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Supplementary Retirement Scheme Plans


Why Apply for  
SRS Retirement Insurance Plans

Not sure how SRS funds work? Check out our FAQ below.

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.

We have put together a package of plans from top insurers in Singapore like Income and China Taiping to help you secure your retirement. Insurance plans are suitable for your retirement planning:


cash benefit


More stable returns

capital guaranteed


Capital guaranteed

capital guaranteed


No need to actively reinvest

Single Premium & Guaranteed acceptance


Tax concessions

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Supplementary Retirement Scheme Funds Pot Plants

Benefits of the Supplementary Retirement Scheme 

The main advantage of the Supplementary Retirement Scheme (SRS) is its tax benefits.

Any investment gains, such as capital gains, dividends, or interest earned within the SRS account, are tax-free as long as they remain within the SRS. If you take out your SRS funds within the 10 year withdrawal period after your retirement age, only 50% of the withdrawn amount will be subject to tax. If the total amount of your income at that time and 50% of the withdrawn amount is lower than $20,000, no tax will be levied. 

Maximizing Tax Savings with the Supplementary Retirement Scheme

Let's look at a simple example of how you can maximise your tax savings through the Supplementary Retirement Scheme. Assuming that you have no other income after your retirement age, you can draw down up to $40,000 per year from your SRS account tax-free. If you withdraw more than $40,000 per year, 50% of that excess will be subject to tax, along with any other income you receive at that time.

After the completion of the 10-year withdrawal period, you will have to withdraw the remaining balance in your account, excluding life annuities. Half of this withdrawn amount will be tax-free.

Year Opening Balance Withdrawal Amount Tax Free Amount Taxable Amount Tax Payable
1 $400,000 $40,000 $20,000 $20,000 $0
2 $360,000 $40,000 $20,000 $20,000 $0
3 $320,000 $40,000 $20,000 $20,000 $0
4 $280,000 $40,000 $20,000 $20,000 $0
5 $240,000 $40,000 $20,000 $20,000 $0
6 $200,000 $40,000 $20,000 $20,000 $0
7 $160,000 $40,000 $20,000 $20,000 $0
8 $120,000 $40,000 $20,000 $20,000 $0
9 $90,000 $40,000 $20,000 $20,000 $0
10 $40,000 $40,000 $20,000 $20,000 $0


Investing Your Supplementary Retirement Scheme Funds

When using your SRS funds, it makes sense to receive regular income that can be withdrawn during the 10 year tax concession period. After that, you may want to have a plan that allows you to withdraw flexibly over time. Investing in insurance plans that give attractive long-term returns means that you do not need to continually monitor the performance of these plans or keep re-investing your funds. 


We have carefully selected a combination of plans that target a comfortable level of retirement income. This includes a combination of top plans like Income's Gro Retire Flex Pro and Gro Saver Flex Pro and Singlife's Flexi Life Income to provide the regular income through SRS. 

What about income after the SRS drawdown period?

You can consider targeting a large lump sum that can be partially surrendered over time to support your lifestyle.

That way, you can cover unpredictable costs such as higher one-off medical bills and also have a choice to leave the death benefit to loved ones if you do not need the cash. 

Check out the detailed explanation of your Retirement Solution in the video below.

Comparison of Gro Saver Flex Pro, Gro Retire Flex Pro and Flexi Life Income

After investing a single premium in Gro Saver Flex Pro or Flexi Life Income, the surrender value grows each year with a combination of guaranteed and non-guaranteed benefits. Flexi Life Income and Gro Retire Flex Pro provide a yearly cash dividend after the selected accumulation period.

NTUC logo
Gro Saver Flex Pro
NTUC logo
Gro Retire Flex Pro
Aviva logo
Flexi Life Income
Premium Term
Only Single Premium terms are acceptable for SRS Funds (check out non-SRS retirement plans here)
Policy Terms
10, 15, 20, 25, 30 years or till age 120 15 years to age 100 depending on premium term Whole of Life
Annual Cash Dividend
None Dependent on policy selected After accumulation period

Guaranteed: 1.2% p.a. of sum assured

Non-Guaranteed: 4.4% p.a. of sum assured

Booster Bonus: 20 years after the first income payout or when you’re 60 years old, whichever is later: 0.35% p.a. of sum assured

Total Cash Payout: 5.6% p.a. of sum assured after the selected accumulation period

Total Cash Payout including Booster Bonus: 5.95% p.a. of sum assured
Capital Guarantee
Possible depending on age of insured and policy term. Upon maturity. Yes, from the time the Yearly Income payout starts or
earlier, depending on the duration of your premium payment period.
Estimated Income from age 65 to 74 based @4.25% illustrated Rate of Return and assumed investment of $15,300 per year from age 35 to 541

Age 65-69: $44,816 per year ($3,735 per month)

Age 70-74: $111,756 per year ($9,313 per month)

$6,631 per month

Between $57,092 to $62,571 per year

($4,758 to $5,214 per month) 

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SRS vs Other Retirement Plans: Which One is Right for You?

There are some restrictions around the retirement plans that you can invest in with your SRS funds. Check out the comparison below.
  SRS Retirement Plans Non-SRS Retirement Plans
Accessibility Only SRS Approved plans are allowed Wider range of SRS and non-SRS approved plans 
Premium Term Only single premium Choice of single and regular premium plans
Secondary Life Insured Not Available Some retirement plans allow a secondary life insured who can continue to receive regular payouts from the policy even if you pass away.
Riders None Wide range of riders available eg early critical illness riders



Here are some common questions about 

Income's Gro Saver Flex Pro, Gro Retire Flex Pro & Singlife's Flexi Life Income and SRS funds

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! 
Bank How to Transfer Deadline
DBS Digibank

7pm, on the bank's last working day of December (Saturday, 30th December 2023)

DBS At a DBS branch

1pm, on the bank's last working day of December (Saturday, 30th December 2023)

DBS Cheque deposit

Deposited before 3.30pm, on Friday, 29th December 2023

UOB UOB Personal Internet Banking 8pm, on the bank's last working day of December
OCBC Internet Banking
Mobile Banking
Cash at Bank Branches
Cheque deposit at Cheque Box

By 31 December

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 Gro Saver Flex Pro, Gro Retire Flex Pro and Flexi Life Income different to stock, exchange-traded funds (ETFs) and real estate investment trusts (REITs)?

Gro Saver Flex Pro and Flexi Life Income are insurance products and offer some level of guarantees. Flexi Life Income provides a capital guarantee from the time the Yearly Income payout starts or earlier, depending on the duration of your premium payment period. This is unlike stocks, ETFs and REITs where your capital can be wiped out by market movements. On top of the guaranteed returns, Gro Saver Flex Pro and Flexi Life Income provide additional non-guaranteed returns.

6. Is there any penalty for withdrawing funds from my SRS account before my retirement age?

You have the flexibility to make withdrawals from your SRS account at any time. However, if you make withdrawals before reaching the statutory retirement age, there will be a 5% penalty imposed, and the entire amount withdrawn will be subject to taxation. The only instances where pre-retirement withdrawals are exempt from penalties are in specific circumstances such as illness, bankruptcy, or death.

7. What is the eligibility criteria for the Supplementary Retirement Scheme?

Any resident in Singapore (Singaporean, Permanenet Resident and Foreigner) is eligible to contribute to the SRS. 

For Singapore citizens and permanent residents (PRs), the annual contribution limit is S$15,300 and for foreigners working in Singapore, the annual contribution limit is S$35,700.

8. How can I find out more about my Retirement Solutions?

Check out our video here that explains how we can help you to target a comfortable level of retirement income. Then get a quote to see what are the possible plans for your age.  



** Gro Saver Flex Pro and Flexi Life Income are not classified as a life annuity. So the 50% tax concession after 10 years will not apply. However, if your withdrawals (and other income) continue to be below the lowest income tax bracket, you will enjoy withdrawals tax free.

1 The returns include non-guaranteed benefits and are based on the illustration rate of 4.25% p.a.. The returns may included all promotions. The returns will ultimately depend on your own age/gender/product premium and benefit term profile. The rates shown above are meant to be illustrative. Please request for a quote by filling in the online form for your personal quotation. Return figure includes promotion or commission rebates.


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.