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Supplementary Retirement Scheme (SRS Account) in Singapore


Encouraging Singaporeans to Save for A Better Future

Supplementary Retirement Scheme (SRS Account)

Saving for your golden years is something that must be done, and Singapore’s Supplementary Retirement Scheme (SRS Account) aims to encourage that.

It’s never too soon to begin pondering about retirement. In fact, the sooner you start thinking about it the better. Starting early means more savings in the long run, and Supplementary Retirement Scheme in Singapore was introduced for that reason.


Supplementary Retirement Scheme

This voluntary structure is aimed primarily at Singapore’s working adults. It encourages them to save for their future retirement years, and save more than what the CPF savings are. Any contributions made to the SRS scheme can be claimed as tax relief.

Before withdrawals, the investment returns on the SRS are free from taxes. Upon retirement, only 50% of the withdrawals will be deemed taxable.


Eligibility Criteria

To be eligible for the Supplementary Retirement Scheme, you’ll need to be:

  • A Singapore citizen.
  • A Singapore Permanent Resident.
  • A foreigner who derives an income locally and makes SRS contributions within the current year period.
  • At least 18-years old.
  • Healthy with no history of mental disorder.
  • Not undischarged bankrupt.
  • Able to handle your own affairs.


SRS contributions can be done by your employer. If so, it will be part of the remuneration package you receive. The funds will be deposited directly to your SRS account, with the employer doing it on your behalf. In this case, the contribution is deemed taxable. Tax relief will be given to any contributions your employer makes on your behalf.


How to Open a Supplementary Retirement Scheme Account?

An SRS account can be opened with any of the following operators:

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


Only one per individual is permitted. Opening an account with more than one operator is considered an offence. You will be required to provide your identity card if you’re a Singapore citizen or permanent resident holder. Foreigners will be required to complete the Declaration Form.

If you want to transfer to a different SRS operator, you’ll need to fill out the Transfer of Account form. The form can be obtained from your new operator. The new operator will liaise with the existing one to initiate the transfer. However, if you have made a withdrawal before reaching retirement age for medical reasons, you will not be allowed to make new contributions before the transfer and after.


How to Make Your SRS Contributions?

You may make contributions to your Supplementary Retirement Scheme account anytime. Your employer can do the same. You may contribute as many times as you like, subject to what the maximum SRS contributions are annually. To be eligible for tax relief, all contributions must happen before 31 December of that year.


Understanding Your SRS Tax Relief

To be eligible for tax relief, you must be a tax resident during the Year of Assessment (YA). Tax reliefs can be claimed the following year if you have made contributions this year.

No tax relief is allowed if:

  • As of 31 December, your SRS account is suspended.
  • Contributions have been withdrawn from your account in the year that immediately precedes the YA.


Based on the information given by your SRS operator, claims are issued automatically. This means you do not need to manually make these claims in your tax return.

For more information on the SRS and how to make contributions, visit the Ministry of Finance’s FAQ website here.

Supplementary Retirement Scheme (SRS Account)