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​SPK 55+ Withdrawal


Learn more about SPK 55+ Withdrawal's eligibility and requirements.

 Go to Scheme Withdrawal

SPK 55+ Withdrawal (Early Retirement)


Members are eligible to withdraw the SPK Member Account for early retirement purpose where Member has decided that he or she is no longer in service and retires between the age 55 - 60 years old.  


When planning for early retirement with SPK Member Account, Member must be informed on the following:


  • The withdrawal payment to the Member is on monthly basis (annuity) until the Member reaches 60 years old.


  • Members will use their own savings from the SPK Member Account to retire early until the age of 60 or until exhaust before the SPK Retirement Account can be withdrawn for retirement.

  • The minimum withdrawal amount paid to the Member on a monthly basis is BND500.00. If the SPK Member Account balance is calculated to receive less than BND500.00, the amount paid to the Member will still be BND500.00, and the balance will continue to be paid until it is exhausted, which may occur before the Member reaches age 60.


  • The maximum amount paid will be based on the Member's account balance divided by the remaining month until 60 years old.​


Scenarios example:

Scenario 1:

If a Member decided to retire at 55 years old and withdraw the SPK Member Account balance of BND50,000.00:


$50,000.00 / 60 months (until 60 years old) = BND833.33

Therefore, the Member will receive BND833.33 per month from his or her SPK Member Account for 60 months. 


Scenario 2:

If a Member decided to retire at 55 years old and withdraw the SPK Member Account balance of BND10,000.00:


$10,000.00 / 60 months (until 60 years old) = BND166.67

Therefore, the Member will receive $500.00 per month instead of BND166.67 from his or her SPK Member Account for 20 months instead of 60 months. 


Scenario 3:

If a Member decided to retire at 57 years old and withdraw the SPK Member Account balance of BND20,000.00:


$20,000.00 / 36 months (until 60 years old) = BND555.56

Therefore, the Member will receive $555.56 per month from his or her SPK Member Account for 36 months.

Eligibility

Age


55 - 59 Years Old

Amount


100% of the Member Account Balance

at withdrawing age.

Payment Method

Paid as

annuity (monthly basis

to the Member

Documents Required

Ensure the documents required are complete before proceed with submission.

 A complete withdrawal application form.


  1. Copy of Member’s Identity Card.

  2. Copy of bank account details/statement or bank book.

Online SPK 55+ Withdrawal Application

Skip the queue at TAP Branch and do it from your home.

Apply Now