The Supplementary Retirement Scheme (SRS)
The Supplementary Retirement Scheme (SRS) was established in 2001 and is part of the Singapore’s government initiative to help the greying population save more for their retirement. It is a voluntary scheme and unlike the Central Provident Fund (CPF) scheme, the SRS is not only open to Singapore Citizens and Permanent Residents but to Foreigners as well.
SRS only accepts cash contributions, but it can serve as an additional retirement planning tool where you could possibly save more for retirement and at the same time enjoy the following:
- Tax relief
- The capacity to choose where you’d like to invest your SRS contributions
- Option to withdraw the funds before the age of retirement #
Contributing to your SRS account gets you a dollar-for-dollar tax discount on the amount saved to your SRS account up to the maximum yearly contributions applicable.