What is TAP & SCP Account?
TAP account is an account that accumulates contributions from both the Member and Employer for pre-retirement purposes.
SCP account is an account that accumulates contributions from both the Member and Employer for retirement.
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 Account?
TAP Account
Member can withdraw TAP 50 Years Old (if not withdrawn yet) and TAP 55 Years Old before converting to SPK. Member also can withdraw other TAP Withdrawals if eligible to.
Find out more about TAP Withdrawal.
SCP Account
The contribution in SCP will be converted to SPK to allow deferred Member to receive a higher SPK Annuity.
Members or Member's next-of-kin can still withdraw SCP Withdrawal is eligible to before converting to SPK. Find out more about SCP Withdrawal.
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.