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.

Contributions from both Members and Employers under the Skim Persaraan Kebangsaan (SPK) are allocated into two separate accounts as follows:

(1) SPK Member Account:  Members’ contributions from their basic salary will be deposited into the SPK Member Account. Savings in this account can be withdrawn before age 60, with the final withdrawal occurring at age 60. 

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

(2) SPK Retirement Account:   Employers’ contributions are based on the prescribed rate according to the Member’s salary group. All Employer contributions will be deposited into the SPK Retirement Account, which can be accessed at age 60. Members will receive a monthly lifetime annuity from this account. 

Employer Contribute according to the prescribed rate  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.


Employer's mandatory contributions are based on the prescribed rate according to their Employee’s salary group.

Under SPK, there is no longer a maximum mandatory contribution cap.

• Contributions are now calculated based on the full amount of the Member’s basic salary.
• Employers are required to contribute according to the prescribed rates, with a minimum contribution of $57.50.

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  Credited to SPK Member Account
• Contribution from your Employer is $1,000.00 x 10.5% = $105.00  Credited to SPK Retirement Account

If you do not have a basic salary, your commission is considered your wage for contribution purposes.

Contribution Calculation:

• Contribution from Employee is $400.00 x 8.5% = $34.00  Credited to SPK Member Account
• Contribution from your Employer is $57.50 (the minimum contribution rate)  Credited to SPK Retirement Account

Under SPK, wages refer to remuneration in money due to an employee for work performed. This includes, but is not limited to:

• Basic salary
• For employees without a fixed basic salary, it includes:
• • Allowances
  • Apprentice allowances
  • Commissions
  • Directors' fees
  • Any other remuneration based on work done

The SPK Member Account is one of the two main accounts under the Skim Persaraan Kebangsaan (SPK) scheme. It is where:

• All contributions made by the Member
• Voluntary contributions from both the Member and the Employer are credited.

Employees contribute 8.5% of their basic salary each month into this account. The SPK Member Account is accessible for pre-retirement needs, offering flexibility in how and when funds are used.

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, or
•     Receive monthly annuity payments over a period of 10, 15, or 20 years, or
•     Partially withdraw a lump sum and receive the remaining balance as monthly annuity payments.

   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:

1. 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.

Yes. The SPK Member Account earns dividends at a rate of 2.5% per annum, helping Members grow their savings further and enhancing their overall retirement fund.

The SPK Retirement Account is a pooled fund that collects employer contributions on behalf of Members, with additional assistance from the Government. The accumulated funds are used to provide monthly annuity payments to Members upon retirement at age 60.

• Employers contribute based on the prescribed rate, according to the employee’s salary group.
• All employer contributions are deposited into this account and cannot be accessed before age 60.

SPK Members who are Citizens or Stateless Permanent Residents of Brunei Darussalam are eligible for full benefits, which include:

1. Lifetime SPK Annuity payments (monthly retirement income)
2. Minimum SPK Annuity of $250 per month
3. Inflation-adjusted annuity
4. Derivative benefits for dependants, providing continued protection in the event of the Member’s passing

Members who are Permanent Residents with foreign nationality/citizenship will receive SPK Basic Benefits instead.

The SPK Annuity refers to the monthly payment you will receive from your SPK Retirement Account, beginning at age 60.

• It is funded by your Employer’s contributions, with Government support
• The goal is to provide you with a stable, consistent income throughout retirement.

The amount and duration of your SPK Annuity are determined by several factors, including:

• Estimated Average Household Expenditure
• Income Replacement Rate (IRR)
• Average salary of the Member
• Inflation rate
• Work productivity
• Employer’s contributions
  
  

These factors ensure the annuity reflects your financial needs in retirement and the contributions made throughout your working life.

Yes, once you apply for the SPK 60 Withdrawal from your SPK Member Account, you will begin receiving monthly annuity payments from your SPK Retirement Account for life - subject to conditions.

The payment amount and period are influenced by:

• Household expenditure estimates
• Income Replacement Rate (IRR)
• Your average salary
• Inflation
• Your work productivity
• Total employer contributions

Higher productivity and salary can result in a larger monthly annuity and an extended payment period.

Members who are Citizens of Brunei Darussalam are entitled to a minimum SPK Annuity of $250 per month.

However, Members may receive more, depending on individual factors such as productivity and average salary.

Each Member’s SPK Annuity will be calculated individually.

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

Yes, you can still join SPK. SPK membership is based on age eligibility, not employment status. This means you are eligible to join even if you are currently unemployed or suspended from work.

However, the SPK Annuity is calculated based on several factors, including:

• Income Replacement Rate (IRR)
• Average Salary
• Work Productivity

If you are not contributing due to unemployment or suspension, it may affect your work productivity factor, which could lead to a lower annuity amount.

SPK encourages all Members to remain active, either in the formal or informal sector, to maintain or improve productivity, which can result in a higher SPK Annuity and a more comfortable retirement.

No. The SPK Retirement Account is solely funded by Employers. Members cannot make direct contributions to this account. 

However, Members can make voluntary contributions to their SPK Member Account to further boost their retirement savings.

Upon the Member's passing:

• The balance in the SPK Retirement Account will be paid to the appointed Administrator Nominee
• If the Member is Muslim, the Administrator Nominee must distribute the funds according to Hukum Syara'
• If no nominee was appointed, the amount will be handed over to the Probate Office for distribution based on legal procedures

SPK Basic refers to the retirement benefits provided to SPK Members who are Permanent Residents of Brunei Darussalam with Foreign Nationality.

SPK Basic provides a basic annuity benefit starting at age 60, where the Member’s SPK Retirement Account savings will be paid out monthly for 20 years. The monthly annuity is calculated by dividing the total SPK Retirement Account balance by 240 months (20 years).

If the monthly annuity is less than $500, the annuity payment under the SPK Basic scheme will be rounded up to $500 per month and paid until the SPK Retirement Account savings are exhausted.  

If you become a citizen of Brunei Darussalam, you will be eligible for full SPK benefits, including:

• Lifetime SPK Annuity
• Minimum guaranteed monthly annuity
• Derivative benefits for dependants

You must update your citizenship status to TAP as soon as possible to ensure your account and benefits are adjusted accordingly.