Prior to Jul 2015, all SRS withdrawals must be made in cash.

From Jul 2015, SRS members will be able to apply to their SRS operators [1] to withdraw an SRS investment by transferring the investment out of their SRS accounts (e.g. into their personal Central Depository (CDP) account), without having to liquidate their SRS investments.

This is only applicable for the following types of withdrawals, which qualify for the 50% tax concession:

a. withdrawal on or after the statutory retirement age prevailing at the time of an SRS members first contribution (prescribed retirement age);

b. withdrawal on medical grounds;

c. withdrawal in full by a foreigner who has maintained his SRS account for at least 10 years from the date of his first contribution; and

d. actual withdrawal made by an SRS member or his legal personal representative (if he is deceased) from his SRS account, after the SRS investment that is to be withdrawn had earlier been deemed withdrawn upon death or after the expiry of the 10-year withdrawal period [2].

All other withdrawals from an SRS account, including premature withdrawals, must be made in cash. Except for the four types of withdrawals highlighted above, where savings in the SRS account have been used to acquire investments, the investments must be liquidated before the sales proceeds are withdrawn in cash from the SRS account.

For a withdrawal of type a, b or c above, an SRS investment that is withdrawn will be valued by the SRS operator or the financial product provider (where applicable) and its value will be brought to tax.

This is similar to the treatment for cash withdrawn from an SRS account. For a withdrawal of type d above, the earlier deemed withdrawal would have already been subject to tax. The date of withdrawal of an SRS investment is the date on which your SRS operator approves the withdrawal.

Table A provides details on the date of approval by your SRS operator. Table B provides the dates that would be used for the purpose of valuation.

Table A - Date of approval by your SRS operator

Table A: Date of Approval by your SRS operator

Table B - Date used for the purpose of valuation

Table B: Date used for the purpose of valuation

[1] An SRS operator would not be able to approve an application to withdraw an SRS investment where among other things, the investment cannot be separately valued (e.g. where the SRS investment that the SRS member wishes to withdraw from his SRS account is an inseparable part of an insurance policy).

[2] For an SRS member who withdraws his SRS savings: (i) at or after the statutory retirement age that was prevailing when he made his first SRS contribution or (ii) on medical grounds, the 10-year withdrawal period will start from the date of his first such withdrawal.

[3] An SRS operator would not be able to approve an application to withdraw an SRS investment where among other factors, the investment cannot be separately valued (e.g. where the SRS investment that the SRS member wishes to withdraw from his SRS account is an inseparable part of an insurance policy).

[4] This means that the value of the SRS investment to be withdrawn is the same as the value of that investment determined upon the earlier deemed withdrawal.

[5] This means that the value of the SRS investment to be withdrawn is the same as the value of that investment determined upon the earlier deemed withdrawal.

Does the use of SRS funds for investment constitute a withdrawal from the account?

Related questions

Will there be any fees and charges involved in withdrawing an investment from my SRS account?

Can I make SRS withdrawals in the form of investments (i.e. transfer investments out of SRS account), and if so, how can I make such a withdrawal?

If I have made a withdrawal from my SRS account, can I still make SRS contributions?

Do I have to withdraw all my SRS funds at the end of the ten-year withdrawal period?