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With reference to the letter, ‘Withdrawing retirement fund en masse will spell trouble’, published in the Opinion page of the Bulletin on June 7, I want to thank the writer, Mr Worry, for his concerns and comments. I am sure that the statements made were in good faith, for the betterment of his fellow Bruneians. At the same time, I would like to invite him to our National Retirement Scheme (SPK) consultation event, currently taking place until June 15 at the Employees Trust Fund (TAP) headquarters in Bandar Seri Begawan, or similar events in the future. Currently, these sessions are not only open to individuals aged 50 and above, but also those below 50 years old. Considering the rising global cost of living and adequacy of members’ needs during their retirement years, SPK aims to address some of these challenges. With the introduction of SPK, mandatory contributions received from employers are segregated into the SPK retirement account, and together with dividend returns and additional government assistance. It will be paid out monthly as annuity to members on reaching 60 years old. ![](https://media.everythingbrunei.com/public/yhTPtNE_74L5VHHomY8U9-MeE4MZiYOvZLb8G-Yodv4.jpeg) The amount and duration of annuity will depend on the productivity and average salary of the member, and it will be reviewed regularly to ensure that the member, who has had a productive work life, can receive up to their lifetime, inflation-adjusted, exceed the household expenditure, or better, annuities during their retirement. For the benefit of the public, SPK also allows flexible pre-retirement withdrawal benefits sourced from the SPK member’s account during their working years. Withdrawals at ages 45, 50 and 55 provide opportunities for members to supplement their needs in accordance with their life phases, such as funding their children’s further education, their own education, medical expenses, owning or renovating a house, debt settlements, performing the haj pilgrimage, setting up small businesses, or continuing to grow their wealth via investment instruments offered by certified financial institutions. Withdrawals under the member’s account will not affect the monthly payout from the retirement account when they retire. These withdrawal benefits are provided for members, for their convenience and as a financial source in times of need. Regardless of the reasoning, the public is encouraged to plan wisely before making withdrawals. They can gather information and make informed decisions by referring to specialised relevant authorities, agencies and organisations that are more than willing to assist in their respective fields of expertise. The SPK member account has the potential to further increase a member’s overall retirement income, in addition to the SPK annuities sourced from the retirement account. Members of the public who wish to seek financial planning advice are welcome to see our financial planners at TAP, or any other preferred certified financial planners at financial institutions, such as banks and insurance companies. Further information on SPK is available on our website at www\.tap.com.bn. The public can also contact our call centre at 2382929 during working hours, email to ask\@tap.com.bn or directly inbox us through eAmanah for enquiries. The public is also encourage to follow our official social media accounts at @Tabung Amanah Pekerja (TAP) via Facebook or @TAP\_Brunei via Instagram for latest news, announcement, and updates. ***Managing Director***\ ***TAP***

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