Skim Persaraan Kebangsaan

Self-Employed Derivative Benefit

Learn more about the benefits that Self-Employed Member's dependant receive from SPK Retirement Account when a Member is deceased.

 Go to SPK Self-Employed

What is a Derivative Benefit?


A derivative benefit is a benefit received by the Member's dependents when the Member has passed away.

There are two types of benefits that a Member's next-of-kin will receive upon the Member's death:

  1. The balance of the SPK Member Account will be distributed to the beneficiaries according to Syariah Law or the Member's will.

  2. ​The Derivative Benefit from the SPK Retirement Account will be received by the Member's dependents.

​In the event of a Member's Death


SPK Self-Employed Members will be protected under the Derivative Benefit.


The Derivative Benefit provides support for the Member's eligible dependants, aiming to ease their financial matters due to the sudden loss of support following the Member's passing.


If there are no eligible dependants, the balance of the Derivative Benefit will be given in a lump sum to the next of kin or Administrator Nominee.

Eligible Dependants



Husband or wife who has not remarried



Children below 21 years old and not married



Parents of members who are not married

Understanding the Derivative Benefits timeline

If a Member Passes Away at Age 60:

  • Period receiving Derivative Benefit: 15 years.

  • Amount:$400 per month ​or ​​50% of the latest annuity estimates, whichever is higher.

  • Dependant Eligibility: Minimum of $400 if the deceased Member had contributed for at least 25% of the membership period as a TAP Member or had contributed in the past 3 months before death.

Age

60 years old

75 years old

If a Member Passes Away Between the Ages of 60 and 75:

  • The dependent will receive payments for the remaining period until the Member would have reached age 75 (assuming the Member were still alive).

  • Amount: $250 per month ​or ​​50% of the latest annuity estimates, whichever is higher.

  • Dependant Eligibility: Minimum of $250 if the deceased Member had contributed for at least 25% of the membership period as a TAP Member or had contributed in the past 3 months before death. 

FAQ

Frequently Asked Questions

Upon the Member's death, the family members can report the death to TAP by providing the required documents. All the savings in the SPK Member Account will be disbursed to the Member's beneficiaries or the appointed administrator.

The eligible dependents will be spouse who has not remarried and child aged under 21 years old and not yet married.


The eligible dependents in this case will be your unmarried spouse and the child under 21 years old. They will receive the Derivative Benefit for a coverage period of 15 years from the date of death, with the amount of either $400.00 or 50% of the latest annuity estimated, whichever is higher. 

Based on the criteria stated, the derivative benefit will be received by your unmarried spouse who has not remarried. If the spouse passes away or remarries, the remaining balance of the derivative benefit will be paid in lump sum to the next of kin or Administrator Nominee.

In this case, the Derivate Benefit will be paid in lump sum to the next of kin or Administrator Nominee.

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.