There are 8 service providers for Private Retirement Scheme (PRS). Each has their own scheme designs. So, sometime I am confused with their features. This post list their features, which hopefully will ease my future reference.
On the Quantity of funds available (as at 4 Nov 2015)
| Providers | Core Funds (Qty) | Non Core Funds (Qty) | ||
| Conventional | Islamic | Conventional | Islamic | |
| Affin Hwang | 3 | - | 1 | 1 |
| AIA | 3 | - | - | 1 |
| AmFunds | 3 | - | 2 | 4 |
| CIMB | 3 | 3 | 2 | 2 |
| Kenanga | 3 | - | - | 1 |
| Manulife | 3 | 3 | - | - |
| RHB | 3 | - | - | - |
On their charges
| Providers | Initial Fee | Annual Fee | Withdrawal Fee | Remark |
| Affin Hwang | 0.00% | 1.30% - 1.80% | ||
| AIA | 3.00% | 1.50% | ||
| AmFunds | Class D (Equity) - 3.00% Class D (Bond) - 2.00% Class I (all) - 0.00% |
Class D (Equity) - 1.50% Class I (Equity) - 1.25% Class D & I (Bonds) - 1.00% |
AmPRS - Dynamic Sukuk Fund - Class D: Up to 1% | Class D - individuals Class I - through enployer |
| CIMB | Class A - 3.00% Class C - 0.50% Class X - 0.00% |
Class A & X - 1.40% Class C - 1.50% |
Class A & C = individual above 18 Class X - through employer |
|
| Kenanga | 1.50% | 1.55% | ||
| Manulife | 2.00% | Class A- 2.25% Class B - 1.50% |
2nd year:- 3% 3rd year:- 2% 4th year:- 1% 5th year:- 0% |
Class A = contribution made on first 10 years Class B = contribution made after 10th year |
| RHB | Growth
& Mod - 1.00% Conservative - 0.50% |
1.00% - 1.50% | Full / Partial |
On Retirement Age Withdrawal Options
Almost all service providers offers full or partial withdrawal to contributors upon their reaching age of retirement (currently age 55). I think this is industry standard.
I think Kenanga has a great feature here - Regular Withdrawal Program. It allows contributors to get redemption of units monthly by completing the request form once.
On Early Redemption Charge
Manulife has early redemption charge. It is charged on pre-retirement withdrawal or transfer of units to other providers, if it has not complete a 5 year period.
The above is just the features and fee and charges. Their performance can be found at http://gllt.morningstar.com/e6qvxuu98r/fundquickrank/default.aspx?LanguageId=en-GB&tab=ShortTerm.
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