet investors' retirement objectives.
PRS is opened to all individuals aged 18 years old and above.
There would be no fixed amounts or fixed intervals for making contributions to a PRS fund. This means that contributions are flexible depending on the financial ability of the investor.
Option to switch funds within a PRS managed by the same provider is allowed at any time or change to another PRS provider is allowed once in a calendar year, provided an investor has participated in the PRS fund for one year.
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