Amanah Raya Berhad has clarified through a press statement that messages currently circulating regarding EPF nominations and automatic distribution of members savings are not true.
Adenan Md Yusof, Managing Director of Amanah Raya Group says the Group is committed to providing the best service to Malaysians. “It is no true that the EPF savings will be frozen under AmanahRaya. Due its role as an Adminstrator, AmanahRaya will divide assets to the rightful recipient accordingly,” he said.
Adenan also stressed that the EPF savings will only handed over to AmanahRaya if a member of the savings fund were to die due to illness or accident. The fund further clarified that that if the nominees have not reached the age of 18, the nomination will not be able to take place. However, member’s children under the age of 18 or if disabled will be able to access the funds for schooling fees, daily expenses as well as for festivities.
The nation’s premier trustee company serves as an appointed trustee to administer trust asses contained in the deed. Members of EPF are given the choice to assign Amanah Raya as the administrator of their assets. As at the fourth quarter of 2019, EPF had close to a total of 14.6 million members, of which 7.63 million were active contributors.