I am a 30 year old moving to Singapore for a few years to work for a local company. So far I have worked 6 years in different EU countries and during that time my retirement fund was arranged through my employer. That is also the reason why I am not knowledgeable about pensions hence I am looking for some advices for a retirement plan.

However, moving to Singapore is different. Unless one is a permanent resident (quite difficult to obtain there), there are no mandatory contributions, and employment pass holders (the usual work permit foreigners have) cannot build a pension in their state fund.

What is the best strategy to build a pension in such a case, and most importantly - where? I am EU citizen, if that is important.

My salary will be S$6000 gross (that is basically also the net salary given that the income tax is just 2-3%), and based on my rough calculations I think that I can set aside $500 each month (8% of income).

1 Answer 1


Setting a certain % of income for pension actually depends on person.

"Always pay yourself first"

This is the quote which I love the most and which I am currently following.

If you are planning to do 8%, then why don't you stretch a little bit more to 10%. I suggest you to do monthly review. If you can stretch more, increase % a little more by challenging yourself. This is rewarding.

For pension plan, there is SRS Supplementary Retirement Plan where foreigners can also set aside of their money. This is long term plan and you can enjoy tax relief too. The catch is you can only withdraw the money when you reach certain age. Otherwise, you have to pay tax again (certain %) once you decide to withdraw. Serveral banks in Singapore offers to open this account.

I suggest to compare pro and cons. If you are planning to work in Singapore for quite long, you may wish to consider this.

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