SPK Gold Generation (Age 60 and Above)

For Members who are previously received SCP 60 years old payout on a monthly basis (annuity), is there a change in the monthly payment?

SCP Members who received SCP 60 years old annuity payments on a monthly basis previously were converted to the SPK Gold scheme at the implementation date of SPK on 15th July 2023 and have been receiving SPK annuity ever since. 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.

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.

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.  

No, those who are currently receiving pension are excluded to receive the benefit annuity payment under SPK.