—(1) All contributions to an SRS account shall be made in the form of cash.
(2) [Deleted by S 521/2010 wef 15/09/2010]
(3) [Deleted by S 521/2010 wef 15/09/2010]
(4) An SRS member may make contributions in a year to his SRS account if and only if he derives income in that year.
(4A) Subject to paragraph (4), an SRS member who has been adjudged a bankrupt and who has made a withdrawal from his SRS account during his bankruptcy may make further contributions to his SRS account upon his discharge from bankruptcy.
(5) Notwithstanding paragraphs (4) and (4A), an SRS member shall not make any contribution to his SRS account if he had at any time made a withdrawal from his SRS account or a previous SRS account of his —
on the ground that he —
was physically or mentally incapacitated from ever continuing in any employment;
was either (in the case of a withdrawal before 1st March 2010) found to be of unsound mind or (in the case of a withdrawal on or after that date) mentally disordered and incapable of managing himself or his affairs; or
was suffering from a terminal illness or disease; or
on or after reaching the prescribed retirement age prevailing at the time of his first contribution.
(6) The employer of an SRS member shall not make any contribution to the SRS account of the SRS member on behalf of the SRS member unless —
the SRS member has instructed or authorised the employer in writing to make that contribution on his behalf, and such instruction or authorisation has not been revoked; and
the contribution consists solely of the SRS member’s gains or profits from any employment with that employer.
(7) Any person who contravenes paragraph (6) shall be guilty of an offence.
(8) An SRS member shall not make any contribution to his SRS account —
if the SRS contribution cap applicable to him is nil under regulation 9(1)(a); or
in any other case, to the extent that it exceeds the SRS contribution cap applicable to the SRS member for that year.
(9) An SRS operator —
shall accept contributions of an SRS member in any year only after the SRS contribution cap applicable to the SRS member for that year has been computed, and shall credit such contributions into the SRS account of the SRS member;
shall not accept any contribution from an SRS member if it knows or ought to know that the SRS contribution cap applicable to him is nil under regulation 9(1)(a).
(9A) An SRS operator who contravenes paragraph (9)(a), (b) or (c) shall be guilty of an offence.
[S 209/2011 wef 21/04/2011]
(10) For the purposes of paragraphs (8)(b) and (9)(b), a contribution to an SRS account in any year exceeds the contribution cap applicable to an SRS member for that year if that contribution, when added to the contributions already made that year, if any, after deducting the withdrawals from his SRS account already made that year, if any, exceeds the contribution cap.