Supplementary Retirement Scheme (SRS)

Supplementary Retirement Scheme (SRS)
Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings.
The SRS offers attractive tax benefits. Contributions to SRS are eligible for tax relief. Investment returns will also be tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.

SRS Contribution
You and your employer (see note 1 below) are allowed to make SRS contributions in the current year if you are:

• A Singaporean, Singapore permanent resident (SPR) or foreigner who earns any form of income (eg employment income including directors' fees, trade income, rental income);
• At least 21 years of age;
• Not an undischarged bankrupt; AND
• Not mentally disordered and incapable of managing yourself or your affairs. 

Note 1 : Your employer's contribution to your SRS account is part of your remuneration and taxable in your hand as income.

How to open SRS account

You can open an SRS account at the participating branches of any of the three SRS operators:

• DBS Group Holdings Ltd
• Overseas-Chinese Banking Corporation (OCBC) Ltd
• United Overseas Bank (UOB) Ltd

You should only have one SRS account at any point in time. It is an offence for an SRS member to open SRS accounts with more than one SRS operator and there are penalties for doing so. However you may transfer your SRS account between different SRS operators.