Singapore legislation
Regulation 13
of Income Tax (Supplementary Retirement Scheme) Regulations 2003
Regulation 13
Withdrawals from SRS accounts
Subregulation 1
Subject to regulations 14 and 14A, any withdrawal by an SRS member from his SRS account shall be only in the form of cash, and his SRS operator shall debit such withdrawal from his SRS account.
Subregulation 2
Where an SRS member has made a withdrawal that is subject to a penalty of 5% under section 10L(2) of the Act, the SRS member shall not be allowed to repay the amount withdrawn into the SRS account whether by himself or another person so as to avoid the penalty.
Subregulation 3
An application made under section 10L(3)(a) of the Act to withdraw the SRS funds of an SRS member who is not a citizen of Singapore or a Singapore permanent resident at the time of the application shall be accompanied by a declaration that he is not a citizen of Singapore or a Singapore permanent resident.
Subregulation 4
An application made under section 10L(3)(a) of the Act to withdraw the SRS funds of an SRS member who is not a citizen of Singapore or a Singapore permanent resident at the time of the application but who was previously a citizen of Singapore or a Singapore permanent resident shall be accompanied by —
a declaration that he is not a citizen of Singapore or a Singapore permanent resident; and
a letter from the Immigration and Checkpoints Authority confirming that the SRS member is no longer a citizen of Singapore or a Singapore permanent resident.
Subregulation 5
An application under section 10L(3)(c) of the Act to withdraw the SRS funds of an SRS member shall be accompanied by a certificate issued by a medical practitioner registered under the Medical Registration Act (Cap. 174) certifying that the SRS member —
is physically or mentally incapacitated from ever continuing in any employment;
is mentally disordered and incapable of managing himself or his affairs; or
is suffering from a terminal illness or disease.
Subregulation 6
An application to withdraw the SRS funds of an SRS member who is an undischarged bankrupt shall be accompanied by a notice issued by the trustee in bankruptcy of the SRS member or the Official Assignee.
Subregulation 7
An SRS operator shall not permit any withdrawal by an SRS member from any SRS account maintained with it to be made under paragraph (5) or (6), unless the Comptroller has approved the withdrawal.
Subregulation 8
An SRS operator who contravenes paragraph (7) shall be guilty of an offence.