This website will provide information for the Supplementary Retirement Scheme.
It will show the tax benefits that you can enjoy by saving under this scheme.
Why do I need the Supplementary Retirement Scheme?
The Supplementary Retirement Scheme (SRS) is an invaluable asset that can help
bring your retirement dreams much closer to reality. And you’ll enjoy tax
savings too!
What is the Supplementary Retirement Scheme (SRS)?
The SRS is the Government’s initiative to help Singaporeans save for their retirement
by encouraging them to contribute more towards their retirement funds using their
disposable income. Participation in the scheme is voluntary. Contributions can
be of any amount, subject to prevailing SRS Cap. (Please refer to www.iras.gov.sg
to check the SRS cap applicable for the year).
SRS Contribution Rate
Statistics have shown that the SRS has been well-received by Singaporeans.
The chart below illustrates the total amount contributed by Singaporeans from
year 2001 to 2007.
Source: www.mof.gov.sg/taxation/cumulative.html
Contribution to SRS may be done at any time in cash and as often as you wish
on or before 31 December each year but your total annual contributions cannot
exceed the SRS contribution cap.
Your SRS contribution cap is determined by multiplying the appropriate SRS
contribution rate by an absolute income base.
What are the key benefits of SRS?
One of the biggest benefits of the scheme is that SRS gives you substantial tax
savings. With these savings, you can pay for your insurance premiums or start
a new insurance policy altogether. Furthermore, your SRS contributions can also
be invested to earn potentially higher returns.
All these benefits will ultimately allow you to make your money work harder
for you.
How can I take advantage of SRS?
Speak
with any NTUC Income’s insurance advisers to open an SRS account with any of
the three SRS Operators by completing a simple form.
Contributions can
be used to invest in financial products including unit trusts and single premium
savings or investment plans to enjoy potentially higher returns.
SRS contributions will reduce the taxable income on individuals resulting
in net tax savings.
Regular contributions year after year can compound the tax savings one
enjoys.
How do I get the best deal with NTUC Income?
To give your SRS savings the extra boost, we have products that are catered to
meet your individual risk appetite and investment requirements.
Designed with flexibility in mind, our Growth and Flexi-Link Plans
can help you grow your SRS savings by offering potentially higher returns.
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