​SPK Incapacitation Withdrawal

Learn more about SPK Incapacitation Withdrawal's eligibility and requirements.

 Go to Scheme Withdrawal

SPK Incapacitation Withdrawal


Members are eligible to withdraw if they are certified by the Medical Board as physically or mentally incapacitated from engaging in any further employment and fulfil all the eligibility requirements.


When a Member is incapacitated, upon withdrawal application Member must be informed on the following:


  • Member must obtain a certification from the Medical Board to verify that he or she is unfit to continue to work.


  • 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the SPK Member Account to retire early until the age of 60 or until exhausted before the SPK Retirement Account can be withdrawn for retirement.

  • The minimum amount withdrawal amount paid to the Member on a monthly basis is $500.00. If the Member's SPK Member Account balance is calculated to receive less than $500.00, the amount paid to the Member will still be $500.00 and the balance will be paid until it is exhausted - which may occur before 60 years old.​


  • 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 withdraw due to incapacitation at 55 years old and withdraw the SPK Member Account balance of $50,000.00:


$50,000.00 / 60 months (until 60 years old) = $833.33

Therefore, the Member will receive $833.33 per month from his or her SPK Member Account for 60 months. 


Scenario 2:

If a Member decided to withdraw due to incapacitation at 55 years old and withdraw the SPK Member Account balance of $10,000.00:


$10,000.00 / 60 months (until 60 years old) = $166.67

Therefore, the Member will receive $500.00 per month instead of $166.67 from his or her SPK Member Account for 20 months instead of 60 months. 


Scenario 3:

If a Member decided towithdraw due to incapacitation at 57 years old and withdraw the SPK Member Account balance of $20,000.00:


$20,000.00 / 36 months (until 60 years old) = $555.56

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

Eligibility

Age


below 60 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. Medical Board Report.

  3. Guardian Appointment of Property ad-litem for Members who are mentally incapacitated from

    1. Civil Court for non-Muslim Members;

    2. Syariah Court for Muslim Members.

  5. Letter of Undertaking by Guardian of Medically Unfit or Unsound Mind Member of The Fund (if required).

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

Online SPK Incapacitation Withdrawal Application

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

Apply Now

Application Form

Click to download



SPK Incapacitation Withdrawal Application