Glossary · sg-savings

SRS

Also known as: Supplementary Retirement Scheme

Definition: The Supplementary Retirement Scheme (SRS) is a voluntary Singapore tax-deferred retirement savings scheme. Contributions reduce taxable income; withdrawals at the retirement age (currently 63) are taxed at 50% of the withdrawal amount.

SRS is a tax-management tool for high-income individuals — annual contribution cap is S$15,300 for Singapore citizens and PRs (S$35,700 for foreigners). The contribution reduces current-year taxable income; deferred withdrawals are spread across 10 years to minimise effective tax. SRS funds can be invested in shares, unit trusts, fixed deposits, and insurance products held in an SRS account at participating banks. Useful for HNW clients with high marginal tax rates.

Source: IRAS SRS

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SRS

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