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1.
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What investment instruments can I purchase using my SRS funds?
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You may invest in a wide range of financial assets, including those offered by financial institutions (product providers) other than your SRS Operator. Your product providers will be able to provide information on the products that they are offering for SRS. 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.
You should note that investment choices are made on a caveat emptor basis.
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2.
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How is my SRS contribution cap determined?
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Your SRS contribution cap is determined by multiplying the appropriate SRS contribution rate by an absolute income base.
SRS contribution rate
The SRS contribution rate for Singaporeans and Singapore Permanent Residents (SPRs) is 15% while the SRS contribution rate for foreigners is 35% in view of the fact that they do not enjoy tax relief on their CPF contributions. If you are a foreigner, you are required to give a written declaration of your foreign status for the calculation of your SRS contribution cap. You must make such a declaration on an annual basis for the SRS Operator to calculate your SRS contribution cap.
Income base
The absolute income base is $76,500 per annum.
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3.
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What are the investment mandates of Singapore’s investment entities?
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The Government of Singapore Investment Corporation (GIC) is an investment management company responsible for the global management of assets belonging to the Singapore Government, and is responsible for delivering good, long-term returns on the Government’s foreign reserves.
Temasek Holdings is an investment holding company which owns and manages a diversified portfolio with the objective of delivering long-term returns to its shareholder, the Singapore Government.
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4.
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How do I get hold of a copy of the Budget Book?
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The Revenue and Expenditure Estimates for FY2009 ($135.40) is on sale at the following address. The publication is also posted on MOF website at http://www.mof.gov.sg/budget_2008/index.html
SNP Bookshop
1 Kim Seng Promenade
#18-01 Great World City
S 237994
Tel: 6826 9691
Fax: 6820 3341
e-mail: Legalpub@snpcorp.com.
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5.
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Where can I get hold of any Acts under the Ministry of Finance?
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There is an internet website called Singapore Statutes Online at http://statutes.agc.gov.sg. You can also buy certain Acts from:
SNP Corporation Ltd
Legal Publishing
1 Kim Seng Promenade
#18-01/06
Great World City East Tower
Singapore 237994
Tel: (65) 6826 9691
Email legalpub@snpcorp.com
Operating Hours
Mon-Fri: 9.30am to 6.00pm
Closed on Saturday, Sunday and Public Holiday
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