Who is an SPK Silver Generation Member?
SPK Silver Generation Members are Transition Members who were already in the age category 50 - 59 before the effective date of SPK (15 July 2023), which includes:
- Members who turned 50 years old before 15 July 2023 (born between January and 14 July 1973).
- Members who turned 55 years old after the effective date (born between 15th July and 31st December 1968).
- Members who were already between the ages of 56-59 years old before or after the effective date but have not made the TAP 55 Years Old Withdrawal (TAP55).
SPK Silver Generation Member
What does signing a consent form for conversion to SPK mean?
- When a Member has signed the consent form for conversion to SPK prior to the implementation date (15 July 2023), the Member agrees to be converted to SPK immediately (still able to withdraw SPK 55 Years Old Withdrawal for 30% from SPK Member Account)
- When a Member has signed the consent form to indicate that they will only be converted to SPK after the TAP 55 Years Old Withdrawal has been made (Defer SPK and remain in TAP and SCP scheme until 55 years old to withdraw TAP 55 years old Withdrawal).
Joining the SPK Scheme
Members in the age category of 50-59 years old who have not withdrawn 100% of their TAP 55 Years Old Withdrawal but opted to convert to the SPK scheme immediately at the effective date of SPK.
SPK Silver Generation Member Contribution
The contribution treatment for SPK Silver Generation Members who opted to join SPK immediately at the effective date or before reaching 55 years old will be the same as that of regular SPK Members.
SPK Silver Generation Member Benefits
The contribution and benefits treatment for SPK Silver Generation Members who opted to join SPK immediately at the effective date or before reaching 55 years old will be the same as that of regular SPK Members.
Member's Account Benefit
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Retirement Account Benefit
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SPK Derivative Benefits
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Defering the SPK Scheme
Members who deferred conversion to SPK remain in the TAP and SCP schemes until they withdraw the TAP 55 Years Old Withdrawal.
Deferred SPK Silver Generation Member Contribution
The contribution and benefits treatment for SPK Silver Generation Members who opted to defer SPK until they turn 55 and withdraw TAP55 instead will be governed by the TAP and SCP Act.
Contribution Rate
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Contribution Structure
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Contribution Repayment
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SPK Silver Generation (Age 50 - 55) Repayment Form
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Deferred SPK Silver Generation Member Benefit
The benefits for SPK Silver Generation Members who opted to defer SPK until the age of 55 and withdraw the TAP 55 Years Old Withdrawal will be governed by the TAP and SCP Act.
TAP & SCP Benefit
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