Who is an SPK Silver Generation Member?
Members who were already in the age category 50 - 59 before the effective date of SPK.
Members who turned 50 years old before 15 July 2023 (born between January and 14th July 1973).
Members who turned 55 years old after the effective date (born between 15th July and 31st December 1968).
Members who were already between the ages of 56-59 years old before or after the effective date but have not made the TAP 55 Years Old Withdrawal.
SPK Silver Generation Member
What is a signed consent form?
When a Member had signed the consent form for conversion to SPK prior to the implementation date, the Member agreed to be converted to SPK immediately.
When a Member decided not to withdraw the TAP 55 Years Old Withdrawal after the implementation date and signed a consent form for conversion to SPK before reaching 55 years old.
When a Member has withdrawn the TAP 55 Years Old Withdrawal upon reaching 55 years old.
Joining the SPK Scheme
Members in the age category of 50-59 years old who have not withdrawn 100% of their TAP 55 Years Old Withdrawal but opted to convert to the SPK scheme immediately at the effective date of SPK.
SPK Silver Generation Member Contribution
The contribution treatment for SPK Silver Generation Members who opted to join SPK immediately at the effective date or before reaching 55 years old will be the same as that of regular SPK Members.
SPK Silver Generation Member Benefits
The SPK benefits treatment for SPK Silver Generation Members who opted to join SPK immediately at the implementation date or before reaching 55 years old will be the same as the normal SPK Members.
Member's Account Benefit
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Retirement Account Benefit
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SPK Derivative Benefits
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Defering the SPK Scheme
Members who deferred conversion to SPK remain in the TAP and SCP schemes until they withdraw the TAP 55 Years Old Withdrawal.
Deferred SPK Silver Generation Member Contribution
The contribution treatment for SPK Silver Generation Members who opted to defer SPK until they turn 55 and withdraw the TAP 55 Years Old Withdrawal will be governed by the TAP and SCP Act.
Deferred SPK Silver Generation Member Benefit
The benefits for SPK Silver Generation Members who opted to defer SPK until the age of 55 and withdraw the TAP 55 Years Old Withdrawal will be governed by the TAP and SCP Act.
TAP & SCP Benefit
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FAQ
Frequently Asked Questions
For Members who are 50 to 59 years old and have not yet withdrawn TAP55, the following options are available:
- Option 1: Join SPK immediately upon the effective date or after the implementation and decided to join SPK before reaching 55 years old.
- Option 2: Choose to defer joining SPK in order to withdraw TAP55.
Yes, Members who have made a TAP55 withdrawal will be converted to SPK and potentially receive a better annuity. We encourage you to attend the SPK Consultation session for detailed information about your retirement plan and how it can be optimized.
Under SPK, there have been improvements where mandatory contributions are applicable until the age of 60, and you will receive a new SPK account. Both you and your Employer can continue contributing voluntarily on top of your mandatory contribution, and these voluntary contributions will go to your SPK Member Account.