Biography of Fred Hoyle, British Astronomer

The science of astronomy features many colorful characters throughout its history, and Sir Fred Hoyle FRS was among them. He is best known for coining the term Big Bang for the event that birthed the universe. Ironically, he was not a big supporter of the theory of the Big Bang and spent much of his career formulating the theory of stellar nucleosynthesis—the process by which elements heavier than hydrogen and helium are created inside stars. The Early Years Fred Hoyle was born on the 24th of June, 1915 to Ben and Mable Pickard Hoyle. Both his parents were musically inclined and worked various jobs during their lives. They lived in the small town of West Riding, in Yorkshire, England. Young Fred attended school at Bingley Grammar School and eventually moved on to Emmanual College at Cambridge, where he studied mathematics. He married Barbara Clark in 1939, and they had two children. With the onset of war in the 1940s, Hoyle worked on various projects that benefitted the war effort. In particular, he worked on radar technology. During his work for the British Admiralty, Hoyle continued to study cosmology and made trips to the United States to meet with astronomers. Creating the Theory of Elements in Stars During one of his astronomy tours, Hoyle became acquainted with the idea of supernova explosions, which are catastrophic events that end the lives of massive stars. It is in such events that some of the heavier elements (such as plutonium and others) are created. Yet, he was also intrigued by processes inside ordinary stars  (such as the Sun) and began looking at ways to explain how such elements as carbon could be created inside those. After the war, Hoyle returned to Cambridge as a lecturer at St. Johns College to continue his work. There, he formed a research group focused specifically on stellar nucleosynthesis topics, including the formation of elements inside all types of stars. Hoyle, along with colleagues William Alfred Fowler, Margaret Burbidge, and Geoffrey Burbidge, eventually worked out the basic processes to explain how stars synthesize heavier elements in their cores (and, in the case of supernovae, how catastrophic explosions played a role in the creation  of very heavy elements). He stayed at Cambridge until the early 1970s, becoming one of the worlds foremost astronomers due to his work on stellar nucleosynthesis. Fred Hoyle and the Big Bang Theory Although Fred Hoyle is often credited with the name Big Bang, he was an active opponent of the idea that the universe had a specific beginning. That theory was proposed by astronomer Georges Lemaitre. Instead, Hoyle preferred the steady state universe, where the density of the universe is constant and matter is constantly being created. The Big Bang, by comparison, suggests that the universe began in one event some 13.8 billion years ago. At that time, all matter was created and the expansion of the universe began. The Big Bang name he used came from an interview on the BBC, where he was explaining the difference between the explosive nature of the Big Bang versus the steady state theory he favored. The Steady State theory is no longer taken seriously, but it was vigorously debated for years. Later Years and Controversies After Fred Hoyle retired from Cambridge, he turned to science popularization and writing science fiction. He served on the planning board for one of the most famous telescopes in the world, the four-meter-wide Anglo-Australian telescope in Australia. Hoyle also became a staunch opponent of the idea that life began on Earth. Instead, he suggested it came from space. This theory, called panspermia, says that the seeds of life on our planet may have been delivered by comets. In later years, Hoyle and colleague Chandra Wickramasinghe advanced the idea that flu pandemics could have been brought to Earth in this way. These ideas werent very popular and Hoyle paid the price for advancing them. In 1983, Fowler and astronomer and astrophysicist Subrahmanyan Chandrasekhar were awarded the Nobel Prize in Physics for their work on the stellar nucleosynthesis theories. Hoyle was left out of the prize, even though he was an important pioneer in the subject. Theres been much speculation that Hoyles treatment of colleagues and his later interest in alien life forms may have given the Nobel Committee an excuse to omit his name from the prize. Fred Hoyle spent his last years writing books, giving speeches, and hiking on the moors near his final home in Englands Lake District. After a particularly nasty fall in 1997, his health declined and he died after a series of strokes on August 20, 2001. Awards and Publications Fred Hoyle was made a fellow of the Royal Society in 1957. He won several medals and prizes over the years, including the Mayhew Prize, the Crafoord Prize from the Royal Swedish Academy of Sciences, the Royal Medal, and the Klumpke-Roberts Award. Asteroid 8077 Hoyle is named in his honor, and he was made a knight in 1972. Hoyle wrote many science books for public consumption, in addition to his scholarly publications. His best-known science fiction book was The Black Cloud (written in 1957). He went on to author another 18 titles, some with his son Geoffrey Hoyle. Fred Hoyle Fast Facts Full Name: Sir Fred Hoyle (FRS)Occupation: AstronomerBorn: June 24, 1915Parents: Ben Hoyle and Mabel PickardDied: August 20, 2001Education: Emmanuel College, CambridgeKey Discoveries: theories of stellar nucleosynthesis, the triple-alpha process (inside stars), came up with the term Big BangKey Publication: Synthesis of Elements in Stars, Burbidge, E.M., Burbidge, G.M. Fowler, W.A., Hoyle, F. (1957), Reviews of Modern PhysicsSpouses Name: Barbara ClarkChildren: Geoffrey Hoyle, Elizabeth ButlerResearch Area: astronomy and astrophysics Sources Mitton, S. Fred Hoyle: A Life in Science, 2011, Cambridge University Press. â€Å"FRED HOYLE.† Karl Schwarzschild - Important Scientists - The Physics of the Universe, www.physicsoftheuniverse.com/scientists_hoyle.html. â€Å"Fred Hoyle (1915 - 2001).† Careers in Astronomy | American Astronomical Society, aas.org/obituaries/fred-hoyle-1915-2001. â€Å"Professor Sir Fred Hoyle.† The Telegraph, Telegraph Media Group, 22 Aug. 2001, www.telegraph.co.uk/news/obituaries/1338125/Professor-Sir-Fred-Hoyle.html.

Medical Malpractice and Tort Systems Essay - 1109 Words

Health care organizations, particularly hospitals, currently face numerous legal issues, several of which will be examined in this paper. The first issue to be examined is medical malpractice and the tort system. The medical malpractice and tort system makes up one of the major legal issues encountered by hospitals and health systems. Showalter (2012) states that with the decline of charitable immunity in the 1970s, healthcare was one of the areas impacted by personal injury law and was held liable for negligent acts. Today, malpractice continues to be a significant problem. Malpractice lawsuits are considered when negligence in medical treatment provided by a physician, surgeon, other health professional, or hospital results in injury.†¦show more content†¦In addition, according to Showalter (2012), physicians consider malpractice suits a substantial contributing factor to increasing health costs and defensive medicine. Furthermore, Nelson, Morrisey, and Morrisey (2011) re port that physicians emphasize the negative impact of malpractice lawsuits on their reputations, since judgments and settlements must be reported to the National Practitioner Data Bank. Like the malpractice and tort system, HIPAA and data breaches are an important legal issue that health organizations face. HIPAA was enacted in 1996 to ensure medical insurance portability and later, to improve standards for health information privacy and security (Showalter, 2012). As a result, it is currently extremely important that health organizations are in compliance with HIPAA regulations and ensure that patient records are protected; health organizations that fail to comply can face significant legal costs and penalties. In November 2010, Page and Fields (2011) report that six hospitals and a nursing home in California that failed to prevent unauthorized access to confidential patient information were levied a fine totaling $792,000 in November 2010. More recently, the General Hospital Corporation and Massachusetts General Physicians Organization, which represent Massachusetts General Hospital in Boston, had to pay theShow MoreRelatedDefensive Medicine1354 Words   |  6 P agesorder for it to be successfully implemented. Tort reform, being one of those platforms, is proposed as one solution to the rapidly increasing health care cost in the United States. Careful reform of medical malpractice laws can lower administrative costs and health spending. This will also lead to improved patient safety and steer physicians away from the costly practice of defensive medicine. Defensive Medicine Is It Costing Our Health Care System? As the debate continues on nationalRead MoreMedical Malpractice And Tort Reform960 Words   |  4 PagesMedical Malpractice and Tort Reform Medical Malpractice consists of negligence committed by a medical professional. There are many possible events that can occur in the practice of medicine. When physician make a medical error it could possible result in an injury. We often put our faith in doctor to make the right medical decision for us. However, medical malpractice does not always hold up since some patient can take advance of the system. There are some defenses that exist when talking about theRead MoreMedical Malpractice And Tort Reform1533 Words   |  7 PagesMedical Malpractice and Tort Reform Within the realm of American tort law, medical malpractice is equated to professional negligence and is a highly debated issue. â€Å"The government estimates that between 44,000 and 98,000 people die each year in hospitals due to medical mistakes, the vast majority of them preventable† (Lau Johnson, 2011). In differentiating this type of tort from standard negligence claims, similarities and differences are illustrated through the elements of a cause of action andRead MoreReform Malpractice Laws to Create True Healthcare Reform Introduction1610 Words   |  7 Pagespatient. On one side is the doctor wondering if enough has been done to defend against being sued for malpractice. On the other side is the patient with a need for someone to blame for his or her condition and seeing the doctor as the sole reason for any injured state. This division between doctor and patient has led to a practice called defensive medicine and it has also created a healthcare system riddled w ith inefficiency and in need of an overhaul. There is talk of healthcare reform and how itRead MoreThe Medical Malpractice Liability System1515 Words   |  7 PagesA tort action is brought about through provisions of private law and asserts that one party has experienced harm from the actions of another party and that the injured person seeks compensation for the harm (Pozgar Santucci, 2009). Tort reforms are connected to shifts in medical malpractice law since the 1980’s when moves were made to change from court-decided Common Law to incorporation of statutes from many state legislatures (Waters, Budetti, Claxton, Lundy, 2007). This paper will discussRead MoreEssay on Health Care and Tort Reform1583 Words   |  7 Pagesfrom malpractice lawsuits, and so begins the debate for tort reform: legislation which would cut the costs of health care by reducing the risk of civil litigation and exposure to fraudulent claims (â€Å"What†). However, the real factor at ha nd and the real cause of the industry’s high costs does not come solely from the cost incurred from these lawsuits, but from over-expenditures on the part of doctors, who over-test and over-analyze so as to safeguard themselves from the threat of malpractice lawsuitsRead MoreThe Issue Of Tort Reform1230 Words   |  5 PagesTort reform is a term propagated by companies in the tobacco and asbestos industries vulnerable to legal actions seeking damages for the impacts to their products. Advocates use the terminology to limit the ability and potential damages available to individuals who take legal actions against companies. In 2002, the consumer advocacy organization Center for Justice and Democracy investigated the U.S. tort reform and saw that the rally was actually a massive national PR effort initiated by theRead MoreHot Coffee, By Susan Saladoff1525 Words   |  7 Pagesa documentary film that was created by Susan Saladoff in 2011 that analyzes the impact of the tort ref orm on the United States judicial system. The title and the basis of the film is derived from the Liebeck v. McDonald’s restaurants lawsuit where Liebeck had burned herself after spilling hot coffee purchased from McDonald’s into her lap. The film features four different suits that may involve the tort reform. This film included many comments from politicians and celebrities about the case. ThereRead MoreCivil Court System Of America1497 Words   |  6 Pagesactions, he could be forced to cover the cost of any harms inflicted on others during the incident. Legal experts use the word tort to describe harms like these. The laws that govern how torts are handled in the court systems of America have been under severe attack in recent years. Many groups have successfully lobbied several state legislatures into making reforms to their tort laws. Unfortunately, even though many of these reforms are established with the best of intentions, legislators at times makeRead Mo reMedical Malpractice1719 Words   |  7 PagesMedical Malpractice The doctor-patient relationship has been defined differently through the years. In the beginning it developed into a common calling which meant doctors practiced medicine as a duty to their patients. Laws were developed to protect patients, therefore doctors used proper care and expert skill. In the past six centuries, medical malpractice has increased, which lead to revision and addition to the law. Liability was introduced along with the GIANT of all torts, negligence

Personal Branding of Bookkeeping & Accounting †Free Samples

Question: Discuss about the Personal Branding of Bookkeeping. Answer: Description of future job business Prospect The job that I want to pursue is bookkeeping under accounting. Bookkeeping is a profession that is gaining mileage in the Australian market and its popularity is increasing. Most of the financial institutions both growing and under long time operation needs bookkeepers (Curtis, 2013). The functions of the bookkeeper in the financial institutions can be defined as an account all-rounder (Klein, 2008).The bookkeepers are responsible for tracking the financial both entering and leaving the institution, ensuring that bills are paid in time, and keeping an eye on the accounts that the institution receives (Costa, 2008). According to the job finding sites such as seek, bookkeeping has various requirements. For one to become a bookkeeper, the academic background is the most essential aspect, at least one must have studied certificate IV in bookkeeping or certificate four in accounting. Experience is also quite essential in most of the firms as they need people who can work quite well with XERO and have experience in using MYOB. It is also important for a bookkeeper also to have done GST and BAS units which is also part of the certificate four course. There are various traits which are outlined for one to be a desirable bookkeeper (Taylor, 2008). The traits are such as having a strong sense of analytical and problem solving skills. A bookkeeper patient and dedicated, be exclusively attentive, have excellent computer skills, be accurate in dealings with numerals and have diligence on such as well as have perfect skills of organization. By having the above stated character traits, one is a perfect candidate for being a bookkeeper in any institution that in need. Therefore, it someone is willing to become a bookkeeper, it is important for them to put into great consideration all the qualities and requirements stated in then above part of the job of a bookkeeper. Self-Analysis As an individual, it is important to carry out an analysis of oneself in order to determine if I can fit in the job of a bookkeeper (Hanna, Glancy, 2013). By use of SWOT analysis, one can identify their strengths, weaknesses, opportunities, as well as threats on a particular issue (Bourdieu Nice, 2007).Therefore, through the consideration of two SWOT analysis, the strengths and weaknesses, I can come up clearly with my viability for the bookkeeping job with basis on the requirements of the job as brought out in section one. SWOT analysis is a tool of analysis that helps one identify the strengths so as to focus on as well as the weaknesses to know what to capitalize on and how to deal with such (Speth Probert, 2015). The strengths are the abilities that one has in order to performing a certain task more successfully or even at much ease (Speth et al., 2015). In consideration of the bookkeeping job, the main strengths that I have include my education certification that goes with the bookkeeping requirements. All most all the character traits required for one to become a bookkeeper are also not measureable or even manifested on an individual, however, they are traits that are inbound. I have perfect computer skills as I have completed most packages in computer training as well as I can handle numerals at much ease with basis on my accounting background. My study of psychology also denotes the levels of problem solving skills and analytical sense I have. Im also patient and quite attentive. Weaknesses in SWOT analysis refers to the things that one cannot do or even lacks that are quite important for a certain purpose (Speth et al., 2015). With regard to the bookkeeping job and its requirements, the main weakness I can claim to have is the lack of experience. As a student, I have not yet worked at anyones firm before or even an institution as a bookkeeper. Therefore, apart from having the theoretical knowledge, I lack practical skills on various issues like even the XERO and use of MYOB. In consideration of both the outlined strengths and weaknesses, I still consider myself a preferable candidate for the bookkeeping job after school. The outlined strengths denotes that I can carry out the task of a bookkeeper quite well, and with basis on the weaknesses, issues like experience I can deal with through volunteering in the course of my study and thus lean more on things like XERO and use of MYOB. Social networking prospect In creation of a profile, it is advisable to use the social network platforms that are highly recognized and used by individuals (Partridge, 2011). The social networks which ae highly used are quite important in the sense that they will enable more employers to view the profile and most probably fall back with bids of the job opportunity (Ryan, 2011). Therefore, through then consideration of such, the choice of LinkedIn and seek.com as the social networks for creating the profiles is reached at. The two social networks area widely recognized as well as highly used by various individuals all over the world as well as Australia thus a high scope of employers. LinkedIn is a social network that links people with the same skills all over the world (Breitbarth, 2016). The first advantage that LinkedIn has which makes it most viable is that through its use, there is the link available with even other people who possess the same skills, that is bookkeeping, and are also in the same school I study. LinkedIn allows the sharing of ideas among the group of people whom it has linked as well as creates the great network of allowing links with those who are inking with ones link (Breitbarth, 2016). The kind of platform created in LinkedIn daily through the connections fascinates much in a manner that the scope of one is more of widened. Through the created links, one can be able to find an employer or even be linked to a firm that needs the kind of expertise in ones profile and easily secure a job. Seek.com on the other hand is also a social network recommended in this case. In Australia, Seek.com is ranked the number one site where job searchers finds work from different employees (Issa, Isaias Kommers, 2016).In seek.com, one updates their profile about their capabilities and the kinds of work they want, on the other hand, employers update the kind of hiring opportunities available (Cunningham, 2013). Therefore in seek.com, it is more of a two way traffic thing in which employers are seeking for employees as well as employees seeking for employment. When one party notices the other, they can end up negotiating provided the need of an employer can be fulfilled by the capabilities of the employees. Therefore, seek.com is recommended due to the efficiency as well as availability of the vast opportunities available in the platform, making it a perfect site for job finding provided, the profile is accepted by the employers. LinkedIn profile Name: Nationality: Australian Student of Accounting (Bookkeeping) Interested in working as a bookkeeper Skills and abilities excellent computer skills, can work well with XERO, can work well with MYOB, excellent numeric skills, good organizational skills. Personal traits humble, patient, and tolerant. Link with accountants and bookkeepers and all the stores seeking for a bookkeeper most probably based in Australia. Seek.com profile Name: Nationality: Australian Student of Accounting (Bookkeeping) Seeks for employment as a bookkeeper Skills and abilities excellent computer skills, can work well with XERO, can work well with MYOB, excellent numeric skills, good organizational skills. Personal traits humble, patient, and tolerant. Profile I am a student of accounting (bookkeeping) and interested in working as a bookkeeper in any organization as I can handle the task quite well since I have taken the course on it. Promising to provide excellent services in my working through the knowledge acquired from the class and the vast numbers of attended seminars that relates to the work of a bookkeeper. The skills and abilities I possess I believe suits a bookkeeper and therefore, I can deliver well to the expectations of any employer. Recommendation and Conclusion With basis on the personal branding brought out in this paper, most probably it is clear that I am fit for an employment opportunity as a bookkeeper after my studies. Through the consideration of the requirements of a bookkeeper and the abilities brought forth in this paper which I possess, bookkeeping is not a big deal as already all the traits and characters needed for a bookkeeper, plus the academic qualifications are already in check. Therefore, I only need to undertake a lot of volunteer works as a bookkeeper in the institutions that might allow just for gaining the experience needed, which is most probably the basic thing I lack for qualifying to become a bookkeeper. In conclusion, this paper is a personal branding paper, which states a career choice in the beginning, bookkeeping. The job chosen is broke down in the sense that its requirements are stated with basis on the job seeking sites based in Australia. There is a self-analysis section which links my abilities to the qualifications of a bookkeeper. LinkedIn and Seek.com are used under the social networking prospect as the social networks to use in the branding by setting up a profile in each. References Bourdieu, P., Nice, R. (2007).Sketch for a self-analysis. Cambridge, Polity. Breitbarth, W. (2016).The power formula for LinkedIn success: kick-start your business, brand, and job search. Austin, Texas : Greenleaf Book Group Press Costa, C. (2008).Alpha teach yourself bookkeeping in 24 hours. Indianapolis, IN, Alpha Books. https://search.ebscohost.com/login.aspx?direct=truescope=sitedb=nlebkdb=nlabkAN=472669. Cunningham, C. (2013).Social networking and impression management: self-presentation in the digital age. Lanham, Lexington Books. Curtis, V. (2013).Getting started in bookkeeping for dummies. Hoboken, N.J., John Wiley Sons. https://rbdigital.oneclickdigital.com. Hanna, E. B., Glancy, L. (2013).Practical cardiovascular hemodynamics: with self-assessment problems. New York, Demos Medical Pub. Issa, T., Isaias, P., Kommers, P. A. M. (2016).Social networking and education: global perspectives. https://search.ebscohost.com/login.aspx?direct=truescope=sitedb=nlebkdb=nlabkAN=1076515. Klein, J. J. (2008).Bookkeeping and accounting. [Place of publication not identified], [Dabney]. Partridge, K. (2011).Social networking. New York, H.W. Wilson Ryan, P. K. (2011).Social networking. New York, Rosen Central. https://search.ebscohost.com/login.aspx?direct=truescope=sitedb=nlebkdb=nlabkAN=617390. Speth, C., Probert, C. (2015).The SWOT analysis: develop strengths to decrease the weaknesses of your business. https://www.overdrive.com/search?q=E5F7AB38-FD28-4BC6-B073-B60030AA63A9. Taylor, P. (2008).Book-keeping accounting for the small business: How to keep the books and maintain financial control over your business. Oxford, How To Books.

Private Retirement Scheme Essay Example

Private Retirement Scheme Essay With increasing life expectancy and rising living standards, many Malaysians find that their savings are inadequate to meet their retirement needs. PRS form an integral feature of the private pension industry with the objective of improving living standards for Malaysians at retirement through additional savings of funds. As long-term investment vehicles, PRS are designed to help enhance adequacy and expand coverage of retirement benefits to all segments of the population. It complements Malaysia’s mandatory retirement savings schemes. Contributions to the PRS are voluntary. Individuals (retail investors, self-employed and employees) or employers can participate as PRS contributors. Offering private pension benefits could be a tool for employers to attract and retain skilled talent. The PRS information set out in this publication includes a description of the framework, the key features of PRS and the regulatory safeguards. A number of frequently asked questions and answers are also set out in this publication. SPE CIM EN 3 PRS Framework The retirement landscape in Malaysia has been given a boost with the development of a PRS framework, which is a major deliverable of the Securities Commission Malaysia (SC) under the Capital Market Masterplan 2. Key components PRS Distributors Consultants Private Pension Administrator (PPA) PRS Providers Schemes Trustees Schemes PRS are offered by approved PRS Providers. Each PRS will include a range of retirement funds from which individuals may choose to invest in, based on their own retirement needs, goals and risk appetite. The PPA functions as a record keeping and resource centre for data on all transactions performed by contributors. We will write a custom essay sample on Private Retirement Scheme specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Private Retirement Scheme specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Private Retirement Scheme specifically for you FOR ONLY $16.38 $13.9/page Hire Writer It will facilitate transactions and promote efficient administration. The PPA will also act as a resource centre for data and research relating to the PRS industry in Malaysia. The assets of each PRS will be segregated from the PRS Provider and held by an independent Scheme Trustee under a trust. The SC regulates and supervises all intermediaries in the PRS industry, namely the PRS Providers, the PPA, the Scheme Trustees and distributors of PRS to ensure the proper functioning of the PRS industry and protects members, via prudential and investor protection requirements. The SC is in the final stages of implementing the PRS framework – the PPA has been established and approvals have been granted to Schemes subject to the PRS Providers fulfilling certain conditions. The eight PRS Providers approved (as of 5 April 2012) are: AmInvestment Management Sdn Bhd; American International Assurance Bhd; CIMB-Principal Asset Management Bhd; Hwang Investment Management Bhd; ING Funds Bhd; M anulife Unit Trust Bhd; Public Mutual Bhd; and RHB Investment Management Sdn Bhd. Prior to the sale of PRS to the public by end-2012, this is an important period for potential members to understand how PRS fits into the rest of their retirement planning and to arm themselves with information about the different PRS Providers and Schemes before contributing to PRS. 5 Key Features of PRS Designed to provide choice and flexibility Encourages members to take control of their retirement savings †¢ PRSaredefinedcontributionsschemeswheretheaccruedbenefitstomembersare determined by the amount contributed plus investment returns thereon. The aim of savings in PRS is to make the members’ savings grow over the long-term. MemberswouldhavetheoptiontocontributetomorethanonefundunderaPRS or to contribute to more than one PRS, offered by different PRS Providers. Beingvoluntaryinnature,therewouldbenofixedamountsorfixedintervalsfor making contributions to PRS. A default option would also be made available for members who select their PRS Provider but do not specify a fund option. The default option would cater for different age groups. PRS Providers would need to ensure that the relevant members are switched to the default funds in accordance with the relevant age group as shown below Growth Fund Below 40 years of age Maximum 70% equites Investment outside Malaysia is permitted Moderate Fund 40 50 years of age Maximum 60% equites Investment outside Malaysia is permitted Conservative Fund Above 50 years of age 80% in debentures/fixed income instruments of which 20% must be in money market instruments and a maximum of 20% in equity Investment outside Malaysia is not permitted †¢ †¢ Age group Parameters Members choose PRS Providers and funds according to their risk appetite and investment profile or Individuals Default option for members who select their PRS Provider but do not specify a fund option Employer may channel contributions to a particular PRS Provider, with employees choosing the type of funds offered by that Provider or Employer may channel contributions to a particular PRS Provider, and where e mployees do not make a fund selection, contributions can be channeled to default option of that PRS provider Employers 6 †¢ MemberswouldalsohavetheoptiontoswitchfundswithinaPRSatanytime, or change to another PRS Provider once a year subject to terms imposed by the PRS Provider. The first transfer can only be requested by a member one year after making the first contribution to any fund under the Scheme. All contributions made to PRS will be split and maintained in sub-accounts A and B as follows: PPA Account 70% Sub a/c A Can be withdrawn upon reaching retirement age 30% Sub a/c B Can be withdrawn once a year The value of sub-account A and B can increase or decrease according to the unit price. The unit price is the worth of each unit held by a member from day to day. Units are priced daily. †¢ In order to provide efficiency and convenience for members, a single PPA is establised to keep track of their PRS contributions as well as to maintain records of all PRS related transactions made by members. It will not manage funds internally or accept contributions but will facilitate ins tructions from members. Individualinvestorswillhavejustoneaccountforbettermanagementofretirement savings as information from various sources can be consolidated within one account. Thediagrambelowshowsanexampleofanindividualchannellingcontributions to several funds under a PRS offered by different PRS Providers. †¢ †¢ 20 % PRS Provider 1 Fund 1 Fund 2 30 % PRS Provider 2 Fund 1 Fund 2 Fund 3 Fund 3 PRS Provider 3 Fund 1 40 % Fund 2 Fund 3 10 % PRS Provider 8 7 †¢ InadditiontothetaxdeductionpermittedforEPFcontributionstaxincentivesare provided to both employers and individuals as follows: Individuals tax relief of up to RM3,000 for the first 10 years from assessment year 2012; and Employers tax deduction on contributions to PRS made on behalf of their employees above the EPF statutory rate up to 19% of employees’ remuneration. A tax exemption is also provided on income received by the funds under the Schemes. Regulatory safeguards to protect interests of members †¢ TheregulatoryframeworksetoutundertheCapital Markets Services Act 2007 (CMSA), which includes the PRS Regulations, PRS Guidelines and PRS Eligibility Requirements for PRS Providers, provide for high standards of regulation and conduct. Under the PRS Guidelines, PRS Providers must provide cost effective voluntary retirement schemes and ensure that Schemes are operated in a proper and efficient manner. The funds are segregated via a trust structure so that members’ assets are protected under the controls of an independent trustee company. PRSProviders,TrusteesandtheAdministratormustbylawactinthebestinterests of members. Prudential investment limits for funds within the Scheme are provided for under the PRS Guidelines. The investment policies of the funds under the Scheme must be consistent with the objective of building savings for retirement and ensure that there is a prudent spread of risk. Thedisclosureframeworkensurestransparentandfrequentinformationtomembers by requiring clear, concise and effective disclosures to be made to investors so that investors are fully informed of the investment strategy, the risks associated with the Scheme and all relevant fees and charges involved. Actionwillbetakenifthereareanyfalseormisleadingstatementstoinvestors. Reminder: Unit prices and distribution payable, if any, may go down as well as up. As with all investments, the returns from contributions made to PRS are not guaranteed and will depend on the performance of the PRS funds. †¢ †¢ †¢ †¢ †¢ 8 QA: Joining PRS 1. How do I (an individual) join PRS? †¢ To make contributions to PRS, just contact the PRS Provider of your choice and indicate your fund selection. At the same time or prior to contributing, you may open a PPA account by completing an account opening form that can be obtained from any PRS Provider or from the website of the PPA (www. ppa. my) . Proofofidentificationisrequiredataccountopening: Identification card / Police / Armed Force ID (for Malaysians) or Passport (for foreigners). †¢ †¢ OncethePPAaccountisopened,youwillreceiveyourlife-timeaccountnumber and password. . How does an employer make a voluntary contribution on behalf of its employees? †¢ Where an employer seeks to contribute to PRS on behalf of its employees, the employer may enter into an arrangement with one or more PRS Providers of their choice. The amount of contribution is determined by the employer while employees choose the type of fund(s) under the Scheme offered by the relevant PRS Provider. Whereemployeesdonotmakeafundselection,theemployercontributions would be channelled to the default option of the chosen PRS Provider. 9 †¢ Employercontributionsmaybesubjecttoavestingschedulewhichmeansthe entitlement may only be vested to an employee’s account based on their terms of service. 3. What should I consider when choosing a PRS? When making your PRS contribution, you need to take into account various factors such as your age, personal and household income, risk tolerance, retirement o bjective as well as the suitability of the different funds under the various Schemes to meet your retirement needs as well as the fees and charges of the funds. Therearemanydifferenttypesofinvestors: ? ? ? †¢ Some may be looking for steady returns Some are happy to grow their retirement savings very slowly Some are keen to chase higher returns Theapproachmaybedifferentifyouare–single,youngemployee;double income young family, mid-career or already near retirement. For example: (i) if your retirement is remote you may consider investing in some higher-risk instruments that can potentially generate higher returns; ii) if your retirement is near, you may consider opting for some relatively stable and conservative investments; or (iii) if your retirement is some years away, you may consider investing in a balanced investment portfolio consisting of bonds and equities. †¢ Ourneedschangethroughdifferentstagesofourlives. Youshouldreviewyour PRS portfolio regularly to ensure that it matches your retirement objectives. Itisimportanttobearinmindthecostoflivingandinflationinsettingyour retirement goal as well as to think long-term; do not be overly concerned aboutshort-termmarketfluctuations. 10 4. Where can I obtain information when making a decision to contribute to PRS? †¢ Potential members must receive the following documents before contributing to any fund under the Scheme: ? Product highlight sheet, which provides a summary of the key information of the fund(s) under the Scheme written in easily understood language; and Disclosure document, either in electronic form or printed copy depending on the choice made by the potential member, which will provide more comprehensive information on the PRS. The objective is to enable the investor to make an informed investment decision. ? †¢ Contributors are advised to read and understand the disclosure documents and not solely rely on advertisements. 5. When can I start contributing to PRS? †¢ TheSCisinthefinalstagesofimplementingthePRSframework. In line with the SC’s investor protection mandate, a period of general education and awareness on PRS has been allocated before approved PRS may be offered to the public. This is to allow potential members to get advice on the need to save for retirement and more information on the features of PRS. AlistofapprovedPRSProvidersandtheirSchemeswillbepublished on the website of the PPA. †¢ 6. How do members keep track of their PRS investments? †¢ MemberswillbeabletocheckonlineviathePPAwebsiteorcontact the relevant PRS Provider. MemberswillreceivestatementsonaperiodicbasisfromPRSProviders and a consolidated statement on their investments from the PPA. This will include contributions held by every PRS Provider. †¢ 11 7. Can contributions be withdrawn from PRS? †¢ WithdrawalsfromPRSorfromanyfundsunderPRSmaybemadein part or Private Retirement Scheme Essay Example Private Retirement Scheme Essay With increasing life expectancy and rising living standards, many Malaysians find that their savings are inadequate to meet their retirement needs. PRS form an integral feature of the private pension industry with the objective of improving living standards for Malaysians at retirement through additional savings of funds. As long-term investment vehicles, PRS are designed to help enhance adequacy and expand coverage of retirement benefits to all segments of the population. It complements Malaysia’s mandatory retirement savings schemes. Contributions to the PRS are voluntary. Individuals (retail investors, self-employed and employees) or employers can participate as PRS contributors. Offering private pension benefits could be a tool for employers to attract and retain skilled talent. The PRS information set out in this publication includes a description of the framework, the key features of PRS and the regulatory safeguards. A number of frequently asked questions and answers are also set out in this publication. SPE CIM EN 3 PRS Framework The retirement landscape in Malaysia has been given a boost with the development of a PRS framework, which is a major deliverable of the Securities Commission Malaysia (SC) under the Capital Market Masterplan 2. Key components PRS Distributors Consultants Private Pension Administrator (PPA) PRS Providers Schemes Trustees Schemes PRS are offered by approved PRS Providers. Each PRS will include a range of retirement funds from which individuals may choose to invest in, based on their own retirement needs, goals and risk appetite. The PPA functions as a record keeping and resource centre for data on all transactions performed by contributors. We will write a custom essay sample on Private Retirement Scheme specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Private Retirement Scheme specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Private Retirement Scheme specifically for you FOR ONLY $16.38 $13.9/page Hire Writer It will facilitate transactions and promote efficient administration. The PPA will also act as a resource centre for data and research relating to the PRS industry in Malaysia. The assets of each PRS will be segregated from the PRS Provider and held by an independent Scheme Trustee under a trust. The SC regulates and supervises all intermediaries in the PRS industry, namely the PRS Providers, the PPA, the Scheme Trustees and distributors of PRS to ensure the proper functioning of the PRS industry and protects members, via prudential and investor protection requirements. The SC is in the final stages of implementing the PRS framework – the PPA has been established and approvals have been granted to Schemes subject to the PRS Providers fulfilling certain conditions. The eight PRS Providers approved (as of 5 April 2012) are: AmInvestment Management Sdn Bhd; American International Assurance Bhd; CIMB-Principal Asset Management Bhd; Hwang Investment Management Bhd; ING Funds Bhd; M anulife Unit Trust Bhd; Public Mutual Bhd; and RHB Investment Management Sdn Bhd. Prior to the sale of PRS to the public by end-2012, this is an important period for potential members to understand how PRS fits into the rest of their retirement planning and to arm themselves with information about the different PRS Providers and Schemes before contributing to PRS. 5 Key Features of PRS Designed to provide choice and flexibility Encourages members to take control of their retirement savings †¢ PRSaredefinedcontributionsschemeswheretheaccruedbenefitstomembersare determined by the amount contributed plus investment returns thereon. The aim of savings in PRS is to make the members’ savings grow over the long-term. MemberswouldhavetheoptiontocontributetomorethanonefundunderaPRS or to contribute to more than one PRS, offered by different PRS Providers. Beingvoluntaryinnature,therewouldbenofixedamountsorfixedintervalsfor making contributions to PRS. A default option would also be made available for members who select their PRS Provider but do not specify a fund option. The default option would cater for different age groups. PRS Providers would need to ensure that the relevant members are switched to the default funds in accordance with the relevant age group as shown below Growth Fund Below 40 years of age Maximum 70% equites Investment outside Malaysia is permitted Moderate Fund 40 50 years of age Maximum 60% equites Investment outside Malaysia is permitted Conservative Fund Above 50 years of age 80% in debentures/fixed income instruments of which 20% must be in money market instruments and a maximum of 20% in equity Investment outside Malaysia is not permitted †¢ †¢ Age group Parameters Members choose PRS Providers and funds according to their risk appetite and investment profile or Individuals Default option for members who select their PRS Provider but do not specify a fund option Employer may channel contributions to a particular PRS Provider, with employees choosing the type of funds offered by that Provider or Employer may channel contributions to a particular PRS Provider, and where e mployees do not make a fund selection, contributions can be channeled to default option of that PRS provider Employers 6 †¢ MemberswouldalsohavetheoptiontoswitchfundswithinaPRSatanytime, or change to another PRS Provider once a year subject to terms imposed by the PRS Provider. The first transfer can only be requested by a member one year after making the first contribution to any fund under the Scheme. All contributions made to PRS will be split and maintained in sub-accounts A and B as follows: PPA Account 70% Sub a/c A Can be withdrawn upon reaching retirement age 30% Sub a/c B Can be withdrawn once a year The value of sub-account A and B can increase or decrease according to the unit price. The unit price is the worth of each unit held by a member from day to day. Units are priced daily. †¢ In order to provide efficiency and convenience for members, a single PPA is establised to keep track of their PRS contributions as well as to maintain records of all PRS related transactions made by members. It will not manage funds internally or accept contributions but will facilitate ins tructions from members. Individualinvestorswillhavejustoneaccountforbettermanagementofretirement savings as information from various sources can be consolidated within one account. Thediagrambelowshowsanexampleofanindividualchannellingcontributions to several funds under a PRS offered by different PRS Providers. †¢ †¢ 20 % PRS Provider 1 Fund 1 Fund 2 30 % PRS Provider 2 Fund 1 Fund 2 Fund 3 Fund 3 PRS Provider 3 Fund 1 40 % Fund 2 Fund 3 10 % PRS Provider 8 7 †¢ InadditiontothetaxdeductionpermittedforEPFcontributionstaxincentivesare provided to both employers and individuals as follows: Individuals tax relief of up to RM3,000 for the first 10 years from assessment year 2012; and Employers tax deduction on contributions to PRS made on behalf of their employees above the EPF statutory rate up to 19% of employees’ remuneration. A tax exemption is also provided on income received by the funds under the Schemes. Regulatory safeguards to protect interests of members †¢ TheregulatoryframeworksetoutundertheCapital Markets Services Act 2007 (CMSA), which includes the PRS Regulations, PRS Guidelines and PRS Eligibility Requirements for PRS Providers, provide for high standards of regulation and conduct. Under the PRS Guidelines, PRS Providers must provide cost effective voluntary retirement schemes and ensure that Schemes are operated in a proper and efficient manner. The funds are segregated via a trust structure so that members’ assets are protected under the controls of an independent trustee company. PRSProviders,TrusteesandtheAdministratormustbylawactinthebestinterests of members. Prudential investment limits for funds within the Scheme are provided for under the PRS Guidelines. The investment policies of the funds under the Scheme must be consistent with the objective of building savings for retirement and ensure that there is a prudent spread of risk. Thedisclosureframeworkensurestransparentandfrequentinformationtomembers by requiring clear, concise and effective disclosures to be made to investors so that investors are fully informed of the investment strategy, the risks associated with the Scheme and all relevant fees and charges involved. Actionwillbetakenifthereareanyfalseormisleadingstatementstoinvestors. Reminder: Unit prices and distribution payable, if any, may go down as well as up. As with all investments, the returns from contributions made to PRS are not guaranteed and will depend on the performance of the PRS funds. †¢ †¢ †¢ †¢ †¢ 8 QA: Joining PRS 1. How do I (an individual) join PRS? †¢ To make contributions to PRS, just contact the PRS Provider of your choice and indicate your fund selection. At the same time or prior to contributing, you may open a PPA account by completing an account opening form that can be obtained from any PRS Provider or from the website of the PPA (www. ppa. my) . Proofofidentificationisrequiredataccountopening: Identification card / Police / Armed Force ID (for Malaysians) or Passport (for foreigners). †¢ †¢ OncethePPAaccountisopened,youwillreceiveyourlife-timeaccountnumber and password. . How does an employer make a voluntary contribution on behalf of its employees? †¢ Where an employer seeks to contribute to PRS on behalf of its employees, the employer may enter into an arrangement with one or more PRS Providers of their choice. The amount of contribution is determined by the employer while employees choose the type of fund(s) under the Scheme offered by the relevant PRS Provider. Whereemployeesdonotmakeafundselection,theemployercontributions would be channelled to the default option of the chosen PRS Provider. 9 †¢ Employercontributionsmaybesubjecttoavestingschedulewhichmeansthe entitlement may only be vested to an employee’s account based on their terms of service. 3. What should I consider when choosing a PRS? When making your PRS contribution, you need to take into account various factors such as your age, personal and household income, risk tolerance, retirement o bjective as well as the suitability of the different funds under the various Schemes to meet your retirement needs as well as the fees and charges of the funds. Therearemanydifferenttypesofinvestors: ? ? ? †¢ Some may be looking for steady returns Some are happy to grow their retirement savings very slowly Some are keen to chase higher returns Theapproachmaybedifferentifyouare–single,youngemployee;double income young family, mid-career or already near retirement. For example: (i) if your retirement is remote you may consider investing in some higher-risk instruments that can potentially generate higher returns; ii) if your retirement is near, you may consider opting for some relatively stable and conservative investments; or (iii) if your retirement is some years away, you may consider investing in a balanced investment portfolio consisting of bonds and equities. †¢ Ourneedschangethroughdifferentstagesofourlives. Youshouldreviewyour PRS portfolio regularly to ensure that it matches your retirement objectives. Itisimportanttobearinmindthecostoflivingandinflationinsettingyour retirement goal as well as to think long-term; do not be overly concerned aboutshort-termmarketfluctuations. 10 4. Where can I obtain information when making a decision to contribute to PRS? †¢ Potential members must receive the following documents before contributing to any fund under the Scheme: ? Product highlight sheet, which provides a summary of the key information of the fund(s) under the Scheme written in easily understood language; and Disclosure document, either in electronic form or printed copy depending on the choice made by the potential member, which will provide more comprehensive information on the PRS. The objective is to enable the investor to make an informed investment decision. ? †¢ Contributors are advised to read and understand the disclosure documents and not solely rely on advertisements. 5. When can I start contributing to PRS? †¢ TheSCisinthefinalstagesofimplementingthePRSframework. In line with the SC’s investor protection mandate, a period of general education and awareness on PRS has been allocated before approved PRS may be offered to the public. This is to allow potential members to get advice on the need to save for retirement and more information on the features of PRS. AlistofapprovedPRSProvidersandtheirSchemeswillbepublished on the website of the PPA. †¢ 6. How do members keep track of their PRS investments? †¢ MemberswillbeabletocheckonlineviathePPAwebsiteorcontact the relevant PRS Provider. MemberswillreceivestatementsonaperiodicbasisfromPRSProviders and a consolidated statement on their investments from the PPA. This will include contributions held by every PRS Provider. †¢ 11 7. Can contributions be withdrawn from PRS? †¢ WithdrawalsfromPRSorfromanyfundsunderPRSmaybemadein part or