Supplementary Retirement Scheme (SRS) Save Tax in Singapore

SRS (Supplementary Retirement Scheme) is something new to many tax payer in Singapore, do you know that you can actually pay less tax with this scheme and deferred this tax after you retire? This means with proper planning, you could literary pay no tax after your retirement age while withdrawing your hard earn money from the SRS account.

Why you should join the Supplementary Retirement Scheme?

  • Saving for Retirement & pay Less Tax
  • Tax deferment on the amount you put into SRS account
  • 50% of your accumulated SRS savings is Tax Free when you withdraw after the statutory retirement age (currently is 62 years old)
  • You can spread the money over 10 years from the first withdrawal after retirement.

I want to open SRS account, how can i do it?
You can open this account with one of the local bank (UOB,DBS, OCBC). My preferred way is to log in to their website and open it online, save your time queuing up at the bank.

How you can use SRS to cut down your taxable income?

It lower your taxable income by the same amount you put into your SRS account.

  • For Singaporean and PRs you can only allowed to contribute up to SGD$15,300 and for foreigner the maximum contribution is S$35,700

SRS calculator: See how much you can save by using this calculator


Supplementary Retirement Scheme Booklet from Ministry of Finance –it summarized all you need to know is in this E booklet.

What you can Invests with your SRS account

There is a wide range of investment instrument available for you to invest in. Stock, ETF, Unit Trust, Retirement plans( e.g from Income, AXA, Manulife, Tokio Marine.. etc). Our team provide an exclusive 1-on-1 consulting and retirement planning for our clients to see what is most suitable for them and to help them to save tax and invest into a diversified portfolio. To find out more you can Contact us


Link up your SRS account to Poems account

In order for you to buy Stock or Unit trust using your SRS monies, you have to link it up with your Poems account. Usually the link will be processed in 1 to 2 working days. You just have to follow the step  by step guide below to learn how you can link your account up successfully with Poems platform.


How to buy share after you have link up?

These are the few simple steps
1)key in the Stock, ETF or Unit Trust in the search box under LP1 in Poems, (e,g i want to buy STI ETF)
2) Right Click on the STI ETF
3) Click on Trade ES3
4) Key in the quantity, price and select Trade type = SRS


REMEMBER the deadline of the contribution is 31 December, to be eligible for the tax relief for this financial year!