NOT many can say they already have RM1 million saved for their retirement. But if you are one of the lucky ones, the EPF has introduced withdrawal flexibility to encourage you to invest and manage savings in excess of RM1 million on your own.

Why was this introduced?

Total savings of RM1 million is deemed sufficient to meet the basic retirement needs of members with a high income during retirement. By introducing this new withdrawal, members with savings in excess of RM1 million can now have the opportunity to invest and manage the excess savings on their own.

Who can apply for this withdrawal?

If you have built up total savings of RM1 million in your EPF account and are below 55, you are eligible for this withdrawal.

Is there a minimum amount for each withdrawal?

Yes. Any amount exceeding RM1 million can be withdrawn entirely but the minimum withdrawal amount at any one time must not be less than RM100,000.

How often can I apply for each withdrawal?

You can make withdrawals four times a year at intervals of three months.

Does the savings withdrawn under Investment Withdrawal and invested in approved External Funds constitute part of the RM1 million?

No, the RM1 million only refers to your savings in the EPF and does not include savings invested in the external funds.

Will the withdrawal amount be taken from my Account 1 or 2?

The withdrawal amount exceeding RM1 million is taken from Account 2, and if insufficient, will be taken from Account 1. For instance, you would like to make an excess RM1 million withdrawal based on an EPF savings of RM1,175,000 and the sum in each of your account is as follows:

How do I apply for this special withdrawal?

You must first complete the KWSP9B(AHL) Form and produce supporting documents, namely your identity card/ MyKad, your bank books or account statements which are still active and also your passport if you are a Malaysian residing overseas or an expatriate.

How will payment be made?

Payment will be made directly into your bank account for application submitted within the country.

However, if applications are made from abroad, payment will be made through a foreign bank draft.

For further enquiries on how to make excess RM1 million withdrawal, contact the nearest EPF office or log on to www.kwsp.gov.my