KUALA LUMPUR: The Employees Provident Fund (EPF) Retirement Advisory Service (RAS) clinched a win at the 2016 Pensions and Investments World Pension Summit Innovation Awards in the communications category in The Hague, Netherlands.
The ceremony was held on Nov 10 in conjunction with the World Pension Summit to honour institutions with innovative initiatives and solutions in pensions.
EPF deputy chairman Datuk Siti Zauyah Mohd Desa said the award proves that the pension fund's initiative of providing a first-of-its-kind advisory service is ground breaking and of international standard.
The advisory service is free of charge, provides independent advice and is open to all in a bid to empower members to take charge of their own retirement and ensure financial security in their golden years.
The RAS was introduced on July 1, 2014 as a pilot project in its two main branches in Kuala Lumpur and Petaling Jaya.
The advisory service serves as a platform for EPF members to obtain personalised advisories from EPF's trained officers pertaining to retirement planning.
The initiative has since been expanded to other locations throughout Malaysia, Siti Zauyah said.
Meanwhile, EPF deputy chief executive officer (operations) Datuk Mohd Naim Daruwish said the pension fund is stepping beyond its traditional role of managing investments and related transactional relationships towards advisory-focused services.
He added that currently, there are 18 RAS counters at EPF branches nationwide and by 2018, the advisory service will be offered at all branches, as well as in rural areas via an outreach mobile RAS programme.
RAS officers are required to undertake the Registered Financial Planner program, run by the Malaysian Financial Planning Council, under the purview of the Securities Commission.
They are also required to undergo attachment programmess with other financial advisory agencies for six months before assuming the role as RAS officers.