SCP SCHEME
monthly payment benefits (annuity)
Members will receive a monthly payment upon attaining the age of 60 years for a period of 20 years.
The minimum payable amount is B$150.00 per month if the member has fulfilled the requirement of contributing 7% per month continuously for a period of 35 years (420 months).
For a member who has attained the age of 60 years old and fulfilled all the requirements of contributing 7% for 420 months but does not have an adequate savings to enable the payment of the minimum amount of B$150.00, His Majesty's Government will top-up this shortfall so as to ensure that the withdrawal of the minimum amount of B$150.00 per month can be made.
survivorship benefit
Survivorship benefit is a monthly payment made to the dependent (widow and children under 21 years old) of a member at an amount of B$400.00 per month if a member dies before attaining the age of 60 years old.
eligibility
A member has made a continuous contribution until the month immediately preceding the month in which he died. The period of payment is 15 years with effect from the date the member died.
Where a widow dies or re-marries, the balance of the survivorship benefit shall be paid to her children who are below the age of 21 years old.
not eligible
If a member's widow died or re-married or if a member's children died or married (even before attaining the age of 21 years old) or the children have attained the age of 21 years old before the expiry of 15 years period, the balance of suchsurvivorship benefit shall be distributed to the deceased member's beneficiaries in accordance to hukum syara'. If the deceased member was a non Muslim, the distribution shall be made in accordance to the deceased member's will or in accordance to intestate succession.
Such changes in the status of the beneficiaries should be informed to TAP as soon as possible.
derivative scp benefit
Where a member dies, the balance in his SCP account will be paid lump-sum to his eligible beneficiaries as stated in a letter obtained from the Probate office.
