Sunday, January 15, 2012

Unit Trust - Investing Using EPF account

Assalamualaikum,
My last post about Unit trust was back in Oct 2010. The post was FAQ(2) about investing in unit trust. So what is next?

Apart from investing using in-hand money, we can invest in unit trust using our money in account 1 in EPF.How simple is that?

Requirement : Need to have minimum balance in the Account 1 of EPF. 

What is the minimum balance? Please refer to below table.


Required Basic Savings In Account 1
Age
 (Years)
Basic Savings
(RM)
Age
(Years)
Basic Saving
 (RM)
18
1,000
37
34,000
19
2,000
38
37,000
20
3,000
39
41,000
21
4,000
40
44,000
22
5,000
41
48,000
23
7,000
42
51,000
24
8,000
43
55,000
25
9,000
44
59,000
26
11,000
45
64,000
27
12,000
46
68,000
28
14,000
47
73,000
29
16,000
48
78,000
30
18,000
49
84,000
31
20,000
50
90,000
32
22,000
51
96,000
33
24,000
52
102,000
34
26,000
53
109,000
35
29,000
54
116,000
36
32,000
55
120,000

Some Examples To Compute The Allowable Investment Amount
Member
Age
Savings In Account 1
 (RM)
Basic Savings (RM)
Computation: Savings In Account 1- Basic Savings x 20%
Member's Eligibility
A
22
4,000
5,000
-
Not qualified as the savings is lesser than the basic savings required.
B
22
8,000
5,000
(8,000 - 5,000) x 20% = RM600
Not qualified as the savings is lesser than required minimum investment amount of RM 1,000.
C
25
20,000
9,000
(20,000 - 9,000) x 20% = RM2,200
Qualified as the savings is more than the basic savings and minimum limit.
D
40
40,000
44,000
-
Not qualified as the savings is lesser than the basic savings required.
E
45
100,000
64,000
(100,000 - 64,000) x 20% = RM7,200
Qualified as the savings is  more than the basic savings and minimum limit.


Contact me to invest using EPF through CIMB Wealth Advisors.

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