Supplementary Retirement Scheme (SRS)
Asked on 07 Jan 2020
Will the subsequent payout be taxable?
After 10 years, SRS account is deemed closed. You'll be taxed at the remaining surrender value at the 10th year of your policy. So if you still have a surrender value of 100k, that'll be taxed at 50%. Then future payouts won't be taxed anymore.
Also you only need to withdraw within 10 years from your first withdrawal. So if you start at 65, it's only at 75 when the account is deemed closed.