Roadshow raises awareness on retirement planning

|     Izah Azahari     |

THE Employees trust Fund (TAP) in collaboration with Autoriti Monetari Brunei Darussalam (AMBD) and the Financial Planning Association of Brunei Darussalam (FPAB) in their continuous efforts to increase awareness on the importance of retirement planning carried out a ‘10 Years Towards Retirement’ Roadshow at the Theatre Hall of the Ministry of Finance and Economy, Bandar Seri Begawan.

The roadshow is an initiative of TAP through its Retirement Planning Service Unit is targetting members of TAP who will retire within the coming 10 to 15 years.

Among the information shared by TAP included the main factors in carrying out a retirement plan such as the objective of a retirement income while taking into account the impact of inflation, life expectancy, TAP and SCP savings, as well as the decision and actions that need to be taken now to ensure the sustainability and well-being during retirement.

Also highlighted during the talk were the benefits of voluntary contribution that enable members to increase their retirement savings by voluntarily contributing more than the mandatory rates for their TAP and SCP accounts.

Members can also contribute voluntarily through TAP online service, e-Amanah which is accessible through TAP’s website at www.tap.com.bn. During the session, TAP also assisted the participants to register to e-Amanah online service.

Also shared was ‘TAP Brunei’ mobile application that can be used by members to plan and estimate their retirement savings.

Talk from FPAB focussed on the savings culture, budgeting, financial protection and investment as well as financial health-check and consultation from Certified Financial Planners. Credit Reports were also made available from the Credit Bureau Unit of AMBD and awareness on identifying and avoiding get-rich-quick schemes were also provided by Financial Consumer Issue Unit of AMBD.

Similar events will be held for TAP members who will retire in the next 10 to 15 years.