The objective of this scheme is to strengthen TAP Members’ social security at retirement taking into consideration various factors and challenges that are being faced such as:

a) Adequacy of retirement income - Using the Income Replacement Rate (IRR) method to provide better retirement income to every group, especially the low-income earners.

b) Increased in life expectancy - The retirement income will be paid as lifetime annuity payout, which protects against longevity risk (increasing life expectancy) for the Member.

c) Withdrawal Needs - Under SPK, withdrawals are more flexible and can be used to cater for Member's preretirement needs.

d) Dependent Welfare - Coverage for dependents is extended to provide protection before and after retirement.

e) Inclusiveness - It is a more inclusive scheme that makes sure all types of employment (Formal and Informal sector workers) are taken care of.

TAP and SCP schemes will be maintained for Members who made decision to defer participation to SPK. These schemes will be replaced with SPK once all TAP/SCP members has converted to SPK.

No, those who are currently under uniform personnel are excluded from SPK. However, should you be employed after your service and receives your pension, it is mandatory that your new Employer register you under SPK in order for you to receive SPK benefits.

For Members who are 50 to 59 years old and have not yet withdrawn TAP55, the following options are available: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 before reaching 55 years old and still able to withdraw SPK 55 Years Old Withdrawal for 30% from SPK Member Account and 100% at the age of 60. 

Option 2: Defer SPK and remain in TAP and SCP scheme until 55 years old to withdraw TAP 55 years old Withdrawal. Member will transition to SPK automatically once TAP 55 years old Withdrawal has been made.

To obtain information and guidance to help you make the right choice, TAP provides ongoing consultation sessions to Members. You can seek consultation by visiting any of TAP branches.

Yes. If you have chosen to defer joining SPK and have not yet made any withdrawals under TAP, you can still proceed with both TAP 50 years old (if not withdrawn yet) and TAP 55 years old withdrawals.  

If you are currently residing abroad and need information about the options, you can request a consultation by sending an email to vas@tap.com.bn or ask@tap.com. Please provide your full name, IC number, current address, and overseas mobile number. TAP team will contact you to arrange an appointment using online platforms such as Zoom or Microsoft Teams to assist you further.  

If you have chosen to defer your participation in SPK and remain in the TAP and SCP schemes, there are no changes to the withdrawal scheme. TAP Withdrawal remains the same. The adjustment under the new scheme is related to Member contributions, which will be aligned with the SPK contribution rate.

Yes, Members who have made a TAP 55 years old Withdrawal will be converted to SPK and potentially receive a better annuity. 

Under SPK, there have been improvements where mandatory contributions are applicable until the age of 60. 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.