My sister told me about SSPN which she listened over the radio. In Budget 2013, parents with children at school who save their money at SSPN can entitle maximum tax relief of RM6000 starting 2012 to 2017.
This is definitely very attractive to me as I am at 19% tax bracket. RM6000 translates into RM1140 tax saving. Together with my husband, we will be saving RM2280. This is a huge saving!
However, my concern would be the safety of my money at SSPN. I searched the web and know vaguely that SSPN is somehow related to PTPTN. The banks act as their agent to accept the saving only. As for withdrawal, the banks only assist to receive the withdrawal forms and documents supporting the withdrawal. It may take months before the depositors receive their withdrawal. It is also difficult to trace the withdrawal process. On top of that, PIDM does not insure SSPN saving as SSPN is not a bank institution, which doesn't come under the scrutiny of BNM.
On second thought and after discussing with my husband, we decide not to participate in SSPN. This will mean we are unable to save on the RM2280, with fear of unable to withdraw our RM12,000.
Somehow, I suddenly notice that the Genneva Gold case has affected my confidence with the way our country is run. Our ex-XX was at the launching of Genneva Gold, and yet after a few years when 60,000 investors have invested their money in the company, BNM and related enforcement agencies are raiding this company. What is becoming of our country?
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