With reference to the letter titled ‘Call for Clampdown on Unscrupulous Contractors,’ published in the Opinion page of the Weekend Bulletin on January 20 by Frustrated Genuine Contractor, Employees Trust Fund (TAP) clarified that withdrawals for purposes other than housing can be detrimental to the member when additional finance for a home is actually needed in the future.
The public is encouraged to plan wisely before making withdrawals and can gather information and make informed decisions by referring to specialised authorities, agencies, and organisations more than willing to help and assist in their fields of expertise.
For the benefit of the public, the National Retirement Scheme (SPK) allows members aged 40 to withdraw 50 per cent of their SPK Member Account savings under the SPK Housing Withdrawal to build, buy, repair, renovate, or repay home loan balance. As part of educating its members, TAP provides awareness through its official website, social media accounts, as well as briefings and roadshows regarding precautions for SPK Housing withdrawals.
TAP has also highlighted that falsification of documentation when using SPK Housing Withdrawal for purposes other than housing is an offence under Section 31 of the National Retirement Scheme Order, 2023.
TAP also highlighted on the risks associated with contractors offering SPK Housing Withdrawal services and request commission payments for cash withdrawals, urging members to exercise caution.
If found guilty, under Section 35, of the National Retirement Scheme Order 2023, the penalty for not using the withdrawal payment for the purpose of withdrawing the house is a fine not exceeding BND3,000 for the first offence or BND10,000 for the second and subsequent offences.
Falsification of information and documentation for SPK Housing Withdrawal is not limited only to preparing contracts or documents for SPK Housing Withdrawal application without any intention or construction, purchase, or renovation of the house but also using the name of a construction company or developer without engaging in actual construction work or house development.
The public is also encouraged to raise concerns about any misconduct via the Whistleblower Channel through email at speakup@tap.com.bn.
Employees Trust Fund (TAP)
