SRS member may withdraw their SRS savings anytime, albeit early withdrawals are fully subject to tax and attract a 5% penalty. An SRS member may make his first penalty-free withdrawals from the SRS account over 10 years from the date of his statutory retirement age that was prevailing at the time of his first SRS contribution. If an SRS member (i) passes away before completing his SRS withdrawals or (ii) made a full withdrawal on the grounds of terminal illness, he would not be able to enjoy the full benefit from spreading out his SRS withdrawals over a 10-year period. Hence, a tax exemption of up to $400,000 would be granted for SRS funds withdrawn in full on the grounds of terminal illness or deemed withdrawn upon an SRS member’s demise.