The National Retirement Scheme, SPK will replace the TAP and SCP schemes. Through it, the contributions will be divided into member contributions and contributions from employers. Acting Deputy Managing Director of TAP explained, the contributions from the member’s salary will be deposited into the ‘Member Account’ with the member able to make withdrawals from the account before retirement. Meanwhile, the contributions from employers will be collected and kept in retirement accounts. Awang Haji Muhammad Adfarul bin Haji Maz Adanan added, the Retirement Account will be used for annuity payments to members who reach the age of 60 for the rest of their lives for those who qualify. The SPK scheme also provides a lifetime ANNUITY for those who qualify.
According to Awang Haji Muhammad Adfarul, the members can withdraw from the Member Account before retirement. Withdrawals are 30 percent from a Member’s Account at the ages of 45, 50 and 55 without any additional requirements. Members can also make the first withdrawal at the age of 45, the second withdrawal at the age of 50, and the third withdrawal at the age of 55 which is 30 percent for each withdrawal.
For further information, visit the TAP website, at ‘www.tap.com.bn’ or email ‘ask@tap.com.bn’ or contact the TAP Call Centre, 238 2929 during working hours.
Source: Radio Television Brunei