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Top 3 Popular Supplementary Retirement Scheme Approved Endowment

[Updated 2020 Q3]  The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. If you are contributing SRS for the first time, we recommend you to read the sections here first. 

Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal, and only 50% of the withdrawals from SRS are taxable at retirement. If you have already contributed to your SRS, follow the 5 simple steps below for a 1 min comparison of the 3 most popular SRS approved plan

  1. Select your current age (NOT age next birthday)
  2. Choose your gender
  3. Select the approximate amount in your SRS account
  4. Pick the order to sort the comparison and click “Let’s find out!”

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IMPORTANT NOTICE: This tool  belongs to the owner of sgcompareinsurance.com and is not endorsed by the insurers. The information provided through the tool is for illustrative purposes only and shall not constitute, be taken as or substitute any professional advice. The calculations and information used have not been verified or validated by the insurers. The tool above and any information derived from it shall not constitute a recommendation or offer to purchase any insurance products.

Furthermore, any application or proposal for any insurance products is and will be subject to underwriting at the sole discretion of the respective insurers. The insurers shall not be bound by any projections or estimations generated by this website and the user(s) of this website acknowledge that the owner and the insurers shall not be liable for loss or damage arising out of the use of the tool above. 

Supplementary Retirement Scheme

Why should you consider SRS contribution?

The objective of Supplementary Retirement Scheme is to reduce income and save for retirement. The contributed amount will not be taxable for the work year. This amount will only be taxable upon withdrawal. 

Do note that the maximum personal tax relief is $80,000 per year of assessment. If your personal tax relief is $80,000 and above, you will not get any tax-saving by contributing.

There will be no refund for SRS contributions made beyond the personal tax relief. Hence, one must ensure he/she does not contribute beyond the personal tax relief when contributing to his/her SRS account

What is the maximum amount of SRS contribution?

The Yearly Maximum SRS Contribution by Singapore Citizens/SPRs is $15,300

The Yearly Maximum SRS Contribution by Foreigners is $35,700

What can I do with the money in my SRS account?

If you leave the money in the Supplementary Retirement Scheme account (DBS, OCBC and UOB), you will get an interest of 0.05% p.a. Hence, most people will purchase an approved endowment if they are not looking for high-risk investment. You can use our 1 min online comparison (here) to find a SRS plan that is most suitable you. 

Start your SRS planning today by filling up the contact form below! We will be contacting you within one business day.

When can I withdraw the amount in my SRS?

You can withdraw the amount in your Supplementary Retirement Scheme account in cash. The withdrawal amount is 50% taxable after retirement age. If the withdrawal is before retirement age, there will also be a 5% penalty imposed and 100% of the withdrawal amount is taxable.

You can find out more from the IRAS website (here) and the MOF website (here)

Besides the Supplementary Retirement Scheme, there are other retirement plans that you may want to consider for your retirement planning. Click here for a discussion to find out more.