National Retirement Scheme (SPK) provides monthly annuity for members
The introduction of the National Retirement Scheme (SPK) by the Employees Trust Fund (TAP) in collaboration with the Ministry of Finance and Economy (MoFE) on July 15 of last year, aims to ensure a stable retirement by providing retirees with a reliable monthly income, surpassing previous benefits.
The initiative aims to address prevalent retirement challenges, particularly concerning adequate funds for members upon reaching the retirement age of 60.
Additionally, it encompasses members who were receiving the monthly SCP benefit before SPK’s launch, extending its benefits to them through the SPK Retirement Account, which offers a monthly annuity.
Under the auspices of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s government, the total monthly annuity for members will increase by up to BND250.
Members will receive this increased annuity throughout their lifetime, subject to certain conditions.
This boost significantly surpasses the previous scheme, ensuring SPK members receive a minimum retirement income of BND500, including the BND250 monthly old pension wage.
TAP has highlighted several key points for SPK Gold Generation members aged 60 and above, as well as holders of yellow and purple identity cards (non-foreign nationals).
Members with an SCP balance exceeding BND12,000 will automatically receive a minimum monthly payment of BND250 for life upon integration into SPK.
Those with SCP balances under BND12,000, having withdrawn their full SCP amount, are also entitled to a minimum monthly annuity of BND250, with the payment duration subject to government assistance.
Members have the option to supplement their annuity payments for lifelong benefits.
Those interested should visit the nearest TAP counters with their original identity card and latest bank statement to fill out the necessary forms.
Dependents of SPK Gold Generation members aged 60 and above are also covered under dependent benefits until the member reaches 75 years old.
Additionally, permanent residents holding purple identity cards (foreign nationals) aged 60 and above with an SCP balance exceeding BND12,000 will receive a BND500 monthly annuity for 20 years or until their SCP balance is exhausted. – Lyna Mohamad
