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.

Under SPK scheme, contributions from both the Member and Employer are allocated as follows:

Member Account: The Member's mandatory contributions and any voluntary contributions from both the Member and the Employer are allocated to the Member Account. The Member's contributions are deducted from their basic salary and are considered their rightful savings.

Employee (you)  Contribute 8.5% per month of your salary  into your Member Account

Retirement Account: The Retirement Account consists of contributions from all Employers, including Self-Employed Members, as well as contributions from the Government and Government Match-Up contributions. The Retirement Account operates similarly to the government pension scheme and is funded by mandatory contributions from the Employer with additional Government assistance.

Employer  Contribute according to the prescribed rate  into Retirement Account

Scenario 1:

Member’s salary = $1,000.00 / month

Contribution from Employee= $1,000.00 x 8.5% = $85.00  into Member Account

Contribution from Employer= $1,000.00 x 10.5% = $105.00  into Retirement Account

The contribution rate under SPK remains unchanged for Members, set at 8.5% of the Member's salary. There is no minimum or maximum amount specified for the Member's contribution.

There is no longer a maximum mandatory contribution cap for SPK. The contribution is based on the full amount according to the prescribed rates for Employees and Employers, with a minimum contribution of $57.50 for Employers.

The SPK contribution rate is rounded to two decimal points.

Amount of contribution will be based on basic salary only.

Contribution Calculation:

Contribution from Employee is $1,000.00 x 8.5% = $85.00  Your Member Account

Contribution from your Employer is $1,000.00 x 10.5% = $105.00  Retirement Account

Your wages will be based on your commission received since you do not have basic salary.

Contribution Calculation:

Contribution from Employee is $400.00 x 8.5% = $34.00  Your Member Account

Contribution from your Employer is $57.50 (the minimum contribution rate)  Retirement Account

Wages means remuneration in money due to an Employee for the work done which amongst others including basic salary; or for Employee who does not have basic salary, it will be any remuneration receive based on work done such as allowance, apprentice allowance commission or director’s fee.

Types of remuneration NOT mandatory to be included as wages under SPK are as follows:

- Bonus.

- Backdated Increment.

- Acting Allowance.

- Special Allowance.

- Living Allowance.

- Overtime Allowance.

- Housing Allowance.

- Medical Allowance.

- Amenities Allowance.

- Travelling Allowance.

- Payment of supplies of any food, fuel, light and water.

- Gratuity Payment.

- Service Charge.

- Retrenchment, lay off or termination benefit.

- Unexpected expenses by the type of employment.

- Contribution Payment to a pension fund or provident fund.

If you are unsure regarding type of remuneration, you may send us an email via enforcement@tap.com.bn.

Member Account is an account where all contributions made by the Member, as well as, voluntary contributions from Member and Employer are credited.

Member Account offers several benefits for your retirement savings:

1. Accumulation of Contributions: All the contributions you make are credited into your Member Account, ensuring that your savings grow over time. 
2. Lump Sum Withdrawal at Age 60: Once you reach the age of 60, you have the option to withdraw 100% of your savings as a lump sum.  This provides you with a significant fund that can be utilized during your retirement.
3. Pre-Retirement Withdrawal: You can also make partial or full withdrawals from your Member Account for specific needs before reaching the age of 60. Some of the withdrawal schemes available include:
4. 1. Withdrawal at Age 45: You can withdraw 30% of your Member Account.
   2. Withdrawal at Age 50: You can withdraw 30% of your Member Account.
   3. Withdrawal at Age 55: You can withdraw 30% of your Member Account.
   4. Withdrawal for Housing Needs: After reaching the age of 40, you can withdraw up to 50% of your Member Account for building, buying, repairing, or renovating a house.
   5. Next of Kin Withdrawal: In the event of the Member's demise, the next of kin can withdraw 100% of your Member Account.
   6. Incapacitation Withdrawal: If the Member becomes incapacitated, 100% of your Member Account can be withdrawn.
   7. Withdrawal for Renouncing Citizenship: Members who renounce their citizenship can withdraw 100% of your Member Account.
   8. Terminal Illness Withdrawal: Members suffering from a terminal illness can withdraw 100% of your Member Account.
   9. 55+ (Early Retirement) Withdrawal: Members who retire at the age of 55 and above can withdraw 100% of your Member Account as an annuity until the age of 60.

These withdrawal options provide flexibility in accessing your savings based on specific circumstances and needs throughout your working life and during retirement.

Zakat is applicable only to the savings in the Member Account.

Members can request for an estimate of the amount of zakat payable from TAP Counters and make their own payment to the relevant agency.

Yes, the Member Account under SPK earns dividends. The dividend rate is 2.5% per annum, allowing Members to earn returns on their savings and further enhance their retirement funds.

Retirement Account refers to a pool-fund that collects contributions made by all Employers with additional Government assistance. The funds accumulated in the Retirement Account are used to provide monthly payouts (annuities) to Members upon their retirement.

1. Better Retirement Income with annuity payment up to a lifetime.
2. Derivative Benefit will be provided to dependents if Member deceased before attaining the age of 75 years.

SPK Annuity refers to the regular monthly payment you receive from your Retirement Account, which is funded by your Employer's contributions with assistance from Government. This is to ensure that you have a retirement income every month upon retirement at 60 years old.

The amount of annuity and the duration of the payment will be subject to several factors such as the estimated average Household Expenditure, Income Replacement Rate (IRR), average Member salary, inflation rate, work productivity and Employers' contribution.

The payment period and amount for SPK Annuity will be determined by factors such as average Household Expenditure, Income Replacement Rate (IRR), average Member salary, inflation rate, work productivity and Employers' contribution.

A high productivity or average salary, ensures a better annuity amount and payment period.

SPK member will receive minimum $250.00 per month. Member may receive more based on the factors such as higher productivity and average salary. Every Member will have a different SPK annuity.

You can easily access estimated SPK annuity information online through your Member's e-Amanah portal.  

Membership in SPK is based on age eligibility, not employment status. Therefore, you can still join SPK even if you are no longer employed or currently suspended.

The calculation of SPK annuity considers factors such as Income Replacement Rate (IRR), Average Salary and Work Productivity. If you are not contributing due to unemployment or suspension, it may affect your "Work Productivity" factor in the annuity calculation. SPK encourages Members to continue working and strive for higher productivity, whether in the formal or informal sector, as this can lead to a higher SPK annuity for a more comfortable retirement.

The Retirement Account is only for contribution from Employer. However, you have the option to make voluntary contributions into your Member Account, which can help you save more for your retirement.

SPK Basic is an annuity benefit at the age of 60 where the Member’s Retirement Account savings will be paid on a monthly basis (annuity) for 20 years. The monthly annuity calculation is based on the total savings of the Retirement Account divided into 240 months. If the monthly annuity is less than $500 per month, the annuity payment of the SPK Basic scheme will be rounded to $500 per month and paid until the Retirement Account savings exhaust. Meanwhile, the Member Account Benefit is the same as that of SPK Members.  

Once you become a Brunei Darussalam citizen, you will be eligible to continue with the normal SPK program. However, there may be adjustments to your benefits based on your new citizenship status. It is important to inform TAP about your citizenship status immediately so that they can recalculate and adjust your account accordingly.

If you have a Purple Identity Card and you are not a foreign citizen, you will be eligible as a normal SPK Member. However, if you are included in the SPK Basic, it is necessary to notify TAP about your status so that they can make the appropriate adjustments to your account.

The balance of the amount in the Retirement Account will be given to the appointed Administrator Nominee. If the Member is Muslim, the amount will be given to the Administrator Nominee and he/she will distribute it in accordance with the Hukum Syara'. If no Administrator Nominee is appointed, the amount will be handed over to the Probate Officer.