Supplementary Retirement Scheme
A voluntary savings scheme to help Singaporeans save for retirement, complementing the CPF. It offers tax relief on contributions, tax-free investment returns, and tax concessions on withdrawals.
Last updated 3 November 2025
What is the Supplementary Retirement Scheme (SRS), and why does it matter?
The Supplementary Retirement Scheme (SRS) helps Singaporeans save more for retirement. Introduced in 2001 and operated by the private sector, the voluntary scheme complements the Central Provident Fund (CPF).
While CPF savings cover basic retirement, housing and healthcare needs, the SRS allows you to set aside extra savings at your own pace and grow them through investments.
By encouraging voluntary savings for retirement, the SRS supports not just personal retirement planning but also the goal of building a financially resilient society.
Who can join the SRS?
You can open an SRS account if you are:
A Singapore Citizen, Permanent Resident, or foreigner;
At least 18 years old;
Not an undischarged bankrupt; and
Able to manage your own affairs.
What benefits can I get from the SRS?
The SRS gives you several advantages when saving for retirement:
Tax savings: Every dollar you contribute (from 1 Jan 2017 onwards) reduces your taxable income, subject to the annual SRS contribution cap and up to the annual personal income tax relief cap of $80,000.
Tax-free growth: Investments returns from your SRS funds are not taxed prior to withdrawal.
Tax concession at retirement: When you withdraw your SRS savings on or after the statutory retirement age prevailing at the time of your first contribution, only 50% of the amount withdrawn is taxable.
💡 Find out more about the benefits of SRS on IRAS website.
Enhancements to the SRS
We review and improve the SRS regularly to better support members’ retirement needs. Some recent enhancements include:
Flexible withdrawals: Since 1 July 2015, you can withdraw your SRS savings in the form of investments, giving you more options.
Tax relief in special cases: If your SRS funds are withdrawn due to terminal illness or death, you can receive a tax exemption of up to $400,000.
Higher contribution cap: Increased annual SRS contribution cap allows you to save more for the future.
How much can I contribute to my SRS?
Since 1 January 2016, the annual SRS contribution caps are:
$15,300 for Singapore Citizens and Permanent Residents
$35,700 for foreigners
You can contribute to your SRS anytime and as often as you like by 31 December each year, up to the annual contribution cap
When and how can I withdraw my savings?
You can withdraw your SRS savings anytime, but the tax treatment depends on when and why you withdraw:
Before the statutory retirement age: Withdrawals are fully taxable and incur a 5% penalty.
At or after retirement age prevailing at the time of your first contribution, or on medical grounds: Withdrawals enjoy a 50% tax concession. You can also spread withdrawals over 10 years to manage your tax bill.
In case of death or terminal illness: Up to $400,000 of SRS funds can be tax-exempt.
What can I invest my funds in?
You can grow your savings by investing in a range of investment instruments, including:
Shares, unit trusts, bonds, fixed deposits
Certain life insurance products (subject to limits)
Exchange Traded Funds (ETFs)
Note: Direct property investments are not allowed.
Forms and resources
Still have questions?
Refer to the SRS booklet for more information
For specific enquiries, email IRAS at myTax mail
For general queries, use this IRAS contact form