With effect from 1 October 2008, there will no longer be an age ceiling for contributions to the SRS.

You will be able to contribute to the SRS up to any age, until the point where you make the first withdrawal from the SRS:

(i) at or after the prevailing statutory retirement age that was prevailing when you made your first SRS contribution, or;

(ii) on medical grounds.

The date on which SRS participants withdraw their SRS savings is also the date new contributions will stop. Otherwise, there will be ''round-tripping'' simply for the purpose of gaining the tax benefits without subjecting the contributions to the investment risks which justify the 50% tax concession on sums withdrawn.

You may no longer contribute to SRS after you start withdrawing from your SRS account:

(i) at or after the prevailing statutory retirement age that was prevailing when you made your first SRS contribution, or;

(ii) on medical grounds.

You may contribute any amount to your SRS account up to your SRS contribution cap.

Your SRS contribution cap is determined by multiplying the appropriate SRS contribution rate by an absolute income base.

SRS contribution rate

The SRS contribution rate for Singaporeans and Singapore Permanent Residents (SPRs) is 15% while the SRS contribution rate for foreigners is 35% in view of the fact that they do not enjoy tax relief from CPF contributions. If you are a foreigner, you are required to give a written declaration of your foreign status for the calculation of your SRS contribution cap. You must make such a declaration on an annual basis for the SRS operator to calculate your SRS contribution cap.

Income base

From 1 Jan 2016, the absolute income base is $102,000.

Contribution cap

This works out to a contribution cap of $15,300 per annum for Singaporeans and SPRs, and $35,700 for foreigners.

No. All SRS contributions must be made in cash.