Forum: SRS withdrawal process to be improved

We thank Mr Francis Yeoh for his letter 'Take the queueing pain out of SRS withdrawals' (Jun 16).
The Supplementary Retirement Scheme (SRS) aims to help Singaporeans save more for their retirement.
Currently, SRS operators require members to be present in person for withdrawals and account closures, so that they can receive customised advice based on their individual circumstances. This helps ensure that members are aware of their eligibility for tax concessions and/or penalties, if any, relating to the nature of their intended transaction.
We agree that the current withdrawal process can be improved for greater convenience. The Government will take Mr Yeoh's feedback into account, and work with the SRS operators to improve the current process.
Farah Abdul Rahim
Director, Communications and Engagement
Ministry of Finance
More on this Topic Forum: What readers are saying
Join ST's Telegram channel and get the latest breaking news delivered to you.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Straits Times

an hour ago

• Straits Times

Putin says Russia plans to deepen military-technical ties with 'friendly countries'

Russia's President Vladimir Putin delivers a speech during a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov ST PETERSBURG, Russia - President Vladimir Putin said on Friday that Russia intends to develop military and technical cooperation with "friendly countries" with whom Moscow wants to jointly produce arms and train military personnel. In a speech at Russia's showcase economic forum in St Petersburg, Putin said Moscow also planned to modernise its own armed forces and their bases by equipping them with the latest weapons and technology. "We will harness new technology to improve the combat capabilities of the Russian armed forces, modernise military infrastructure facilities, (and) equip them with the latest technology and weapons and equipment," he said. "At the same time, we intend to develop military-technical co-operation with friendly countries. And we are talking not only about supplies or the modernisation of equipment and weapons, but also about joint development, personnel training, and the creation of turn-key enterprises and production facilities," he said. Talking about global trade, Putin said Russia planned to develop trade ties with its partners by removing barriers, opening up market niches and deepening investment cooperation. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

Straits Times

2 hours ago

• Straits Times

German military deems Russia 'existential risk' to nation and Europe, Spiegel reports

FILE PHOTO: The Russian flag flies on the dome of the Kremlin Senate building behind Spasskaya Tower, in central Moscow, Russia, May 4, 2023. REUTERS/Stringer/File photo Berlin - The German military deems Russia an "existential risk" to the country and Europe, according to a Spiegel news magazine report that cites a new Bundeswehr strategy paper. The confidential document warns that the Kremlin is aligning both its industrial and leadership structures "specifically to meet the requirements for a large-scale conflict against NATO by the end of this decade." Russia is verifiably preparing for a conflict with NATO, particularly by strengthening forces in western Russia "at the borders with NATO," the report cites the strategy paper as saying. As early as next year, Russia could have around 1.5 million soldiers on active duty, according to the paper. Germany can only counter this threat "with a consistent development of military and society-wide capabilities," the document concludes. Military personnel and experts developed the strategy paper over the past 18 months to serve as a guideline for the future direction of Germany's Bundeswehr, the Spiegel report said. The defence ministry did not immediately respond to a request for comment. German Chancellor Friedrich Merz recently backed U.S. President Donald Trump's demand to hike NATO's defence spending target to 5% of national GDP, a major shift made possible by a historic loosening of Berlin's constitutional debt brake. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

Straits Times

2 hours ago

• Straits Times

S'pore publishes guide for firms planning to use carbon credits to cut emissions voluntarily

Firms are urged to prioritise all possible ways to reduce their emissions before turning to carbon credits. ST PHOTO: LIM YAOHUI SINGAPORE - The authorities are urging companies to prioritise all possible ways to reduce their emissions before turning to carbon credits to offset their remaining carbon emissions. This is one of the key recommendations that the Government has sent to Singapore companies that are thinking of using carbon credits voluntarily to decarbonise and meet their respective net-zero targets. The eight-page draft guide – prepared by the National Climate Change Secretariat, the Ministry of Trade and Industry and Enterprise Singapore – was made available online on June 20. Public feedback on the guide is welcomed until July 20. One carbon credit represents one tonne of carbon dioxide that is either removed from the atmosphere, such as through carbon capture, or prevented from being released. There are two main types of carbon credits – nature-based ones like reforestation, and technological ones that include switching from pollutive firewood to cleaner cooking stoves. In the draft, the authorities also emphasised that the credits that companies buy will not be counted into the country's climate targets. This is because companies will be buying credits from the voluntary carbon market (VCM). Carbon credits can be bought and traded in the voluntary market or the compliance market – which is regulated by the authorities. For example, carbon tax-paying firms are subject to compliance because they are allowed to use eligible credits to offset up to 5 per cent of their taxable emissions each year. These credits will be counted under Singapore's emission reductions, and they can only be bought from carbon projects hosted by countries that Singapore has bilateral agreements with. The seven countries include Paraguay, Bhutan and Ghana. Whereas, credits from the voluntary market are not legally required or regulated to be used to offset carbon emissions, and this has led to criticisms about the effectiveness and quality of such credits. In 2023, The Guardian reported that more than 90 per cent of rainforest credits did not represent genuine carbon reductions. The Singapore Government is therefore putting out this guidance document to help raise the standards of the VCM. The authorities have received feedback from the industry on the need for the Government to provide guidance on the voluntary market and how companies can use carbon credits as part of a credible decarbonisation plan. 'The growth of carbon markets has been constrained by a few factors. One of the main challenges in the VCM is the lack of standardisation which has led to confusion around various industry-led standards. This has undermined market confidence, and companies concerned about reputational risks are holding back from the VCM,' said the three government bodies in a joint statement. To address these, the eight-pager defines what a high-quality carbon credit should be, emphasising that there should be no double counting of credits or fraud, where one credit is claimed by more than one firm. Firms should buy credits that have been registered with a reputable registry that keeps count of the trading, and claim each credit only once. The authorities also encouraged companies to transparently disclose their use of credits and make known the amount and type of credits they bought, why they chose to use credits, project location, and which registry they used. Mr Rueban Manokara, global lead of the carbon finance and markets task force at conservation group World Wide Fund for Nature, said of the draft: 'By offering clarity on what that high integrity means, including highlighting that credits are not a substitute for real emissions cuts... it may give companies more confidence to include carbon credits as part of their climate action.' He noted that the guide could go further in recognising how high-integrity credits can help firms raise their climate ambition, invest in nature-based solutions, and deliver greater impact. Associate Professor Daniel Lee, director of the Carbon Markets Academy of Singapore at Nanyang Technological University, said the document underscores the Government's support for the role of the voluntary carbon market in helping firms decarbonise. 'Such clarity is important because there are many conflicting opinions out there on the role of carbon credits, including views that suggest carbon credits are simply greenwashing,' he added. The draft guidance can be found on NCCS' website. Feedback can be submitted via Find out more about climate change and how it could affect you on the ST microsite here.