The SRS is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age. It began in 2001 and is operated by the private sector.

The SRS complements the Central Provident Fund (CPF). CPF savings are meant to provide for housing and medical needs and for basic living needs after retirement.  Unlike the CPF scheme, participation in SRS is voluntary. SRS members can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments.
 
Benefits
The SRS offers attractive tax benefits. Contributions to SRS are eligible for tax relief, investment returns are accumulated tax-free and only 50% of the withdrawals from SRS are taxable at retirement (referred to as a “50% tax concession”).

SRS Changes in Budget 2008
In Budget 2008, the Minister for Finance announced several enhancements to the SRS. Please click on the table showing the SRS Changes for more information. The Budget Speech 2008 Annex on these changes can be found at http://www.mof.gov.sg/budget_2008/speech_p5/annexb-6.pdf

Click here for more details of the Budget 2008 changes and the SRS transitional concession.

Adjustment of SRS Contribution Cap (Budget 2011)
In Budget 2011, the Minister for Finance announced that the annual SRS contribution cap will be increased, in line with the higher CPF Salary Ceiling.  The revised annual SRS contribution cap will be $12,750 (up from $11,475) for Singaporeans and Permanent Residents, and $29,750 (up from $26,775) for foreigners.  This will apply to SRS contributions made from 2011 onwards.

SRS Statistics

Downloads

SRS Booklet [In English] – (Word & PDF Versions)

SRS Declaration Form

Medical Certificate Form

Please click on the SRS FAQs to learn more of the scheme.