Financial planning programme at MoFE

Employees Trust Fund (TAP) conducted the Lakastah Bersedia (Let’s Be Ready) programme from December 9-10 at Ministry of Finance and Economy (MoFE) Building.

Lakastah Bersedia is a comprehensive retirement planning programme highlighting the importance of planning before reaching retirement. The programme is targetted at TAP members who will retire in the next 10 to 15 years.

Retirement planning include financial planning, estate management (faraidh/hibah/wasiat), family and social relationship during retirement, and avoiding financial scams. These were explained by speakers from Autoriti Monetari Brunei Darussalam (AMBD), Syariah Affairs Department, Health Promotion Centre, Universiti Islam Sultan Sharif Ali (UNISSA) and Baiduri Bank Berhad.

The retirement planning session highlighted the importance of identifying the participants’ needs and goals for retirement at earlier stage so that appropriate actions can be taken to ensure they will be met, which includes identifying the savings they wish to achieve to sustain their lifestyles during retirement.

Information on voluntary contribution was also shared as a way for members to increase their retirement savings in TAP or/and Supplemental Contributory Pensions (SCP) by contributing more than the mandatory rates prescribed. Voluntary contributions can be made online via Bank Islam Brunei Darussalam (BIBD) and Baiduri Bank where members only need to input their details when making the payment (TAP or SCP account number, and identity card number).

Also available during the programme were booths showcasing information and products related to financial planning from Baiduri Bank Berhad, Insurans Islam TAIB and Great Eastern Life Assurance Company.

This programme saw 50 participants from MoFE, including their spouses. TAP will extend the programme to other ministries in the future.

For information on the programme, contact TAP Call Centre 2382800 during office hours or e-mail to [email protected]

A speaker gives a presentation. PHOTO: TAP