—(1) Subject to regulation 10, the contribution cap of an SRS member for any year —
shall be nil if he had at any time made a withdrawal from his SRS account, including any 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;
(2) [Deleted by S 231/2005 wef 01/01/2005]
(3) For the purpose of paragraph (1)(b), the contribution cap of an SRS member shall be computed using the relevant SRS contribution rate multiplied by the relevant income base of the SRS member.
(4) For the purpose of paragraph (3), the relevant SRS contribution rate shall be as follows:
15% for an SRS member who is a citizen of Singapore or a Singapore permanent resident; and
35% for an SRS member who is not a citizen of Singapore or a Singapore permanent resident.
(5) For the purpose of paragraph (3), the relevant income base shall be $85,000.
[S 209/2011 wef 01/01/2011]
(6) An SRS operator shall not compute the contribution cap for an SRS member using the contribution rate specified in paragraph (4)(b) unless the SRS member submits a declaration stating that he is not a citizen of Singapore or a Singapore permanent resident.
(7) Every SRS member shall submit such documents as may be required by the SRS operator for the purpose of computing his SRS contribution cap.
(8) The Minister or such person as he may appoint may, upon application by the settlor or trustee of a pension or provident fund —
established at any time before 1st October 2008; and
which is to be dissolved,
designate the fund as a qualifying fund for the purposes of paragraph (9), subject to such terms and conditions as he may impose.
(9) The contribution cap of an SRS member who —
is a member of a qualifying fund that is dissolved on or after 1st October 2008;
is entitled in any year to receive a sum of money from that qualifying fund by reason of its dissolution; and
in that year (or such other year as the Minister or such person as he may appoint may in exceptional circumstances approve) makes a contribution to his SRS account using that sum of money or any part of it,
shall be increased by the amount referred to in paragraph (10) in the year such contribution is made.
(10) The amount referred to in paragraph (9) is the lower of the amounts derived from the following:
(A x B x C) – D; or
where A is the relevant income base referred to in paragraph (5);
B is —
15% where the SRS member is a citizen of Singapore or a Singapore permanent resident on the date he makes the contribution referred to in paragraph (9)(c); or
35% in any other case;
is the number of years (a part of a year being treated as a full year) between 2001 and the year immediately preceding the year referred to in paragraph (9)(b) (both years inclusive);
is the aggregate amount of SRS contributions made by the SRS member in all the years (including a part of a year) immediately preceding the year referred to in paragraph (9)(b); and
is the sum of money which the SRS member is entitled to receive from the qualifying fund by reason of the dissolution of the fund,
except that the amount computed in accordance with sub-paragraph (a) shall be treated as nil if D exceeds the product of A, B and C.
(11) [Deleted by S 231/2005 wef 01/01/2005]
(12) [Deleted by S 231/2005 wef 01/01/2005]