SPK Gold Generation Benefits
Members who are Citizens and Permanent Residents (Stateless) of Brunei Darussalam in the SPK Gold Generation can also enjoy the SPK Retirement Account benefits.
Annuity up to lifetime
Minimum Annuity of $250 for Members with Brunei Citizenship and Permanent Resident (Stateless)
Annuity Inflation Adjusted
Dependant protected with Derivative Benefit
Things you need to know about SPK Gold Member Annuity
Members with SCP balance ABOVE $12,000.00
Those receiving SCP Annuity,
will be automatically increased to a minimum of $250 per month and paid for a lifetime.
Those That Have Not Withdrawn SCP at 60 Years Old,
SCP Annuity that has not been withdrawn from age 60 until SPK is implemented will go to the SPK Member Account.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.
SPK Annuity (monthly) will be a minimum of $250 per month and paid for a lifetime.
Members with SCP balance BELOW $12,000.00
Those Who Received SCP Lump Sum,
SPK Annuity (monthly) will be a minimum of $250 per month. Payout period is subject to Government Assistance amount.
Member has Top-Up payment options to receive a lifetime payout.
Those That Have Not Withdrawn SCP at 60 Years Old,
SCP balance that has not been withdrawn will go to the SPK Member Account.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.
SPK Annuity (monthly) will be a minimum of $250 per month. Payout period is subject to Government Assistance amount.
Member has Top-Up payment options to receive a lifetime payout.
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?