Simpanan Persaraan 1Malaysia (SP1M)

2018-03-07T21:29:21+08:00By |EPF, Investing, Retirement|

SP1M (1 Malaysia Retirement Savings Scheme) with its extended benefits until year 2022 for self-employed, without a fixed income and business owners.

Updated: Mar 7, 2018


What is SP1M?

A retirement scheme for self-employed/retired/non-earning individuals into EPF with min guaranteed dividend 2.5%.



  • Self employed Malaysian citizen
  • Min contribution: RM50
  • Max total contribution: RM60k per annum
  • Contribution timing: Anytime
  • Must be a EPF member else (else can apply to be a EPF member)
  • Apply via any EPF branch & submit SP1M Selection Form



  • Death Benefit: RM2,500
  • Incapacitation Benefit: RM5,000
  • 2014-2017: Government matching contribution 10% up to RM120 (for up to RM1,200 contributed)
  • 2018-2022: Government matching contribution 15% up to RM250 (for up to RM1,667 contributed)
  • Note: Government matching for contributors below age 55 only
  • Tax Exemption: RM6k (shared with life insurance)


Withdrawals (Cons)



If you are self-employed, you can look into SP1M contribution with the government incentive of 10% by contributing RM1,200 per year until Y2017. To consider as well EPF withdrawal limitations & limited amount of RM120 incentive.

Est. Returns: 5.5% + 10% = 15.5%
Note: 5.5% based on 10-year EPF average historical return



  • Q: How do I open a SP1M Account?
    SP1M account can be opened at EPF branch.
  • Q: How do I make contributions?
    A: Can be done over the counter/online depending on services available in selected banks (RHB, Maybank, Public Bank, and BSN)
  • Q: Where can I get more info on SP1M?
    Official EPF link (


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  1. niley December 16, 2017 at 8:40 pm - Reply

    Is this scheme still around in 2017?

    Hi Niley, yes the Scheme is around for 2017, 2018 onwards.

  2. Grow and Share Together (GST) March 6, 2018 at 5:38 pm - Reply

    Hi, I read the borang and the T&C online. It does say max RM60k contribution per year, but does it really say max RM5k contribution per month?

    Can I contribute more than RM5k a month, but total per year is still less than RM60k? 🙂

    Hi Grow and Share Together, Thanks for the query. We couldn’t locate the original source mentioning RM5k a month. We have updated the article to only mention RM60k per annum max contribution.

  3. daphne huimiin April 10, 2018 at 1:54 pm - Reply

    Hi, my mom is retired (akaun 55) and she would like to self contribute to the account.
    Can she use Maybank2u self contribution or she should go for this SP1M?

    Hi Daphne, Your mom will need to apply for the SP1M contribution scheme with EPF first. She can then make contributions via Maybank2U.

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