The government has recently launched the EPF (KWSP) Account 3, also known as Akaun Fleksibel, which allocates the monthly contributions of members into three parts: 75% to Account 1, 15% to Account 2, and 10% to Account 3.
This is a change from the previous system where 70% was allocated to Account 1 and 30% to Account 2. The Account 3 has been automatically created for all EPF members below the age of 55.
With the introduction of the Account 3, members are allowed to do a one-time transfer from Account 2 to the newly created account.
In this article, we are going to show you how to do the transfer via the i-Akaun app.
Click ‘Learn More’ under the ‘Akaun Fleksibel: Meet today’s goals, shape tomorrow’s dreams’ banner.
You will be shown the new EPF account structure and distribution rate. Click ‘Next‘ to proceed until you see the ‘Transfer Now‘ button.
Click ‘Transfer Now‘ and read the ‘Important reminder’ before you proceed.
During this one-time transfer window, you can move funds from Account 2 to Account 1 and/or Account 3.
Take note that you cannot move funds from Account 1.
Following the one-time transfer, you will receive a detailed comparison of your Account 1, 2, and 3 balances, both before and after the transaction.
You don’t get to choose how much money you want to transfer to Account 3. It’s already pre-determined.
You will be prompted to make a final Member’s Declaration. Just click ‘Accept‘ after reading to continue.
Once you have clicked ‘Accept‘, just need to wait for the update informing you that the transfer is complete within three to five working days.
Applications for transfers/withdrawals for Account 3 can be found under the “Withdrawal” tab on the app, followed by the “Withdrawal records” menu.
This is also where you can cancel applications and see the statuses of previous and current withdrawals.
