SRS Nomination Form (Singapore)
SUPPLEMENTARY RETIREMENT SCHEME (SRS) NOMINATION FORM
Income Tax Act 1947 (Cap. 134), Part XI
SRS Operator: [SRS Bank]
Date: [Nomination Date]
PART A: SRS ACCOUNT HOLDER PARTICULARS
Full Name: [Holder Name]
NRIC / FIN / Passport No.: [Holder NRIC]
Date of Birth: [Holder DOB]
Residential Address: [Holder Address]
Contact Number: [Holder Contact]
SRS Account Number: [SRS Account Number]
PART B: NOMINATION OF BENEFICIARIES
I hereby nominate the following person(s) to receive the balance in my SRS account upon my death:
Beneficiary 1
Full Name: [Beneficiary 1 Name]
NRIC / FIN: [Beneficiary 1 NRIC]
Relationship: [Beneficiary 1 Relationship]
Share: [Beneficiary 1 Share]
Beneficiary 2
Full Name: [Beneficiary 2 Name]
NRIC / FIN: [Beneficiary 2 NRIC]
Relationship: [Beneficiary 2 Relationship]
Share: [Beneficiary 2 Share]
PART C: REVOCATION OF PRIOR NOMINATION
This nomination revokes all prior SRS nominations made with [SRS Bank]: [Revoke Prior].
A new SRS nomination automatically revokes all prior nominations for the same SRS account in accordance with section 10L of the Income Tax Act 1947.
PART D: DECLARATION
I, [Holder Name] (NRIC/FIN: [Holder NRIC]), hereby declare that:
- The information provided in this form is true, complete, and accurate;
- I am the beneficial owner of the SRS account number [SRS Account Number] with [SRS Bank];
- I understand that this nomination overrides my will and the intestacy provisions of the Intestate Succession Act in respect of the SRS account balance;
- I understand that the SRS operator will distribute the SRS account balance to the nominated beneficiaries upon receipt of satisfactory proof of death and identity; and
- I understand that I may revoke or vary this nomination at any time by submitting a new nomination form to [SRS Bank].
Declared on: [Nomination Date]
IMPORTANT NOTES
- An SRS nomination is only effective if the account holder is a Singapore citizen or Singapore permanent resident.
- Foreigners who are SRS account holders should make a will to ensure proper distribution of their SRS balance.
- A valid SRS nomination overrides any contrary provision in the account holder's will.
- The SRS balance will be withdrawn and distributed as cash to the nominated beneficiaries upon the account holder's death.
- For queries, contact your SRS operator bank: [SRS Bank].
SRS Account Holder
________________
Signature
Witness
________________
Signature
What Is a SRS Nomination Form (Singapore)?
A SRS Nomination Form in Singapore records the consent or release given and the scope of what the party agrees to.
The SRS nomination mechanism is distinct from CPF nominations (governed by the Central Provident Fund Act, Cap. 36) and testamentary dispositions under the Wills Act 1838 (Cap. 352). An SRS nomination, once validly made, operates outside the account holder's will — the nominated beneficiary receives the SRS account balance directly, without the SRS funds forming part of the deceased's estate for probate or administration purposes. Where no valid SRS nomination exists, the SRS account balance forms part of the deceased's estate and is distributed in accordance with the deceased's will (if any) or the Intestate Succession Act (Cap. 146) for non-Muslims, or the Administration of Muslim Law Act (Cap. 3) for Muslims.
SRS contributions are tax-deductible under Section 10C of the Income Tax Act (Cap. 134), with a maximum annual contribution of S$15,300 for Singapore citizens and permanent residents, and S$35,700 for foreigners. The Inland Revenue Authority of Singapore (IRAS) administers the tax deduction, and contributions are made through the account holder's approved SRS operator bank. Withdrawals from the SRS account after the statutory retirement age (currently 62 years, as prescribed by the Retirement and Re-employment Act 1993, Cap. 274A) attract a concessionary tax rate of 50% of the withdrawal amount. Premature withdrawals attract a 5% penalty on top of the full tax on the withdrawal amount, with limited exceptions for medical grounds or death.
The nomination form must be submitted to the SRS operator bank (DBS, OCBC, or UOB) and witnessed by two persons who are not beneficiaries. A valid SRS nomination supersedes any prior SRS nomination for the same account. The nomination may be revoked at any time by the account holder by submitting a revocation form to the SRS operator, or by making a new nomination which automatically revokes the prior nomination.
The Public Trustee's Office administers SRS account balances for deceased persons who die without a valid nomination and without a will, where the estate value falls within the simplified administration threshold under the Public Trustee Act (Cap. 260).
When Do You Need a SRS Nomination Form (Singapore)?
An SRS Nomination Form is needed whenever an SRS account holder in Singapore wishes to direct the distribution of the SRS account balance to specific beneficiaries upon the account holder's death, bypassing the probate and estate administration process.
Every SRS account holder should make a nomination promptly after opening the SRS account with the approved operator bank (DBS Bank, OCBC Bank, or UOB). Without a valid SRS nomination, the SRS account balance becomes part of the deceased's estate, requiring either a Grant of Probate (if the deceased left a valid will) or Letters of Administration (if the deceased died intestate) from the Family Justice Courts before the SRS operator bank will release the funds. Estate administration in Singapore can take six months to several years, during which the SRS funds remain frozen.
SRS account holders who have experienced a change in family circumstances must update their nominations. Marriage does not automatically revoke an SRS nomination (unlike CPF nominations, which are automatically revoked upon marriage under Section 25(1) of the CPF Act). However, account holders who marry, divorce, or experience the death of a nominated beneficiary should review and update their SRS nominations to reflect their current wishes.
SRS account holders who have made a will should coordinate the SRS nomination with the will's provisions. Since SRS nominations operate outside the will, the nominated beneficiary receives the SRS account balance regardless of what the will states. Account holders should confirm consistency between the SRS nomination, CPF nomination, insurance policy nominations, and testamentary provisions to avoid disputes among family members.
SRS account holders who are foreign nationals working in Singapore under an Employment Pass (administered by the Ministry of Manpower, MOM) or other work pass should consider making an SRS nomination, particularly given the higher annual contribution limit of S$35,700 available to foreigners. In the event of the foreign account holder's death, the absence of an SRS nomination may require the estate executor to follow both Singapore and foreign estate administration procedures.
SRS account holders who wish to revoke a prior nomination must submit a revocation form to the SRS operator bank. Making a new SRS nomination automatically revokes the prior nomination for the same account. The account holder should retain a copy of the new nomination form and confirm receipt with the SRS operator.
What to Include in Your SRS Nomination Form (Singapore)
An SRS Nomination Form submitted to a Singapore SRS operator bank (DBS Bank, OCBC Bank, or UOB) must contain the following elements to constitute a valid nomination under the Supplementary Retirement Scheme framework established by the Ministry of Finance (MOF) and the Income Tax Act (Cap. 134). The forms-legal.com SRS Nomination Form template covers all mandatory fields required by the approved SRS operator banks.
Account holder identification requires the SRS account holder's full name as registered with the SRS operator bank, NRIC number (for Singapore citizens and permanent residents) or FIN number and passport number (for foreigners), date of birth, and contact details. The SRS account number must be stated to identify the specific SRS account to which the nomination applies.
Nominated beneficiaries must be individually identified with their full names, NRIC or passport numbers, dates of birth, addresses, and relationship to the account holder. The account holder may nominate one or more beneficiaries and must specify the percentage share allocated to each beneficiary — the total allocation must equal 100%. Beneficiaries may be individuals (family members, friends, or any natural person) or, subject to the SRS operator's acceptance, charitable organisations or institutions.
Revocation of prior nomination clause must state that the current nomination revokes all prior SRS nominations made by the account holder for the same SRS account. Under the SRS framework, only the most recent validly executed nomination is effective. The account holder should confirm awareness that the prior nomination is no longer operative.
Witness requirements are critical for the validity of the SRS nomination. The nomination form must be signed by the account holder in the presence of two witnesses, each of whom must also sign the form. Neither witness may be a nominated beneficiary — if a witness is also a beneficiary, the nomination is void as to that beneficiary's share (by analogy with the Wills Act, Cap. 352, Section 10 rule applicable to witnesses of wills). Witnesses must be at least 21 years of age and of sound mind.
Declaration by the account holder must confirm that: the account holder is making the nomination of their own free will; the account holder understands the effect of the nomination (that the nominated beneficiaries will receive the SRS account balance upon the account holder's death, outside the account holder's estate); and the account holder understands that the nomination supersedes any prior SRS nomination.
Submission to SRS operator — the completed nomination form must be submitted to the relevant SRS operator bank branch or through the operator's designated submission channel. The SRS operator retains the original nomination form and issues a confirmation to the account holder. Account holders should retain a copy of the nomination form and the operator's confirmation for their personal records and for the information of their estate executor.
Coordination with other nominations and estate planning instruments is recommended. SRS account holders should review their CPF nomination (filed with the CPF Board under the CPF Act), insurance policy nominations (filed with the respective insurer under the Insurance Act 1966, Cap. 142), and will (executed under the Wills Act, Cap. 352) to confirm consistency across all death benefit designations. The forms-legal.com platform offers related templates including the Simple Will, CPF Nomination Update Form, and Digital Assets Will Addendum for Singapore estate planning.
Tax treatment upon death — withdrawals from the SRS account following the account holder's death are subject to tax under the Income Tax Act (Cap. 134). The IRAS treats death-related SRS withdrawals as income of the deceased for the year of assessment in which the withdrawal is made. The nominated beneficiary (or the estate executor, if there is no nomination) should consult IRAS guidance or a tax adviser regarding the applicable tax treatment.
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Forms Legal. (2026). SRS Nomination Form (Singapore) (Singapore) [Legal document template]. Forms Legal. https://forms-legal.com/singapore/estate-planning/estate/supplementary-retirement-plan-singapore
"SRS Nomination Form (Singapore) (Singapore)." Forms Legal, 2026, https://forms-legal.com/singapore/estate-planning/estate/supplementary-retirement-plan-singapore.
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author = {{Forms Legal}},
title = {SRS Nomination Form (Singapore) (Singapore)},
year = {2026},
howpublished = {\url{https://forms-legal.com/singapore/estate-planning/estate/supplementary-retirement-plan-singapore}},
note = {Free legal document template. Based on Wills Act 1838 (Cap. 352)}
}Frequently Asked Questions
If an SRS account holder in Singapore dies without a valid SRS nomination, the balance in the SRS account becomes part of the deceased's estate. The SRS operator bank (DBS Bank, OCBC Bank, or UOB) will not release the SRS funds until the bank receives either a Grant of Probate (if the deceased left a valid will) or Letters of Administration (if the deceased died intestate) issued by the Family Justice Courts of Singapore. For intestate deceased persons who are non-Muslims, the SRS funds form part of the estate and are distributed in accordance with the Intestate Succession Act (Cap. 146). Under the Intestate Succession Act, the distribution rules are: if the deceased leaves a spouse and no children or parents, the spouse receives the entire estate; if the deceased leaves a spouse and children, the spouse receives one-half and the children share the other half equally; other distribution rules apply for various family configurations as prescribed by Sections 6 and 7 of the Act. For intestate deceased persons who are Muslims, the estate (including SRS funds) is distributed in accordance with Muslim law as administered by the Syariah Court under the Administration of Muslim Law Act (Cap. 3). Where the total estate value (including the SRS account balance) does not exceed S$50,000, the Public Trustee may administer the estate under a simplified administration procedure without requiring a court grant. The Public Trustee's Office charges an administration fee based on the estate value.
No, marriage does not automatically revoke an SRS nomination in Singapore. SRS nominations operate under the Supplementary Retirement Scheme framework administered by the Ministry of Finance (MOF), which does not include an automatic revocation-on-marriage rule. By contrast, CPF nominations are automatically revoked upon the CPF member's marriage under Section 25(1) of the Central Provident Fund Act (Cap. 36). After marriage, the CPF member must make a new CPF nomination, failing which the CPF savings will be distributed according to the Intestate Succession Act (Cap. 146) or Muslim law, as applicable. The difference between SRS and CPF nomination rules means that an SRS account holder who made a nomination before marriage — for example, nominating a sibling or parent — retains that nomination after marriage unless the account holder affirmatively makes a new nomination or submits a revocation form to the SRS operator bank. SRS account holders should review their nominations upon marriage, divorce, the birth of a child, or the death of a nominated beneficiary. Failing to update an SRS nomination after a significant life event can result in the SRS account balance being paid to a person whom the account holder no longer intends to benefit — and this result cannot be challenged by the surviving spouse or other family members, because the SRS nomination operates outside the will and outside the estate administration process. The SRS operator banks (DBS, OCBC, UOB) do not automatically notify account holders to update their nominations after life events.
Challenging an SRS nomination in Singapore is difficult because a validly executed SRS nomination operates as a statutory designation that distributes the SRS account balance directly to the nominated beneficiary, outside the deceased's estate and outside the probate process. However, an SRS nomination may be challenged on limited grounds: (1) the nomination was not validly executed — for example, the nomination form was not signed by two qualifying witnesses, or a witness was also a beneficiary (rendering that beneficiary's share void); (2) the account holder lacked mental capacity at the time of making the nomination — Singapore courts apply the test for testamentary capacity established in Banks v Goodfellow (1870) LR 5 QB 549, requiring that the account holder understood the nature and effect of the nomination, the extent of the SRS account, and the claims of potential beneficiaries; (3) the nomination was procured by undue influence, duress, or fraud. Family members who believe they are entitled to a share of the SRS funds but are not nominated beneficiaries have limited recourse. The Inheritance (Family Provision) Act (Cap. 138) allows a surviving spouse, unmarried daughter, infant son, or certain dependants to apply to the court for reasonable provision from the deceased's estate if the will (or the intestacy distribution) does not make reasonable provision for them.
The Supplementary Retirement Scheme (SRS) and the Central Provident Fund (CPF) are both retirement savings schemes in Singapore but differ in several fundamental respects. Participation: CPF is mandatory for all Singapore citizens and permanent residents who are employed, with contributions shared between employer and employee under the CPF Act (Cap. 36). SRS is voluntary — any individual (including foreigners holding a valid work pass) may open an SRS account with one of the three approved operator banks (DBS, OCBC, or UOB) and contribute at their discretion, up to the annual cap. Contribution limits: CPF contributions are calculated as a percentage of wages (17% employer + 20% employee for employees below 55), subject to the ordinary wage ceiling of S$6,800 per month and the annual salary ceiling. SRS contributions are capped at S$15,300 per year for Singapore citizens and PRs, and S$35,700 per year for foreigners. Tax treatment: CPF contributions are not subject to income tax, and CPF withdrawals upon reaching age 55 are tax-free. SRS contributions are tax-deductible under Section 10C of the Income Tax Act (Cap. 134), reducing the contributor's taxable income. SRS withdrawals after the statutory retirement age (62) attract a concessionary tax rate — only 50% of the withdrawal is included in taxable income. Premature SRS withdrawals attract full tax plus a 5% penalty. Investment options: CPF funds can be invested through the CPF Investment Scheme (CPFIS) in a limited range of approved investments.
The Supplementary Retirement Scheme (SRS) provides significant tax benefits to contributors, making it one of the most effective voluntary tax-planning instruments available to individuals in Singapore. Tax deduction on contributions: SRS contributions are deductible from the contributor's taxable income under Section 10C of the Income Tax Act (Cap. 134). A Singapore citizen or PR contributing the maximum S$15,300 per year, with a marginal tax rate of 22%, saves approximately S$3,366 in income tax annually. A foreigner contributing the maximum S$35,700, at the same marginal rate, saves approximately S$7,854. The tax deduction is automatic — the SRS operator bank reports contributions to IRAS, and the deduction appears in the contributor's annual tax assessment. Concessionary tax on withdrawals: Withdrawals from the SRS account after the statutory retirement age (62 years, as prescribed by the Retirement and Re-employment Act 1993, Cap. 274A) and over a ten-year withdrawal period attract concessionary tax treatment — only 50% of each withdrawal is included in the contributor's assessable income. Given Singapore's progressive tax rates, this effectively reduces the tax rate on SRS withdrawals to approximately half of the contributor's marginal rate at the time of withdrawal. Tax-free investment returns: Capital gains, dividends, and interest earned on investments within the SRS account are not taxed while they remain within the SRS framework.
Yes, foreigners can open and contribute to a Supplementary Retirement Scheme (SRS) account in Singapore, and the SRS provides enhanced benefits for foreign contributors compared to Singapore citizens and permanent residents. Foreigners holding a valid Employment Pass (EP), S Pass, or other work pass issued by the Ministry of Manpower (MOM) may open an SRS account with any of the three approved SRS operator banks: DBS Bank, OCBC Bank, or UOB. The account opening process requires the foreign applicant to present their passport, work pass, and proof of address. The annual contribution cap for foreigners is S$35,700, compared to S$15,300 for Singapore citizens and permanent residents. The higher cap reflects the fact that foreigners are not required to contribute to the CPF and therefore have a greater need for voluntary retirement savings. The tax benefits are particularly attractive for foreigners on Singapore's progressive income tax scale. A foreigner earning S$320,000 per annum (marginal rate of 22%) who contributes the maximum S$35,700 saves approximately S$7,854 in income tax annually. The concessionary withdrawal rate (50% taxable) after the statutory retirement age applies equally to foreigners. Foreigners who leave Singapore permanently may make a full withdrawal of their SRS account balance. Under IRAS's administrative practice, the full withdrawal amount is included in assessable income for the year of withdrawal, and the 5% premature withdrawal penalty applies if the contributor has not reached the statutory retirement age.
This template is provided for informational purposes only and does not constitute legal advice. Laws vary by jurisdiction and change over time. Consult a qualified attorney for advice specific to your situation.Full disclaimer
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