by NG MIN SHEN/ pic by MUHD AMIN NAHARUL
THE Employees Provident Fund (EPF) has launched i-Invest, an online portal that enables eligible members to invest directly in unit trust (UT) funds offered by EPF-approved fund management institutions.
In a statement yesterday, the EPF said members below 55 years of age can fund their investment directly from the eligible portion of their savings under Account 1, with sales charges ranging from zero to 0.5% of the transaction amount.
“i-Invest provides greater flexibility, functionality and convenience for members to invest, transact and monitor their UT investments anytime and anywhere.
“It also enables members to compare different UT funds offered by the approved fund management institutions, monitor their investment funds through i-Akaun and look up information on the cost of investment, historical performances and the required statutory information,” it said.
EPF CEO Tunku Alizakri Alias (picture) said the online portal, which can be found within the i-Akaun (member) portal, empowers its members to take control of their investments and make transactions at nearly zero cost.
“To ensure (that) they are as informed as possible, i-Invest contains tools to obtain and compare relevant information and enables the right selection of UT funds that best suits our members’ savings goals.
“We are also proud as we believe (the) EPF is the first in the world to directly link members’ retirement funds to online investment services,” he added.
The EPF has enforced a maximum cap of 0.5% on sales charges for the online investment facility, while offline and traditional transactions through agents currently carry sales charges of 3%.
Tunku Alizakri said EPF members who are interested in utilising i-Invest should continue to exercise caution when making any investment decision.
Members should arm themselves with the right information or seek professional advice before committing to any transaction, he said.
EPF members can transfer up to 30% of the amount in excess of basic savings from their EPF Account 1 to be invested in the qualified funds.
They can also open an account to invest in UT funds with any fund management institution through the new facility.
Meanwhile, members aged 55 years and above can use the i-Invest platform via Akaun 55 or Akaun Emas through the i-Akaun portal as a mode of withdrawal, subject to maintaining a minimum of RM1,000 in their account.
For the period of 2019/2020, a total of 389 funds from categories including equity, mixed assets, bonds, money market and property trusts are approved under the EPF’s Members Investment Scheme.