SPK Gold Basic Benefits
Members who are Permanent Residents of Brunei Darussalam (Foreign Nationality) in the SPK Gold Generation will receive the following benefits from the SPK Retirement Account.
Receive annuity up to 20 years or until exhausted
Minimum Annuity of $500 per month
Annuity based on Total SCP balance
Things you need to know about SPK Gold Basic Member Annuity
Members with SCP balance ABOVE $12,000.00:
Those receiving SCP Annuity,
Member will receive an annuity of $500 per month until the balance is exhausted.
Those that have not withdrawn SCP at 60 years old,
SCP Annuity that has not been withdrawn from age 60 until SPK is implemented will go to the SPK Member Account. Withdrawal is subject to SPK Member Account terms and conditions.
Members with SCP balance BELOW $12,000.00:
Those received SCP Lump sum,
Member no longer has a balance available in the Retirement Account as the previous lump sum withdrawal from the SCP Account already exhausted the retirement savings.
Those that have not withdrawn SCP at 60 years old,
SCP balance that has not been withdrawn will go to the SPK Member Account. Withdrawal is subject to SPK Member Account terms and conditions.
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?