What is a Derivative Benefit?
A benefit payment made to a Member’s dependants from the SPK Retirement Account upon the Member’s death.
The benefit is applicable for Members who are Citizen and Permanent Resident (Stateless) of Brunei Darussalam.
In the event of a Member's Death
Dependants of SPK Self-Employed Members are protected under the Derivative Benefit from the SPK Retirement Account, similar to all other eligible SPK Members.
Note: Subject to terms and conditions. Applicable benefits are as follows:
- SPK Self-Employed ENHANCE Member - Citizen and Permanent Resident (Stateless) of Brunei Darussalam are entitled to all benefits available to eligible SPK Members.
- SPK Self-Employed BASIC Member - Members with Foreign Nationality (Purple Identity Card holders) are entitled to basic benefits from the SPK Retirement Account.
The Derivative Benefit provides support for the Member's eligible dependants, aiming to ease their financial matters due to the sudden loss of support following the Member's passing.
If there are no eligible dependants, the balance of the Derivative Benefit will be given in a lump sum to the next of kin or Administrator Nominee.
Eligible Dependants
Husband or wife who has not remarried
Children below 21 years old and not married
Parents of members who are not married
Understanding the Derivative Benefits timeline
If the Member Passes Away before reaching the Age of 60:
- Period receiving Derivative Benefit: 15 years.
Amount: $400.00 per month or 50% of the latest annuity estimates, whichever is higher.
Dependant Eligibility: Minimum of $400.00 if the deceased Member had contributed for at least 25% of the membership period as a TAP Member or had contributed in the past 3 months before death.
Age
60 years old
75 years old
If a Member Passes Away Between the Ages of 60 and 75:
The dependant will receive payments for the remaining period until the Member would have reached age 75 (assuming the Member were still alive).
Amount: $250.00 per month or 50% of the latest annuity estimates, whichever is higher.