The National Retirement Scheme (SPK) has been honoured with the 2024 Best of the Best ASEAN Awards for Most Improved Pension Fund organised by Asia Asset Management (AAM), the Employees Trust Fund (TAP) announced.
This showcases the recognition of the Sultanate’s efforts in transforming its retirement landscape to ensure a sustainable and inclusive retirement for its members.
The Most Improved Pension Fund category celebrates retirement funds in the ASEAN region that have implemented new schemes and benefits for their members in a sustainable manner; to meet long-term needs and prioritise the members’ welfare.
The award recognises Brunei’s journey in innovative progress achieved in improving its retirement scheme to address the retirement needs of members and the demographic transition where there is an increase in the ageing population.
From the initial establishment of the TAP scheme until the establishment of SPK, the Sultanate has shown a strong commitment to ensure the well-being of the retirement of its members and dependents.
One of SPK’s significant improvements is a holistic approach through the use of a hybrid retirement plan, which not only ensures better monthly retirement income for members and can reach up to the rest of their lives, but also allows withdrawals from Member Account savings for important needs such as houses.
The 2024 Best of the Best ASEAN Awards for the Most Improved Pension Fund is proof of Brunei’s leadership and innovation in retirement infrastructure.
It is hoped that this will inspire other regional institutions to work together and always prioritise the social security and retirement well-being of its members. – Azlan Othman
