Where Does Your SPK Money Go?

That deduction on your payslip has a future in mind. Let’s explore how SPK helps you prepare for life after work, one contribution at a time

Retirement? But I Just Started Working

Sprouts has plans for payday. Groceries first, then perhaps those shoes he’s been eyeing. But while checking his payslip, he notices three letters: SPK.

Retirement feels far away when he’s only just started working. Bean gently reminds him that his everyday needs will still be there when his working days are over.

No worries, there’s no need to figure everything out today. Let’s start with one question:

Where is that SPK money going?

What Happens Each Payday?

Say your basic salary is BND1,000 a month. You notice an SPK deduction on your payslip. Then there’s your employer’s contribution. Wait, are both coming out of your salary?

No worries, only your share is deducted. Your employer pays their share separately. Let’s follow where the money goes.

Your share: 8.5% of your basic salary

BND1,000 × 8.5% = BND85

This BND85 comes out of your salary and goes into your SPK Member Account, administered by TAP. It’s being set aside for you, rather than being available to spend this month.

Your employer’s share: 10.5% at this salary level

BND1,000 × 10.5% = BND105

Your employer adds this BND105 from their own funds. It is not another deduction from your salary. These are the contribution rates in TAP’s BND1,000 salary example.

Your employer sends both amounts to TAP, but they go into different accounts. Their BND105 goes into the SPK Retirement Account, a shared fund that helps provide retirement income—not your individual Member Account balance. TAP explains the shared fund here.

So, how much do you take home?

BND1,000 − BND85 = BND915

Your payslip should show the BND85 SPK deduction. With no other allowances or deductions, BND915 is the amount you receive in your bank account. The employer’s BND105 does not reduce it further.

And that BND85 set aside each month? Over a full year:

BND85 × 12 months = BND1,020

That’s your own contribution total, assuming unchanged pay and contributions every month, before any dividends. A little of today’s salary is making room for life after work.

What Happens at 60?

At 60, members can apply to withdraw 100% of their remaining SPK Member Account savings. TAP explains the withdrawal options.

The Retirement Account provides monthly payments, called an annuity. Lifetime benefits apply to Brunei citizens and stateless permanent residents. Permanent residents with foreign citizenship receive different benefits under SPK Basic, so check which terms apply to you.

Give Your SPK a Quick Check

A good place to begin is TAP’s e-Amanah portal, where you can review your SPK contribution records. Keep your payslips handy for comparison. If something looks missing or unfamiliar, ask your employer or TAP to help you check. TAP’s e-Amanah FAQ explains the available services.

A Little Care for Later

Your share builds your Member Account, while your employer’s supports the Retirement Account. Understanding both helps you see what today’s contributions mean for tomorrow.

Sprouts looks up from his payslip, then turns to you. “Have you checked yours lately?”