Insurance

It is important that we hear from you about your questions. Do let us know about your queries via email at enquiries@dev.moneyowl.com.sg or give us a call at 6329 9188 between Mondays-Fridays (excluding public holidays), 9am-6pm.

Your privacy is our priority. We will not pass on your particulars or information to any third party, financial institutions or salespeople.

The terms and coverage of your policy will not be affected in any way.

In the very unlikely event that MoneyOwl closes down, you may still proceed directly to the insurance company for your policy to be serviced.

Learn more about our SRS through our easy-to-understand articles.

1. How to Save on Taxes Using the SRS
2. Here’s How to Use Your Funds in the SRS
3. A Visual Guide to SRS Part I
4. A Visual Guide to SRS Part II

Find out more about SRS on the Ministry of Finance’s (MOF) webpage: https://www.mof.gov.sg/schemes/individuals/supplementary-retirement-scheme

And contact our Client Advisory team at enquiries@dev.moneyowl.com.sg

Learn more about our SRS through our easy-to-understand articles.

1. How to Save on Taxes Using the SRS
2. Here’s How to Use Your Funds in the SRS
3. A Visual Guide to SRS Part I
4. A Visual Guide to SRS Part II

Find out more about SRS on the Ministry of Finance’s (MOF) webpage: https://www.mof.gov.sg/schemes/individuals/supplementary-retirement-scheme

And contact our Client Advisory team at enquiries@dev.moneyowl.com.sg

You can consider purchasing SRS-approved Single premium retirement income products with MoneyOwl. Begin by comparing SRS products easily at https://www.dev.moneyowl.com.sg/app/direct and submit a quote! Our Client Advisers will then be in touch with you to fine-tune your needs and answer any questions you may have.

The interest rate on uninvested balances in the SRS Account is almost negligible (currently 0.05% p.a.). You should grow your SRS funds in order to keep pace with inflation. There are avenues for you to grow your SRS funds such as:

• Singapore Savings Bonds
• Insurance products
• Managed Investmentsv

No. To help lower your tax liabilities, you are allowed to spread your withdrawals over a period of 10 years upon the first withdrawal at or after the statutory retirement age*.

The withdrawals are subjected to the 50% tax concession. After the 10-year withdrawal period, any remaining balance in your SRS account would be subject to tax at 50% of the remaining balance.

However, if you have a life annuity as SRS, 50% of the annual annuity payout will still be taxable even after the 10-year withdrawal period.

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 63.

You can withdraw your SRS monies any time. As SRS is meant for retirement purpose, any early withdrawals may be penalized. If withdrawals made after statutory retirement age*

• Only 50% of the withdrawal amount for the year are taxable as income
• No penalty on the amount withdrawn

If withdrawals made after statutory retirement age*

• 100% of the withdrawal amount for the year are taxable as income
• 5% penalty on the amount withdrawn

However, if early withdrawals are due to these exceptional circumstances, the 5% penalty will not be imposed but the withdrawal amount may be tax as follows:

1. Death or Terminal Illness
   • 50% of net withdrawal amount (after deducting up to a limit of $400,000) are taxable
2. Medical grounds
   • 50% of withdrawal amount are taxable
3. Bankruptcy
   • 100% of withdrawal amount are taxable
4. Full withdrawal by a foreigner, provided he/she must have maintained the SRS account for at least ten years from the date of the first contribution and have been a non-Singaporean for a continuous period of ten years before the date of withdrawal.
   • 50% of withdrawal amount are taxable

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 63.

You can open an SRS account with the with any of the three SRS operators; DBS, OCBC or UOB. You should only have one SRS account at any point in time. However, you may transfer your SRS account between different SRS operators. Some SRS operators offer easy opening of SRS accounts via online banking.

All Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who

• are at least 18 years old;
• are not undischarged bankrupts; and
• are not of unsound mind.