The Supplementary Retirement Scheme (SRS) is a voluntary, IRAS-administered savings scheme that sits alongside CPF. Contributions of up to SGD 15,300 a year (SGD 35,700 for foreigners) earn tax relief, returns inside the account are untaxed, and only 50% of withdrawals from the prescribed retirement age are taxed.
Key takeaways
- Singapore Citizens and Permanent Residents can contribute up to SGD 15,300 a year and foreigners up to SGD 35,700; the full amount is deductible in the following Year of Assessment, within the SGD 80,000 cap on all personal reliefs.
- Contributions must reach the account by 31 Dec of the year to count for that year; operators (DBS, OCBC, UOB) may close earlier. Contributions are not refundable.
- Returns earned inside the account are not taxed until withdrawal, and withdrawals on or after the prescribed retirement age are taxed on only 50% of the amount, spread over up to 10 years.
- The prescribed retirement age is the statutory retirement age at the time of the first contribution — 64 for accounts first funded from 2026 — and later rises do not move it.
- Withdrawing before that age costs a 5% penalty and the whole amount is taxable, except on death, medical grounds, bankruptcy or a foreigner’s full withdrawal after 10 years.
What the SRS is, in three steps
The SRS is not part of CPF. It is a cash account opened with one of three bank operators, with the tax treatment set by IRAS: relief going in, tax-free growth inside, and a 50% concession coming out. Anyone aged 18 or over who is not an undischarged bankrupt can hold one account.
The relief is worth the contribution multiplied by the marginal tax rate, so its value depends on the bracket the income sits in — the worked example below runs the full cap through each resident band. Employer contributions to an employee’s SRS count as remuneration and are taxed, then relieved.
What a full SGD 15,300 contribution saves, by tax band
Relief reduces chargeable income, so the tax saved is the contribution times the marginal rate of the band the income would otherwise sit in. The table assumes the whole contribution falls inside one band and that total reliefs stay under SGD 80,000.
| Marginal band | Citizen / PR cap | Foreigner cap |
|---|---|---|
| 7% band (chargeable income SGD 40,000–80,000) | SGD 1,071 | SGD 2,499 |
| 11.5% band (chargeable income SGD 80,000–120,000) | SGD 1,760 | SGD 4,106 |
| 15% band (chargeable income SGD 120,000–160,000) | SGD 2,295 | SGD 5,355 |
| 18% band (chargeable income SGD 160,000–200,000) | SGD 2,754 | SGD 6,426 |
| 22% band (chargeable income SGD 320,000–500,000) | SGD 3,366 | SGD 7,854 |
At the other end: withdrawing in retirement
The first SGD 20,000 of chargeable income is taxed at 0%, so a member with no other taxable income can draw SGD 40,000 a year — SGD 400,000 over the 10-year window — without paying tax. IRAS states this figure directly.
Where the SRS touches a tax return
Five things people get wrong
- IRAS — SRS contributions and tax relief — contribution caps, eligibility, relief rules and the 31 Dec deadline
- IRAS — Tax on SRS withdrawals — 50% concession, 10-year window, 5% penalty on early withdrawals
- MOM — Retirement and re-employment — statutory retirement age 64 from 2026-07-01
- IRAS — Individual income tax rates — resident tax brackets used in the worked example
Official statistics for general information only. Not financial advice.
This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to IRAS and MOM and seek independent professional advice before making any financial decisions.