TNG Digital has collaborated with Principal Asset Management to launch the Principal Private Retirement Schemes (PRS) on the TNG eWallet platform.
The initiative aims to simplify retirement planning for Malaysians, providing a secure and streamlined way to enhance their savings.
The Principal PRS Target Date Funds, introduced in 2022, are designed to complement mandatory retirement savings with an investment strategy tailored to individual timelines.
The funds follow an asset allocation glide path, shifting from aggressive, growth-focused investments during younger years to more moderate, conservative strategies as users near retirement.
This approach aligns with users’ changing risk tolerance over time, eliminating the need for proactive management or rebalancing by investors.
Users can choose between Shariah-compliant and conventional funds with a minimum contribution of RM100.
Additionally, contributors can enjoy up to RM3,000 in tax relief, encouraging long-term participation.
As an added incentive, investments of RM100 or more made by 31 December 2024 will qualify for a reward of up to 8% per annum for 30 days.
TNG eWallet users can access the PRS fund here.
Alan Ni, Chief Executive Officer of TNG Digital, said,
“Our goal is to make financial security accessible and achievable for every Malaysian. By adding the Principal PRS to GOfinance, we are offering over 22 million TNG eWallet users an easy, reliable way to actively plan for a comfortable retirement.
Together with Principal, our long-time partner, we’re providing a robust and safe investment path that not only complements current savings but strengthens users’ long-term financial resilience.”
Munirah Khairuddin, Chief Executive Officer of Malaysia and Global Shariah, Principal said,
“We launched our Target Date Funds (TDF) in 2022, and we are very excited to bring this into the TNG eWallet ecosystem. This innovative PRS solution is the first-of-its-kind in Malaysia and leverages on our global expertise in asset allocation.
It’s never too early to start building your future and the TDF makes it easier than ever. The TDF is a hassle-free solution with an asset allocation glide path which takes into account the investor’s age and expected year of retirement.”
Featured image credit: Edited from Freepik
