What is TAP & SCP Scheme Account?
TAP account is the account that accumulate TAP contribution from Member and Employer. The use of 100% of the savings is for a pre-retirement purposes.
SCP account is the account that accumulate SCP contribution from Member and Employer which is use for retirement purpose.
TAP & SCP Account Benefits
The contributions made into TAP and SCP accounts are the savings accounts that will receive the following benefits:
Accumulation of Contributions
All contributions (Member and Employer's mandatory and voluntary) are credited into the TAP and SCP account according to the contribution rates for each account, ensuring that Member's savings grow over time.
Lump Sum TAP Withdrawal at Age 55
Members can withdraw 100% of their savings in TAP account as a lump sum at 55 years old before converting to SPK. This provides the Member with a significant fund that can be utilised to prepare for their retirement.
Pre-Retirement Withdrawal
Eligible Members can make partial or full withdrawals from their TAP and SCP Account for specific needs according to TAP and SCP Act.
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Survivorship Benefit for Deceased Member Beneficiaries
The beneficiaries of the Members are protected by Survivorship Benefit in case of the Member is deceased.
Does TAP & SCP Account receive dividend?
Yes, at a rate of 2.5% per annum
TAP and SCP Account earn dividends at an annual rate of 2.5%, allowing Members to earn returns on their savings and further enhance their retirement funds.
Can Member withdraw from SCP Account?
No, it is reserved for Member's retirement.
Initially, the main objective of SCP account is to fund a Member's retirement. For deferred Member, as the Member withdrawn TAP 55 years old withdrawal, the savings in the SCP account will be credited to SPK Retirement Account to ensure the Member has a higher SPK Annuity at retirement.
FAQ
Frequently Asked Questions
Yes. If you have chosen to defer joining SPK and have not yet made any withdrawals under TAP, you can still proceed with both TAP50 and TAP55 withdrawals.
If you choose to defer your participation in SPK and remain in the TAP and SCP schemes, there are no changes to the withdrawal scheme. TAP Withdrawal remains the same. The adjustment under the new scheme is related to Member contributions, which will be aligned with the SPK contribution rate.
Under SPK, there have been improvements where mandatory contributions are applicable until the age of 60, and you will receive a new SPK account. Both you and your Employer can continue contributing voluntarily on top of your mandatory contribution, and these voluntary contributions will go to your SPK Member Account.