Administrator Nomination

Withdrawal Payment Tips

Learn more about how the withdrawal payment to the Administrator is made in the event of a Member's death.

Benefits of Nominating an Administrator

Administrator nomination is applicable for SPK Members to ensure that there is an Administrator to distribute the Member's account balance in the event of the Member's death.

SPK Members can nominate the Administrator(s) whom they trust to distribute their account balance to the beneficiaries accordingly.

The account balance withdrawal process is shortened and simplified as the nominated Administrator is able to make application for the Next-of-Kin Withdrawal.

The withdrawal payment will be made directly to the appointed Administrator for distribution to the beneficiaries accordingly.

Things Member Need to Know About Withdrawal Payment to Administrator Nomination

Administrator Priority:

Members can decide on the priority of the Administrator from first to third Administrator.

Payment to First Administrator:

In the event of death, the Member’s savings or Derivative Benefit balance will be paid to the first Administrator Nominee who is responsible for distributing the amount to the respective beneficiaries.

Substitute Administrator:

If the first Administrator Nominee is unable to carry out the duties as Administrator due to death, unsound mind, or physical/mobility impairment, the following Administrator Nominee (if any) will receive the Member’s savings or Derivative Benefit balance.

If no Administrator is nominated or unable to carry out the duties,

FAQ

Frequently Asked Questions

The beneficiary may refer this matter to the Civil Court.

Upon the Member's death, the family members can report the death to TAP by providing the required documents. All the savings in the Member Account will be disbursed to the Member's beneficiaries or the appointed administrator.

If the first Nominee passes away, the Member's SPK savings balance will be paid to the next Nominee in the list and so on. If all three Nominees of the Administrator are deceased, the savings of the Member SPK will be handed over to the Administrator Officer appointed by the Syariah Court or Probate Office.

Yes, as long as there are complete supporting documents during Nomination application.

No, Members’ savings balance and derivative benefit will be paid to the Administrator Nominee appointed by the Member.

The dependents and beneficiaries of the deceased Member receive the following benefits:

• From the Member's Account, the beneficiary will receive 100% of the balance in the Member Account.

• From the Retirement Account, the dependents will receive derivative benefits based on the following scenarios:

For Member who passes away before the age of 60, the dependent will receive (Derivative Benefit for a period of 15 years), whichever is higher:

1. Derivative Benefit of $400 per month OR

2. 50% of the latest annuity estimates.

Dependents are eligible to receive a minimum of $400 if they meet the conditions such as having contributed for at least 25% of the membership period as a TAP Member or have contributed in the past 3 months before death.

For Member who passes away between the age of 60 and below the age of 75, the dependent will receive payment for the period - the remaining age of the Member reaches the age of 75 (assumption if still alive), whichever is higher:

1. Derivative annuity of $250 per month OR

2. 50% of the annuity being received.

Upon reporting of death to TAP and verifying your appointed administrator, all the savings in your Member Account will be transferred to the 1st Administrator Nominee. The administrator will then be responsible for distributing the savings to the eligible beneficiaries accordingly.

However, in the event, your 1st Administrator Nominee is unable to carry out duties as Administrator or deceased, the 2nd Administrator Nominee will be contacted as so on.

Administrator Nomination

Withdrawal Payment Tips

Benefits of Nominating an Administrator

Administrator nomination is applicable for SPK Members to ensure that there is an Administrator to distribute the Member's account balance in the event of the Member's death.

SPK Members can nominate the Administrator(s) whom they trust to distribute their account balance to the beneficiaries accordingly.

The account balance withdrawal process is shortened and simplified as the nominated Administrator is able to make application for the Next-of-Kin Withdrawal.

The withdrawal payment will be made directly to the appointed Administrator for distribution to the beneficiaries accordingly.

Things Member Need to Know About Withdrawal Payment to Administrator Nomination

Administrator Priority:

Members can decide on the priority of the Administrator from first to third Administrator.

Payment to First Administrator:

In the event of death, the Member’s savings or Derivative Benefit balance will be paid to the first Administrator Nominee who is responsible for distributing the amount to the respective beneficiaries.

Substitute Administrator:

If the first Administrator Nominee is unable to carry out the duties as Administrator due to death, unsound mind, or physical/mobility impairment, the following Administrator Nominee (if any) will receive the Member’s savings or Derivative Benefit balance.

If no Administrator is nominated or unable to carry out the duties,

Beneficiaries are required to obtain an Administration Appointment Letter from the Probate Office or a Faraid Certificate from Syariah Court.

Payment will be made to the appointed Administrator by the Probate Office or beneficiaries stated in the Faraid Certificate from Syariah Court.

For non-Muslims, the payment is made in accordance with the will, or if there is no will, in accordance with the law relating to intestate succession.

FAQ

Frequently Asked Questions

The beneficiary may refer this matter to the Civil Court.

Upon the Member's death, the family members can report the death to TAP by providing the required documents. All the savings in the Member Account will be disbursed to the Member's beneficiaries or the appointed administrator.

Yes, as long as there are complete supporting documents during Nomination application.

No, Members’ savings balance and derivative benefit will be paid to the Administrator Nominee appointed by the Member.

The dependents and beneficiaries of the deceased Member receive the following benefits:

• From the Member's Account, the beneficiary will receive 100% of the balance in the Member Account.

• From the Retirement Account, the dependents will receive derivative benefits based on the following scenarios:

For Member who passes away before the age of 60, the dependent will receive (Derivative Benefit for a period of 15 years), whichever is higher:

1. Derivative Benefit of $400 per month OR

2. 50% of the latest annuity estimates.

Dependents are eligible to receive a minimum of $400 if they meet the conditions such as having contributed for at least 25% of the membership period as a TAP Member or have contributed in the past 3 months before death.

For Member who passes away between the age of 60 and below the age of 75, the dependent will receive payment for the period - the remaining age of the Member reaches the age of 75 (assumption if still alive), whichever is higher:

1. Derivative annuity of $250 per month OR

2. 50% of the annuity being received.

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Upon reporting of death to TAP and verifying your appointed administrator, all the savings in your Member Account will be transferred to the 1st Administrator Nominee. The administrator will then be responsible for distributing the savings to the eligible beneficiaries accordingly.

However, in the event, your 1st Administrator Nominee is unable to carry out duties as Administrator or deceased, the 2nd Administrator Nominee will be contacted as so on.