KUALA LUMPUR, Nov 14 — Planning for retirement but unsure where to start? Just head over to the Employees Provident Fund (EPF) for free, customised advice through its Relationship & Advisory (RA) service, tailored to fit your financial goals.

Here’s all you need to know in 10 questions, based on publicly-available information and EPF’s response to Malay Mail’s enquiry about this award-winning service:

1. What is the EPF’s RA service?

The EPF’s RA service was previously known as the Retirement Advisory Service (RAS), and it’s where you can find out how to plan for your retirement financially and what options you have to increase your retirement savings.

Launched in July 2014 in Kuala Lumpur and Petaling Jaya, this service was a pilot project that gradually expanded to all 69 EPF branches nationwide.

According to the EPF, over 731,000 EPF members have experienced the RA service in the 10-year period from July 2014 to August 2024.

The EPF’s RA programme has won international recognition: Asean Social Security Organisation’s (ASSA) Financial Literacy Excellence Award 2016; the World Pension Summit 2016’s Innovation Award for excellence in innovation in communication; and also a certificate of merit in the International Social Security Organisation’s (ISSA) Good Practice Awards — Asia and the Pacific 2018.

Based on the ASSA 2016 award, Malaysia is the second country in the world (after South Korea) and the first in South-east Asia to have its retirement savings fund offer advisory services for retirement.

2. Who is eligible for EPF’s RA?

All EPF members can get free advice, regardless of age or employment status.

"Individuals from all demographics seek advice from the EPF RA, including young professionals, middle-aged individuals, those nearing retirement, and retirees,” EPF told Malay Mail.

Others who get advice are self-employed individuals, employees and gig workers, EPF said.

3. Why should you use the EPF’s RA service?

EPF encourages its members to use the RA service "to gain a deeper understanding on the importance of financial planning especially for retirement”.

"By receiving advice and guidance, they can make better financial decisions, manage their savings effectively and ultimately work towards a more secure and comfortable retirement life,” it said.

4. How will EPF’s RA officers help you in different seasons of your life?

EPF recognised that its members would have different needs and challenges at different stages in life, and said RA officers would provide guidance to fit these unique circumstances.

"Everyone has their own unique financial needs.

"To help individuals prepare for their retirement, RA Officers will guide them in assessing their current financial situation, revisiting and aligning financial goals, identifying and planning resources for future needs, setting strategies to achieve those goals, and planning for retirement, including management of finances post-retirement,” it told Malay Mail.

Currently, EPF members are allowed to withdraw money from their EPF savings even before retirement, such as for housing, if conditions are met.

"At different life stages, members may face various challenges based on family background, lifestyle, financial literacy, and retirement goals. Some may be buying their first home, starting a family, working in the formal or informal sector, or dealing with insufficient savings.

"When members seek advice from an RA Officer, they will be guided through reassessing their financial situation, balancing short-, medium-, and long-term financial needs, and making prudent decisions regarding EPF withdrawals.

"It’s highly encouraged to consult an RA Officer before making any withdrawal decisions to ensure members have adequate retirement savings for the future,” EPF told Malay Mail.

5. When should EPF members start planning for retirement? (Hint: The best time is either from day one, or right now!)

EPF said its members are encouraged to seek advice from the RA at the early stage of their careers "or as soon as they start contributing to the EPF”.

"This can help them set clear financial goals, optimise their savings, and establish long-term plans for a secure retirement,” it said.

With the majority of EPF members beginning "their retirement planning between the ages of 40 and 60”, EPF said: "The goal is to encourage earlier and more proactive planning to ensure a more stable and comfortable retirement.”

If you have not started planning for retirement yet, you can still do it now, with the help of EPF’s trained RA officers.

"It’s never too late to start planning for retirement. Saving and planning now can lead to a more comfortable and secure future.

"The most important thing is recognising the need to save and taking steps to start saving as early as possible,” EPF said.

6. How can you get advice from EPF’s RA?

There are two ways EPF members can get the RA consultation service, ask for it

• at any EPF branch nationwide. Just walk in and ask at the counter.
• during EPF’s outreach programmes

7. How long does a RA consultation session last?

The EPF said it depends on the complexity of the consultation required, "as the RA officer provides personalised advice based on the member’s financial situation and retirement goals”.

8. Who will be the ones giving you advice?

All of EPF’s RA officers will go through the Malaysian Financial Planning Council (MFPC)’s Shariah Registered Financial Planner (Shariah RFP) programme.

Currently, about 52 per cent of EPF’s RA are already Shariah RFP-certified.

9. Thumbs up from EPF members

The EPF said its members have given "positive feedback” on RA services, particularly those who had benefited from EPF’s Voluntary Excess (VE) Contribution programme with support from their employers.

Under Malaysia’s law, contributions to employees’ EPF savings must be made every month by both employers (12 to 13 per cent of the employees’ monthly wages) and employees (11 per cent).

VE enables either employees or employers or both of them to contribute more than the statutory or legally-required rates to the employees’ EPF savings as long as conditions are met, with no limits on this additional monthly contribution.

"The RA team has been engaging members through various financial literacy talks and outreach programmes, enhancing their awareness of financial planning.

"RA has been providing clear explanations and informative advisory on financial planning to both members and non-members,” EPF said.

10. Ok. I want to go now for EPF’s RA service, but where do I go?

The EPF said all 69 of its branches throughout Malaysia are able to provide RA service to the public: