Skim Persaraan Kebangsaan

Retirement Account Benefits

Learn more about the benefits that Members receive from SPK Retirement Account.

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What is the SPK Retirement Account?


The SPK Retirement Account is a pooled fund that collects contributions made by all Employers, along with additional Government assistance. The funds accumulated in the SPK Retirement Account are used to provide monthly payouts (SPK Annuities) to Members upon their retirement.


Employers contribute according to the prescribed rate for the salary group of their employees. These contributions are deposited into the SPK Retirement Account.


Can I contribute more into the SPK Retirement Account?


The SPK Retirement Account is designated solely for contributions from Employers. However, you can make voluntary contributions to your SPK Member Account to help save more for your retirement.

SPK Retirement Account Benefits

for Citizens and Permanent Residents (Stateless) SPK Members


SPK Members who are Citizens (Yellow Identity Card) and Permanent Residents (Stateless - Purple Identity Card) are eligible for the full benefits of the SPK Retirement Account.

SPK Retirement Account Benefits


Employers contribute to the SPK Retirement Account to support the welfare of Employees during retirement. Additionally, the Employee's dependants will be protected under the Derivative Benefit.

SPK Annuity Benefits for Citizens & Permanent Residents of Brunei Darussalam (Stateless)



Annuity up to lifetime


Minimum Annuity of $250 for Member with Brunei Citizenship

Annuity Inflation Adjusted

Dependant protected with Derivative Benefit

SPK Retirement Account Benefits

for SPK Members with Foreign Citizenship


SPK Members with Foreign Nationality (Purple IC) will receive the SPK Basic benefits.

What is SPK Basic?


Employers will continue to contribute to the SPK Retirement Account as part of their support in ensuring the welfare of Employees during retirement. However, SPK Members in this category will receive only the basic benefit from the SPK Retirement Account.


SPK Basic provides an annuity benefit starting at age 60, where the Member’s SPK Retirement Account savings will be paid out on a monthly basis (annuity) for 20 years. The monthly annuity is calculated based on the total savings in the SPK Retirement Account divided by 240 months.


If the monthly annuity is less than $500, the annuity payment under the SPK Basic scheme will be rounded up to $500 per month and paid until the SPK Retirement Account savings are exhausted. The SPK Member Account Benefit remains the same as for other SPK Members.

SPK Annuity Benefits for Permanent Residents of Brunei Darussalam (Foreign Nationality)



Receive annuity up to 20 years or until exhausted

Minimum Annuity of $500 per month

Annuity based on Total Employer Contribution made throughout the Member’s working years

FAQ

Frequently Asked Question

SPK Annuity refers to the regular monthly payment you receive from your Retirement Account, which is funded by your Employer's contributions with assistance from Government. This is to ensure that you have a retirement income every month upon retirement at 60 years old.

The amount of annuity and the duration of the payment will be subject to several factors such as the estimated average Household Expenditure, Income Replacement Rate (IRR), average Member salary, inflation rate and work productivity.

SPK Member will receive minimum $250.00 per month. Member may receive more based on the factors such as higher productivity and average salary. Every Member will have a different SPK Annuity.

The payment period and amount for SPK Annuity will be determined by factors such as the estimated average Household Expenditure, Income Replacement Rate (IRR), average Member salary, inflation rate and work productivity. A high productivity or average salary, ensures a better annuity amount and payment period.

You can easily access estimated SPK Annuity information online through your Member's e-Amanah portal. Ensure you are registered to TAP online service platform, e-Amanah.


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Membership in SPK is based on age eligibility, not employment status. Therefore, you can still join SPK even if you are no longer employed or currently suspended.


The calculation of SPK annuity considers factors such as Income Replacement Rate (IRR), Average Salary and Work Productivity. If you are not contributing due to unemployment or suspension, it may affect your "Work Productivity" factor in the annuity calculation. SPK encourages Members to continue working and strive for higher productivity, whether in the formal or informal sector, as this can lead to a higher SPK annuity for a more comfortable retirement.

The SPK Retirement Account is only for contribution from Employer. However, you have the option to make voluntary contributions into your SPK Member Account, which can help you save more for your retirement.

Once you become a Brunei Darussalam citizen, you will be eligible to continue with the normal SPK program. However, there may be adjustments to your benefits based on your new citizenship status. It is important to inform TAP about your citizenship status immediately so that they can recalculate and adjust your account accordingly.

If you have a Purple Identity Card and you are not a foreign citizen, you will be eligible as a normal SPK Member. However, if you are included in the SPK Basic, it is necessary to notify TAP about your status so that they can make the appropriate adjustments to your account.

The balance of the amount in the SPK Retirement Account will be given to the appointed Administrator Nominee. If the Member is Muslim, the amount will be given to the Administrator Nominee and he/she will distribute it in accordance with the Hukum Syara'.


If no Administrator Nominee is appointed, the amount will be handed over to the Probate Officer.