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Top 5 Most Popular FAQs
What investment instruments can I purchase using my SRS funds?
You may invest in a wide range of financial assets, including those offered by financial institutions (product providers) other than your SRS operator. Please approach your product providers for information on the products they are offering for SRS as the decision on whether to offer a product to SRS monies generally lies with them
. However, direct property investments are not allowed. As for life insurance products, the following conditions shall apply:
Only single premium products are allowed (including recurrent single premium products, encompassing both annuity and non-annuity plans).
Life cover (including total and permanent disability benefits) will be capped at 3 times the single premium.
Plans can allow for a contribution continuation feature/benefit upon disability.
Other types of life insurance e.g. critical illness, health and long-term care are excluded.
Trust nomination is not allowed for life insurance products purchased using SRS funds.
You should note that investment choices are made on a caveat emptor basis.
Currently, overseas investments may not be available to members.
What investment products can I purchase within SRS? Is there a list of approved SRS investment products?
The Government has few restrictions on SRS investments with the exception of direct property investments and certain insurance products. You should be able to make a wide variety of investments, including shares, insurance, bonds, unit trusts and fixed deposits
We currently do not maintain a list of financial institutions offering products under SRS as this is a commercial decision on the part of the product providers and SRS operators. We suggest you seek advice from the financial institutions which you are interested in purchasing products from.
Please approach your product providers for information on the products they are offering for SRS as the decision on whether to offer a product to SRS monies generally lies with them.
If I buy an annuity using my SRS funds, will the monthly annuity payouts be paid into my SRS account or can they be paid into my bank account directly? Will I be taxed only on 50% of the total annuity payouts for each year of the 10-year withdrawal period? If I live longer than that, will my monthly annuity payouts be no longer taxable under the SRS scheme?
If your SRS account is still open, your monthly annuity payouts must be returned to the SRS account before you withdraw them. If your SRS account is closed, your monthly annuity payouts may be paid into your bank account directly. After reaching the prevailing statutory retirement age at the point of first SRS contribution, an SRS member is taxed on only 50% of the total annuity payouts each year, perpetually.
Are dividends received from unit trusts purchased with SRS funds taxable?
One-tier exempt dividends and distributions from unit trusts purchased with SRS funds and deposited into the SRS account are not taxed when they are credited into the SRS account. However, tax will be imposed on the amount subsequently withdrawn from the SRS account.
Must all proceeds from the sale of my SRS investment intruments be returned to my SRS account?
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