If I cancel my SPR status before I reach the statutory retirement age, when can I withdraw my SRS funds without penalty?

Currently all SRS members, regardless of their nationalities, can withdraw their SRS monies penalty-free if they:

a) have reached the statutory retirement age prevailing at their first contribution; or

b) are physically or mentally incapacitated from ever continuing in any employment, are found to be mentally disordered and incapable of managing himself or his affairs, or are suffering from a terminal illness or disease.

Only 50% of the withdrawal is subject to tax under the above circumstances. From YA 2016, up to $400,000 of an amount of full withdrawal made by an SRS member on the grounds of terminal illness would be exempt from tax. 50% of any remaining amount of full withdrawal would then be subject to tax.

Subject to the conditions below, after you have cancelled your PR status (and have not applied for Singapore citizenship), you would qualify for an additional concession (penalty free withdrawal):

i) you are neither a Singapore Citizen nor a SPR for a continuous period of 10 years preceding the date of withdrawal;

ii) you have maintained your SRS account for a period of not less than 10 years from the date of your first contribution to your SRS account; and

iii) you make a one-time full withdrawal from your SRS account.

Similarly, only 50% of the withdrawal is subject to tax.