Retirement Planning - Supplementary Retirement Scheme

What is Supplementary Retirement Scheme (SRS)?

The SRS is a form of savings that can better prepare you for your retirement. Very simply, you set aside any amount of money that you wish* and upon retirement, only 50% of the amount withdrawn will be taxable^.

You can use your SRS contributions to invest in a wide range of financial assets. Thus, you benefit from compounding of potential returns, making your contributions (and the tax savings) work harder.

How does SRS benefit you?

    Besides having a potentially larger nest egg, the SRS offers attractive tax benefits:
  • Tax deduction for all contributions made to SRS*.
  • Investment gains accumulate tax-free in the SRS**.
  • Upon retirement, only 50% of the amount withdrawn will be taxable^. What's more, you may spread your withdrawals over 10 years. With lower or minimal income at retirement, you may end up paying littleor no tax at all.

* Subject to your SRS contribution cap.

** With the exception of Singapore dividends received, which are taxable at your individual tax rate.

^ If you withdraw on or after the prescribed retirement age, or on medical grounds, or on death or if you are a foreigner and have maintained your SRS account for at least 10 years.

How to participate in SRS?

All you need is to open a DBS SRS Account. All Singaporeans, Singapore Permanent Residents and foreigners who are at least 21 years of age may apply.

To make your first contribution, submit documentary proof of your income for preceding year to any DBS/POSB branch.

If you are self-employed, you could submit the statement of accounts accompanying your Annual Income Tax Return or the Notice of Assessment issued by the tax authority.

Talk to our DBS Relationship Manager today about the new tax-effective way to save for your retirement. We will develop a plan* from our wide range of proprietary and third party financial products that complements your existing funds and helps make those retirement dreams of yours a reality.

You can visit any of our DBS/POSB branches, or click here for a no-obligation appointment. For more information, call 1800 111 1111.
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