Private Retirement Scheme

Transcription

1 Train-the-Trainer Workshop Private Retirement Scheme COURSE OVERVIEW The recent announcement by the Securities Commission on the release of the Guidelines on Private Retirement Scheme (PRS) and the financial intermediaries approved as providers of the new PRS industry marked a significant milestone in the development of a sustainable private retirement industry in Malaysia. PRS are voluntary long term investment schemes, intended to complement the mandatory contributions made to Employee Provident Fund (EPF). This course aims to train the trainers on the regulatory framework for PRS, including relevant laws, regulations and guidelines for PRS and the features of PRS including the tools and techniques to market PRS COURSE OBJECTIVE Upon completion of this workshop, trainers will be able to implement training programmes on Private Retirement Scheme (PRS) based on the modules provided to individual representatives or employees of their respective organisations LEARNING OUTCOMES Participants will be able to: identify the objectives and benefits of the PRS describe the PRS regulatory framework and its components explain the roles and responsibilities of PRS providers distinguish the types of funds within the PRS describe the key features of the PRS assess PRS investments articulate the role of PRS distributors, advisers and private pension administrators

2 DAY am Registration 9.00 am INTRODUCTION TO THE PRIVATE RETIREMENT SCHEME (PRS) INDUSTRY The Malaysian pension and retirement landscape Key Players and components The World Bank Pension Conceptual Framework The objectives and benefits of the PRS The need for retirement protection The benefits of the PRS framework am REGULATORY FRAMEWORK Role of the Securities Commission (SC) in the PRS Legislation, regulations and relevant guidelines Key components of the framework o PRS providers o PRS advisers o Private pension administrator (PPA) Speaker: Amerdeep Kaur Inderjit Singh, Securities Commission am Tea Break am THE PRS PROVIDER Approval, eligibility and selection criteria Duties and responsibilities Board of Directors and key personnel am THE PRS PROVIDER (Cont.) Operational matters o Register of members o Cooling-off right o Conflict of interest o Rebates and soft commissions o Inspection by members o Meetings of members o Investment committee o Audit committee o Shariah adviser 1.00 pm Lunch

3 DAY pm FEATURES OF PRIVATE RETIREMENT SCHEME Universal coverage Default option Voluntary contributions Vesting Pre-retirement withdrawal from the PRS Transfer between providers (portability) 3.30 pm Tea Break 3.45 pm FEATURES OF PRIVATE RETIREMENT SCHEME (Cont ) The scheme s trustees Fees, charges and expenses Dealing, valuation and pricing Forward pricing Product highlight sheet Key data section Portfolio turnover ratio 5.00 pm END OF PROGRAMME

4 DAY am Registration 9.00 am CONSTITUTION OF PRIVATE RETIREMENT SCHEME Types of funds within the scheme Instruments constituting the scheme Concept of Trust and its advantages The PRS Deed am CONSTITUTION OF PRIVATE RETIREMENT SCHEME (Cont ) Core funds Non-core funds Investment objective of the scheme Comparison between the PRS and other retirement products am Tea Break am PRIVATE RETIREMENT SCHEME INVESTMENTS Suitability assessment Relevance, consistency and appropriateness Types of investments am PRIVATE RETIREMENT SCHEME INVESTMENTS (Cont ) Measuring performance and returns Average total return Income distribution 1:00 pm Lunch

5 DAY pm PRS DISTRIBUTORS AND ADVISERS Regulating the distribution channel Types of corporations and representatives Required qualification and experience for distributing the PRS Code of Ethics and Standard of Professional Conduct Advertising guidelines Servicing the PRS member Rendering investment advice Guidelines on marketing of the PRS 3.30 pm Tea Break 3.45 pm PRIVATE PENSION ADMINISTRATOR Duties and responsibilities Board composition and CEO s approval Need to maintain security and confidentiality of information 4.30 pm Question & Answer session 5.00 pm END OF PROGRAMME

6 WORKSHOP TRAINERS Amardeep Kaur is presently an Assistant General Manager in Market Development Department, Securities Commission Malaysia (SC). The Department has the responsibility of leading and formulating development efforts in making the Malaysian capital market competitive, resilient and vibrant. Amardeep has been with the SC since Prior to working at the SC, she worked in various capacities in the Bursa Malaysia group of companies from 1998 to June Amardeep graduated with a LL.B (Law) from University of Leicester, United Kingdom, in 1996 and LL.M (Corporate and Securities Law) from London School of Economics, United Kingdom, in She obtained a Certificate of Legal Practise (CLP) from the University of Malaya and was admitted to the High Court of Malaya. Amardeep is a recipient of the British Chevening Scholarship awarded by the British High Commission. Mr. Teddy Khoo CFA, FRM, began his career with the Government of Singapore Investment Corporation in 1991 as an Investment Officer, before stints in Goldman Sachs and Aktis Capital Advisory Limited where he spent the last 8 years as a Global Macro Portfolio Manager. In his career, Mr. Khoo has managed a wide range of portfolios including global currency overlays, commodities, equity indices and Asian fixed income by using vanilla and exotic options, futures and forwards as well as cash and structured products. Mr. Khoo graduated with First Class Honours in Accountancy from the National University of Singapore in 1991 and received an MBA in Finance from Columbia University in New York City in Mr. Khoo became a Chartered Financial Analyst in 1994 and a Financial Risk Manager (FRM) in 2006.