Last week, EPF officially rolled out the new Akaun Fleksibel, also known as Account 3, to all its members. The account restructuring sees that 10% of members’ contributions moving forward will be eligible for withdrawal at any time, hence the flexible label.
While the statutory body says that the dividend rates for all three accounts will be the same across the board “at this time”, some people might not want to put their savings in the third account. Unfortunately, members are not allowed to opt out of Akaun Fleksibel as it was implemented automatically for all users, but that doesn’t mean you can’t move the money to the other accounts.
During an interview with BFM, EPF’s head of policy and strategy, Balqais Yusoff, revealed that it will soon enable members to set a recurring transfer of funds from Account Fleksibel to Accounts 1 and 2. Not only that, but you will be able to choose where the money goes between the two accounts or if you want to split the funds equally into Accounts 1 and 2.
Balqais said that this automation feature will be rolled out in June or July and will be accessible online, which likely means that it will be done through the KWSP app. Just FYI, EPF already offers the ability to transfer savings from Akaun Fleksibel, but it requires you to go to one of its branches and fill out a form.
(Source: BFM)
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