Pension

Pension is a payment made to an individual after his retirement.

Government pensions

The full sum of government pensions received in Singapore is exempt from tax if you are a Singapore tax resident .

Pensions from Approved Pension Schemes

The amount of pension accrued up to 31 Dec 1992 in the approved funds in Singapore is exempt from tax if you retired at the retirement age stated in the pension or provident funds/schemes.

You will be taxed on that part of the pension paid out of contributions made to the funds after 31 Dec 1992 .

For instance, if there was $100,000 in your pension fund as of 30 Dec 1992 and your ex-employer made another payment of $100,000 to your pension fund on 3 Mar 1993, then the amounts paid out of the second $100,000 is taxable.

How to Report

You must declare the taxable pensions under 'employment - others ' in your tax form.

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