Pension is a payment made to an individual after his retirement.
On this page:
Non-taxable pension
- 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.
Taxable pension
Pensions from approved pension schemes: Pension paid from contributions made to the funds after 31 Dec 1992 is taxable.
Example 1: Taxability of pension fund
If your pension fund had $100,000 as of 30 Dec 1992 and your ex-employer added another $100,000 on 3 Mar 1993, the pension payment from the second $100,000 will be taxable.
Reporting pension
You must declare the taxable pensions under 'Employment - Others' in your Income Tax Return.