Beginning 1 January 2018, all members can opt to appoint AmanahRaya as:
I. Nominee to members’ EPF savings; and/or
II. Trustee to Underage Nominee appointed by members for their EPF savings
2. Is the appointment of AmanahRaya as Nominee and/or Trustee allowed to all members?
Yes, all members may appoint AmanahRaya as Nominee.
For Nomination made by Muslim members, the savings will be subject to Faraid Law.
For Nomination made by non-Muslim members the savings received will be distributed according to members’ instruction.
Only non-Muslim members are allowed to appoint AmanahRaya as Trustee to Underage Nominees. This includes non-Malaysian members who have become an EPF member prior to 1 August 1998 or those who have obtained Permanent Resident (PR) status.
3. How can the appointment of Nominee and/or Trustee be made?
Appointment of AmanahRaya as Nominee and/or Trustee can be made by filling up the EPF Nomination Form 4 which is available at all EPF branches.
4. How can members appoint AmanahRaya as Nominee and/or Trustee?
The eligibility criteria for members who wish to appoint AmanahRaya as Nominee and/or Trustees are as follows:
a) In order to appoint AmanahRaya as Nominee, members must have savings balance with EPF;
b) In order to appoint AmanahRaya as Trustee, members must have savings balance and have appointed Underage Nominee for their EPF savings.
5. When do the Nomination and/or appointment of Trustee take effect?
A Nomination and/or appointment of Trustee takes effect on the date where EPF receives the EPF Form 4.
6. Can the appointment of AmanahRaya as Nominee and/or Trustee be revoked?
The appointment of AmanahRaya as Nominee and/or Trustee may be revoked subject to the rules and regulations set out by the EPF as outlined in the Important Information for Nomination and Guide to Filling EPF Form 4.
7. Are there any fees imposed for appointing AmanahRaya as Nominee and/or Trustee to Underage Nominee(s)?
No fees are imposed during the nomination process made by member.
8. What is the role played by AmanahRaya as a Nominee to member’s savings in the event of the member’s demise?
Upon demise of the member, AmanahRaya as the Nominee to the member’s EPF savings will manage the savings as per follow:
For non-Muslim members distribution will be made based on the member’s instructions.
Should there be no instruction given by member, distribution will be made based on the Distribution Act 1958.
For Muslim members their savings will be subject to Faraid Law.
9. What is meant by estate administration?
Estate administration refers to the process of collecting and managing assets and debts of the deceased and distributing them to the rightful heirs.
Prudent estate administration ensures that the surviving beneficiaries can inherit the deceased’s estate.
10. What are the processes involved in estate administration?
The processes involved in estate administration include:
a) Identifying the member’s assests;
b) Settling membe’s debts (if any);
c) Issuing a Letter of Administration; and
d) Distributing the inheritance to the rightful heir in accordance with applicable laws.
11. What is meant by trusteeship?
Trusteeship refers to the fiduciary obligation which binds the Trustee to manage and administer the asset entrusted in the interest of the beneficiaries as instructed by the member.
12. What is the role played by AmanahRaya as Trustee to Underage Nominee/beneficiaries?
As a trustee, AmanahRaya oblige to the instructions as set out by the member. Whereas in its role as Trustee to Underage Nominee, AmanahRaya will keep safe, maintain and manage the member’s savings for the benefit of Underage Nominee/beneficiaries appointed by the member.
In addition, the withdrawal of member’s savings for subsistence, schooling, festive and special needs of the Underage Nominee/beneficiary will be made by AmanahRaya based on the Underage Nominee/beneficiary needs.
13. What are the benefits to members who appoint AmanahRaya as Trustee to Underage Nominee?
Among the benefits enjoyed by members when they appoint AmanahRaya as Trustee to Underage Nominee include:
a) AmanahRaya is a wholly-owned company by the government which has the expertise and extensive experience in discharging their duties as trustee;
b) Protects the interest of beneficiaries primarily underage beneficiaries or nominees;
c) Allocate assets to the desired beneficiaries for specific purposes based on the requirement of member;
d) Trusteeship is not tied to asset freezing and not subject to estate administration; and
e) Guaranteed of capital preservation and provide competitive returns through the investment of Trust funds.
14. Will member’s savings remain with EPF in the event that member appoints AmanahRaya as Nominee and/or Trustee?
Yes, member’s savings will remain with EPF in the event that member appoints AmanahRaya as Nominee and/or Trustee and member’s savings will only be handed over to AmanahRaya upon member’s demise.
15. What are the fees and/or charges imposed for estate administration carried out by AmanahRaya?
For the nomination of AmanahRaya which involves estate administration, special fees and/or charges apply as follows:
2% on the first RM1,000,000;
1% on the remainder;
No other fees and charges will be imposed;
For savings of RM5,000 and below, no estate administration fees will be imposed.
16. What are the fees and charges for the administration of trust carried out by AmanahRaya?
For the nomination of AmanahRaya which involves administration of trust, special fees and/or charges apply as follows:
1.5% on the first RM1,000,000
1% on the remainder or RM17,500 (whichever is lower)
No other fees and charges apply
17. Are members’ savings guaranteed by AmanahRaya?
Yes, members’ savings which involve either Estate Administration or Trust
Administration is guaranteed.
18. What are the other privileges for appointing AmanahRaya as Nominee and/or Trustee?
AmanahRaya offers Basic Will Writing to members for FREE.
19. How is the Basic Will made and what is the grace period for redemption?
Redemption of Basic Will can be made at any ARB branches by submitting a copy of the nomination form from i-Akaun.
Redemption of the Basic Will has to be made within three (3) months from the nomination date.
Members who have made a Will with AmanahRaya are also eligible to receive one free amendment to the Will within six (6) months from the nomination date.
20. What does the heir to a member has to do upon the passing of member who has appointed AmanahRaya as Nominee and/or Trustee?
Upon the demise of the member, the heir is required to do the following:
a) Inform AmanahRaya of the member’s demise and furnish an original of the following document i.e. Death Certificate/ Declaration of Death/Funeral Permit/Presumption of Death Order.
b) Heir(s) to the member may visit the AmanahRaya website at www.amanahraya.my for further information on AmanahRaya or visit any of AmanahRaya branches throughout Malaysia.
21. The debts of the deceased exceed that of EPF savings. Payment to beneficiaries can only be made by AmanahRaya upon the settlement of all debts.
If the debts of member exceeds that of EPF savings and other assets of the deceased, the estate will be categorized as Insolvent.
Confirmation of the deceased’s estate can only be made upon investigation into all assets and liabilities of the deceased.
22. What happens to member’s savings if the member / beneficiary is declared bankrupt
Subject to bankruptcy search issued by the Insolvency Department of Malaysia, the assets of the deceased who have been declared bankrupt will be handed over to the Director General of Insolvency in accordance with the provisions under Section 58 of the Bankruptcy Act 1967.
23. Heir of the deceased member is declared bankrupt
Subject to the bankruptcy search issued by the Insolvency Department of Malaysia, in the event that a beneficiary of the deceased member has been declared bankrupt, all assets to be received by the beneficiary should be handed over to the Director General of Insolvency in accordance with the provisions under Section 58 of the Bankruptcy Act 1967.
24. Objection received from heir after distribution has been completed
Estate distribution of the deceased’s asset by AmanahRaya is based on the provisions of the applicable law. However, any objection by the beneficiary after the distribution being made can be addressed directly to AmanahRaya for due diligence based on the needs and circumstances of the case.
25. Non-Malaysian member who appointed AmanahRaya as nominee
Non-Malaysian member can appoint AmanahRaya as Nominee and/or Trustee to EPF savings.
AmanahRaya as Trustee to Underage Nominee (Below the age of 18)
26. AmanahRaya as Trustee to Underage Nominee (Below the age of 18). What happens when the nominee reaches 18 years of age?
When the Underage Nominee reaches the age of 18, the remaining trust asset administered by AmanahRaya will be paid to the nominee.
For Underage Nominees who are mentally or physically handicapped (unsound mind), the trust asset shall be governed for life by AmanahRaya subject to Court Order.
27. Change in rates charged by AmanahRaya
The fees and /or special rates charged by AmanahRaya are subject to revision in accordance with the applicable requirements and fees at the time of nomination by member.
28. How may member make further inquiries relating to the appointment of AmanahRaya as Nominee and/or Trustee?
Any inquiries related to the appointment of AmanahRaya as Nominee and/or Trustee and its execution can be referred directly to AmanahRaya through the following channels:
Toll Free Line: 1-800-888-ARB(272)
General line : 03-2055 7388
WhatsApp : 011-2068 0612
Fax : 03-2031 6161 Email : email@example.com
OR Get in touch with EPF: http://www.kwsp.gov.my