Forum: SRS withdrawal process to be improved
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We thank Mr Francis Yeoh for his letter “ Take the queueing pain out of SRS withdrawals
The Supplementary Retirement Scheme (SRS) aims to help Singaporeans save more for their retirement.
Currently, SRS operators require members to be present in person for withdrawals and account closures, so that they can receive customised advice based on their individual circumstances. This helps ensure that members are aware of their eligibility for tax concessions and/or penalties, if any, relating to the nature of their intended transaction.
We agree that the current withdrawal process can be improved for greater convenience. The Government will take Mr Yeoh’s feedback into account, and work with the SRS operators to improve the current process.
Farah Abdul Rahim
Director, Communications and Engagement
Ministry of Finance
