SRS - Participation - MOF

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7 questions inSRS - Participation

Can I transfer my SRS account from one SRS Operator to another?
Yes. You may transfer your SRS account between different SRS Operators. If you had already made a withdrawal from your account having attained the relevant retirement age* or on medical grounds, you will not be permitted to make new contributions to your account after the transfer. (* The statutory retirement age that was prevailing when you made your first SRS contribution.)
MOF 1y ago
3 found this answer helpful
I am interested in joining the SRS scheme. If I contribute for 6 years and then cease employment in Singapore, what is the status of my SRS account?
There is no change to your SRS account. Your funds will remain in the account for you to withdraw them later.
MOF 1y ago
3 found this answer helpful
How do I participate in SRS?
You must first open an SRS account. You can open an SRS account at participating branches of any of the 3 SRS Operators: - Development Bank of Singapore (DBS) Ltd - Overseas-Chinese Banking Corporation (OCBC) Ltd - United Overseas Bank (UOB) Ltd
MOF 1y ago
1 found this answer helpful
Can i use cpf fund to invest in SRS scheme?
No. All SRS contributions must be made in cash.
MOF 1y ago
Can I have more than one SRS account?
No. You may not have more than one SRS account at any point in time. Do note that if you previously had an SRS account, but had withdrawn all the monies having attained the relevant retirement age* or on medical grounds and then closed it, you will also not be permitted to open a new account. (* The statutory retirement age that was prevailing when you made your first SRS contribution.)
MOF 1y ago
If I have lost my SPR status, am I still entitled to participate in SRS scheme, and withdraw the money after retirement?
If you lose your SPR status, you are still eligible for participation in the SRS scheme. You may also decide to make SRS withdrawals at a later stage. However, as a foreigner, you would qualify for an additional concession (penalty-free withdrawal). This concession is available to foreigners who withdraw their SRS monies entirely in one withdrawal transaction. The conditions for this concession are as follows: i) you have been a non-Singaporean for a continuous period of 10 years preceding the date of withdrawal, and; 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. Under the above conditions, only 50% of the lump-sum withdrawal is taxable.
MOF 1y ago
Will I be charged for operating an SRS account?
Each SRS Operator may levy charges according to its own schedule of charges. The charges will be deducted from your SRS account.
MOF 1y ago