What is TAP and SCP scheme Account?
TAP (Tabung Amanah Pekerja or Employee Trust Fund) scheme account is an account that accumulates TAP contributions from both the Member and Employer for pre-retirement purposes.
SCP (Supplemental Contributory Pension) scheme account is an account that accumulates SCP contributions from both the Member and Employer for retirement purposes.
Both TAP and SCP schemes were replaced by SPK as of 15 July 2023.
Mandatory Contribution rate
TAP Scheme
5% from basic salary
SCP Scheme
3.5% from basic salary
What can you do with your contribution in TAP and SCP Scheme Account?
(SPK Deferred Silver Generation Members, Age 50–59)
TAP Scheme Account
- Deferred Members may withdraw their TAP 50 Years Old Withdrawal (if not already withdrawn).
- Deferred Members have the option to fully withdraw their TAP 55 Years Old Withdrawal before converting to SPK.
- Other TAP withdrawals can be made if the Member is eligible.
Find out more about TAP Withdrawal.
SCP Scheme Account
- Once Deferred Silver Generation Members have fully withdrawn their TAP 55 Years Old Withdrawal, the savings in their SCP Account will be transferred to the SPK Retirement Account.
- This ensures the Member will enjoy a higher SPK annuity at retirement.