Who is a SPK Gold Generation Member?
SPK Gold Generation Members are identified as SPK Members if they had an SCP account balance before 15 July 2023:
Members who turned 60 years old before 15 July 2023 and were receiving the monthly annuity from their previous SCP account.
Members who turned 60 years old before 15 July 2023 and had already withdrawn 100% of their SCP account due to the balance being below $12,000.00.
Members who were SCP Members prior to 15 July 2023 and have not withdrawn the SCP balance since turning 60.
SPK Gold Generation Member Annuity
The treatment and benefits of the SPK Annuity for SPK Gold Generation Members are based on the SCP balance prior to conversion to SPK and the Member's nationality status.
FAQ
Frequently Asked Questions
For Members who were receiving SCP60 on a monthly basis (annuity) before the SPK implementation, is there a
change in the monthly payment?
SCP Members who are currently receiving SCP60 annuity payments on a monthly basis will be converted to the SPK Gold scheme and will receive SPK annuity. Under the new SPK Gold scheme, the Government will make contributions to ensure that Members receive a lifetime annuity payment of at least $250.00.
I was in SCP scheme previously and made lump sum withdrawal. Can I join SPK?
Yes, you can join SPK even if you had previously made a lump sum withdrawal from the SCP scheme. As an SCP Member, you will be eligible to join SPK Gold and receive SPK annuity payments of not less than $250 per month. To proceed with receiving SPK Gold, please visit any TAP branch and complete the required form. Ensure to bring your original Identity Card (IC) and relevant bank account details such as a bank card, bank statement, or bank book, as your SPK annuity payments will be transferred directly to your bank account every month. Please note that this provision is applicable only to Yellow IC holders and Purple IC holders without foreign citizenship.
Do I need to top up to SPK once it is launched to receive $250 annuity amount?
However, for Members with SCP balance less than $12,000 at the age of 60 years old, they have the option to top-up any amount to SPK and will benefit from monthly annuity payments up to lifetime. To receive a lifetime annuity payment, Member will only require to top up to reach $12,000 based on their SCP savings at the age of 60 years old.
No, top-up to SPK is not necessary in order to receive the updated annuity amount of not less than $250 per month.
However, for Members with SCP balance less than $12,000 at the age of 60 years old, they have the option to top-up any amount to SPK and will benefit from monthly annuity payments up to lifetime. To receive a lifetime annuity payment, Member will only require to top up to reach $12,000 based on their SCP savings at the age of 60 years old.
For example, at age 60 years old, SCP balance = $10,000.
To receive annuity monthly payment for lifetime, Member can top-up $2,000 in order to accommodate the shortage.
At the same time, Member can top-up any amount they wish to but not more than the amount required to reach $12,000. However, Member will receive $250 annuity and benefit from a longer period of annuity monthly payment.
I am currently 60 years old (or above) and receiving pension. Will I receive the annuity payment under
SPK also?