Invest your SRS Funds
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SRS Investment Linked Plans
Key features SRS Investment-Linked Plans
Not sure how SRS funds work? Check out our FAQ below.
Invest in Market Growth Opportunities
Wide Range of Funds
High Watermark Locked-in Value for Death Benefit
(#goElite Secure)
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Why Apply for
WealthLink, #goElite Secure or #goElite
Not sure how SRS funds work? Check out our FAQ below.
If you have a Supplementary Retirement Scheme ("SRS") fund, you may want to consider investing in WealthLink, #goElite Secure or #goElite to grow your returns.
Currently, SRS Funds only earn 0.05% p.a.. This is extremely low in today's interest rate environment! As you will likely leave the SRS Funds in the scheme for a long time, it is worth considering investing the funds to provide you with higher returns in the long-term.
WealthLink, #goElite Secure or #goElite give you flexibility are designed specifically to maximise your tax benefits from your SRS account. #goElite Secure even protects your downside risk with a high watermark locked-in value feature for the death benefit in your policy.
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Not ready to get a quote? Reserve our current promotion by registering above! |
Comparison of WealthLink, #goElite Secure and #goElite
After investing a single premium in WealthLink, #goElite Secure or #goElite, you will benefit from investing in the capital markets and can benefit from downside risks (#goElite Secure).
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| WealthLink | #goElite Secure | #goElite |
| Premium Term | ||
| Only Single Premium terms are acceptable for SRS Funds (check out Participating SRS retirement plans here) | ||
| Downside Protection | ||
| NA |
High Watermark Locked-in Value The peak account value at every monthiversary is Locked-in to protect against volatile market trends. The highest monthly watermark recorded throughout the Policy is Locked-in to deliver maximum death benefit. This feature is further explained below. |
NA |
| Available Funds | ||
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Funds for both #goElite and #goElite Secure |
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Core Funds: Global Equity Fund Global Bond Fund Asian Bond Fund Asian Equity Fund Managed Fund Asia Managed Fund Specialised Funds Money Market Fund Thematic Funds Takaful Fund Asian Income Fund Global Income Fund Asia Dynamic Return Fund Asset Allocation Funds Global Diverse Series - Managed Fund Global Diverse Series - Balanced Fund Global Diverse Series - Adventurous Fund
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Allianz Glb Artificial Intelligence Acc SGD-H Allianz Glb Intelligent Cities Income Dis SGD-H Allianz Income and Growth Acc USD Allianz Income and Growth Dis AUD-H, GBP-H , SGD-H Allianz US Short Dur High Income Bd Dis SGD-H Baillie Gifford Asia ex Japan Acc USD Baillie Gifford LT Global Growth Acc USD Baillie Gifford Positive Change Acc USD Baillie Gifford US Equity Growth Acc USD Canaccord Genuity Opportunity Fund Acc AUD-H, GBP-H, SGD-H, USD Fidelity Asian Special Sit Dis USD Fidelity Emerging Markets Acc SGD-H, USD Fidelity European Dynamic Gr Acc SGD-H, USD-H Fidelity US High Yield Fund Acc USD, AUD-H, GBP, SGD First Sentier Bridge Fund Dis SGD Franklin Global Sukuk Fund Dis SGD Franklin Technology Fund Acc SGD-H Franklin Technology Fund Acc USD FSSA Asian Equity Plus Fund Acc USD FSSA Dividend Advantage Fund Dis SGD |
FSSA Greater China Growth Fund Acc USD FSSA Indian Subcontinent Fund Acc USD FSSA Regional China Fund Acc SGD FSSA Regional India Fund Acc SGD Fundsmith Equity Fund Acc GBP Invesco Global Consumer Trends Acc USD Janus Henderson Glb Life Sciences Acc SGD-H, USD JPM Asia Pacific Income Acc USD JPM Asia Pacific Income Dis AUD-H, SGD-H MS Emerging Leaders Equity Fund Acc USD MS Europe Opportunity Fund Acc EUR Quilter Inv Compass 3 Port Acc AUD-H, EUR-H, GBP-H, SGD-H, USD Quilter Inv Compass 4 Port Acc AUD-H, EUR-H, GBP-H, SGD-H, USD Sands Capital US Select Growth Acc USD Schroder ISF China Opp Acc SGD-H, USD Templeton Shariah Global Equity Acc SGD UBS All China Equity Acc USD UBS China Allocation Opportunity Acc USD United Asian High Yield Bond Acc SGD-H United Asian High Yield Bond Acc USD Fixed Income USD 2022-10-11 United Gold & General Fund Acc SGD United SGD Fund Acc SGD, USD-H |
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High Watermark Locked-in Value (Available with TM's #GoElite Secure)
The peak account value at every monthiversary is Locked-in to protect against volatile market trends. The highest monthly watermark recorded throughout the Policy is Locked-in to deliver maximum death benefit.
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1. What is an SRS account?
The Supplementary Retirement Scheme ("SRS") is a voluntary scheme that complements the CPF Scheme in Singapore. You contribute any amount to your SRS (subject to a cap which is currently at $15,300 per year). This contribution can be excluded from your taxable income for the year. In addition, when you withdraw the funds on or after your retirement age, you will also be able to avoid paying taxes on this amount. We explain this below in Q3.
Interestingly, your SRS account is managed by the banks, not CPF. So you will need to set up an SRS account with your bank. If you need help setting us your SRS account, please do WhatsApp us at 91515963.
Important things to note about the SRS:
- If left uninvested, your SRS funds only earn a return of 0.05% p.a.
- You need to make your SRS contribution by 31 December of each year for that amount to be excluded in your taxable income. Each bank will have their own cut off time to process your contribution. So don't assume that you can do it a the end of the day! This is this year's deadlines for each bank.
| Bank | How to Transfer | Deadline |
|---|---|---|
| DBS | Digibank | 7pm, on the bank's last working day of December |
| UOB | UOB Personal Internet Banking | 8pm, on the bank's last working day of December |
| UOB | Cash or debit from UOB account at a UOB branch | 29 Dec 2022, respective branch banking hours apply |
| UOB | Cheque deposit at a UOB branch or Quick Cheque Box | 3:30pm, 29 Dec 2022 |
| OCBC | Internet Banking Mobile Banking Cash at Bank Branches Cheque deposit at Cheque Box |
SRS contribution requests submitted between 9am and 9pm from Monday to Saturday (excluding public holidays) will be processed immediately. Requests submitted after 9pm or on a non-business day will be processed on the next business day. |
2. When can I start withdrawing from my SRS account without penalty?
You can make withdrawals after the statutory retirement age based on when your first SRS contribution was made. This is currently age 63 and will increase over time. If you wish to lock in an earlier retirement age, do set up your SRS account and put in at least $1.
3. What does the 50% tax concession mean?
After your retirement age, you can start withdrawing from your SRS account for a period of 10 years. Only 50% of the funds withdrawn are subject to income tax. As income up to $20,000 attract no income tax in Singapore, you can withdraw up to $40,000 SRS funds ($20,000 x 2) per year without having to pay any tax. This means that you can withdraw up to $400,000 tax-free over 10 years!
4. What can I invest in to increase my returns on my SRS account?
As the SRS funds will be in the SRS account for a long time, you can consider taking on assets that give a better return in the long-term. You would want to at least beat inflation! Generally, "guaranteed products" such as fixed deposits will give a very low returns that do not even cover inflation. Consider insurance plans such as Gro Saver Flex Pro, Gro Retire Flex Pro and MyLifeIncome II to get a mix of guaranteed returns and bonuses. These plans may offer capital guarantees as well, so you can be confident that your capital is not eroded over time.
You can also consider risker investments that may give even higher returns like SRS-approved unit trusts. Check out our offering of such unit trusts here.
5. How is WealthLink, #goElite Secure or #goElite different to SRS Participating Insurance Plans?
WealthLink, #goElite Secure and #goElite are investment linked plans which means that the underlying assets are invested in selected investment funds and the value of these funds may increase or decrease depending on the market conditions.
Unless specifically stated otherwise, there is no guarantee on the value of the underlying assets.
#goElite Secure offers a high watermark locked-in value explained above to protect your death benefit against volatile market conditions.
Participating plans tend to have a more stable growth in policy value as the insurer typically seeks to smooth returns to the policyholders over time. There is also an underlying guaranteed surrender value.
InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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