Scheme Withdrawal

SPK Housing Withdrawal

SPK Housing Withdrawal can only be applied once. 

Payment will be made in one lump sum to the Contractor/Bank/Developer/Government/Seller.

Withdrawal for house that is not in the Member’s name, should only be made for houses that are in the name of immediate family members, such as spouse, parents, parent-in-law, child, siblings, or grandparents.

Yes, please include the following documents:

Balance Payment (National Housing Scheme):
1. Copy of Member's identification card.
2. Housing Balance Verification Letter.
3. Copy of the Letter of Confirmation of owning the house.

Balance Payment (Housing Loan - Bank or Treasury Department):
1. A copy of the Member's identification card.
2. Copy of the Construction Agreement or Sale and Purchase Agreement. 3. Copy of Land Grant.
4. Copy of Housing Loan Agreement.
5. Copy of the latest Loan Balance Statement.

Note:
1. Applicants should refer to the Bank regarding the cost of obtaining the latest loan balance statement and payment consent letter.
2. This SPK Housing Withdrawal Application can only be applied once.

The process remains the same, where you must obtain the seller/shop's bank details as the payment will be made directly to the shop. You will also need to provide the invoice and a copy of the 16 & 17 certificate, along with the seller/shop owner's Identity Card (IC).

No, the withdrawal application must be managed by the applicant.

For detailed information regarding any renovation work that requires ABCi approval, please visit the ABCi website at www.abci.gov.bn. The public is strongly encouraged to adhere to the regulations set by the authorities. However, Members are not required to attach the documentation as supporting documents for the withdrawal.

You may refer to ABCi website at www.abci.gov.bn for the list of registered contractors in Brunei.

Yes, Members can apply for withdrawal through SPK Housing together with copies of the following supporting documents:

  1. Member's identity card.
  2. Construction Agreement or Sale and Purchase Agreement.
  3. Land Grant.
  4. Housing Loan Agreement.
  5. Latest Loan Balance Statement.

Yes, Member can apply both withdrawals at the same time given the Member has fulfilled the requirement for both withdrawals.

Applications can be submitted together with supporting documents and payment will be paid directly to the developer / contractor / seller. In addition, the applicant also needs to fill in and include the Consent Form for payment transaction fees to overseas account. The Consent Form is available at any TAP Branch.

Members are advised to have a contract or agreement with the Contractor for the building or renovation works to ensure the interests of both parties are covered in case any dispute arises. Members are also advised to get stamp duty for the contract agreement at the Registrar of the Subordinate Courts. Documents not duly stamped are inadmissible evidence in court. Members or Contractors may use the Renovation Agreement template downloadable in TAP’s website.

SPK Age Withdrawal (45, 50, 55, 60 Years Old)

Members have the option to make withdrawals at age 45, 50 and 55. However, if a Member chooses not to make any withdrawal, they can benefit from the accumulated dividends on their savings. They have the flexibility to withdraw their savings once they reach the age of 60 if the need arises. 

Members can apply for age withdrawal starting from their 45th, 50th, or 55th birthday. Last age withdrawal will be when a Member reached age 60 years old. Once they attain the eligible age, they can initiate the withdrawal application.

Yes, Members have the option to withdraw less than the maximum allowed amount of 30%. The 30% rate represents the maximum withdrawal limit, but Members can choose to withdraw a smaller percentage based on their individual needs and preferences.

No. You may apply for withdrawal according to your personal needs.

Some of the Member's Pre-Retirement Withdrawal can be made without any additional terms or conditions once you reach the specified age:

  • 30% for withdrawal at Age 45 years.
  • 30% for withdrawal at Age 50 years.
  • 30% for withdrawal at Age 55 years.
  • 100% for withdrawal at Age 60 years.

These withdrawals can cater to various Member's withdrawal needs including the purposes mentioned.

Yes. You are eligible to make Age 45 withdrawal under SPK. The amount you can withdraw is 30% of your Member Account savings balance as of the date of SPK implementation.

You can apply once for each withdrawal type, namely SPK45, SPK50, SPK55 and SPK60

Withdrawal applications can be made through the relevant channels once SPK implementation is in place. Please follow the specified procedures for overseas Members to apply for SPK withdrawals which will be informed shortly.

Yes, withdrawals can be made on a monthly basis for either 10, 15, or 20 years. Additionally, also have the option to partially withdraw as lump sum and receive the remaining balance as a monthly annuity, for example, Members can withdraw 50% as a lump sum and receive the remaining 50% as a monthly annuity for 10 years.

You may use a valid passport as an alternative form of identification for verification purpose.

SPK 55+ Withdrawal (Retire Early)

No. The condition is at any time after the Member reaches the age of 55 until before reaching 60 years old.

The amount received by the Member is based on the amount in their Member Account that will be paid every month until the Member reaches the age of 60.The amount Member will get is based on the balance in their Member Account which will be divided into five (5) years or the period until Member reaches 60 years old. If the Member applies for the 55+ Withdrawal at the age of 55, the total balance in the Member's Account will be divided into five (5) years or until the Member reaches the age of 60. If the Member applies for 55+ Withdrawal at the age of 57 years, the balance in the Member's Account will be divided into three (3) years or until the Member reaches the age of 60 years at the age of the Member applying for the withdrawal.

Member will get not less than $500.00 per month and if the balance in the Member Account does not meet this amount once divided in accordance to the period stated, then the amount received will be round up to $500.00 per month until the amount in the Member Account is exhausted.

No, the balance in the Member Account is paid monthly (annuity) until the age of 60.

However, Members are still eligible to receive monthly annuities from the Retirement Account starting at age 60.

Once you have applied for the SPK 60 Withdrawal from the Member Account, you will start receiving the SPK monthly annuity from the Retirement Account until lifetime, subject to conditions.

SPK Incapacitation Withdrawal

All withdrawal applications must be managed by the Member/Applicant themselves except for Next-of-Kin Withdrawal.

If Member is unable to visit any TAP counters or apply for withdrawal due to health issue, please contact TAP Call Centre at 272 2929 to get TAP Membantu assistance where TAP representatives will visit the Member for verification and withdrawal application.

SPK Terminal Illness Withdrawal

All withdrawal applications must be managed by the Member/Applicant themselves except for Next-of-Kin Withdrawal.

If Member is unable to visit any TAP counters or apply for withdrawal due to health issue, please contact TAP Call Centre at 272 2929 to get TAP Membantu assistance where TAP representatives will visit the Member for verification and withdrawal application.

SPK Renouncing Citizenship Withdrawal

You can easily make a withdrawal application via TAP online service platform, e-Amanah.

SPK Next-of-Kin Withdrawal

If Member has appointed an Administrator Nominee prior to his/her death, the first Administrator can directly make withdrawal application for the deceased Member's account balance.

If a Member never appointed an Administrator Nominee while he or she was alive, an immediate family would have to make a report to TAP by filling in a SPK Next-of-Kin Complainant form  TAP will provide a letter for the Complainant submit to the Probate Office  Probate Office will provide an Administration Appointment Letter of who the beneficiary is as the Administrator to distribute the wealth of the deceased according  only the appointed beneficiary by the Probate Office will make the withdrawal application for the SPK Member's Account balance.

The responsibility of the appointed Administrator is to fairly distribute the balance withdrawn to the rightful beneficiaries according to Faraid for the Muslim members or will for the non-Muslim members.

If the deceased never appointed an Administrator Nominee, the period of withdrawal will depend on the proceedings between the deceased Member's next-of-kin and the Probate Office.