For recurring monthly deduction option
We will automatically compute the monthly deduction amount by dividing the total desired amount by the number of remaining months for the year.
We may make a small revision to the deduction amount for December due to rounding.
At the start of each calendar year, there will be no deduction in January as your Matched Retirement Savings Scheme (MRSS) eligibility is being assessed. The monthly deduction amount will be automatically re-computed in February by dividing the total amount by 11 months, with deductions resuming from February.
Illustration
Total top-up amount you wish to make for the full year = $2,000.
- On the year of submission, assuming starting in October:
- October to November: $666.67 per month ($2,000 ÷ 3 months)
- December: $666.66 [$2000 – ($666.67 x 2 months)] - For subsequent years:
- No deduction in January (eligibility assessment)
- February to November: $181.82 per month ($2,000 ÷ 11 months)
- December: $181.80 [$2000 – ($181.82 x 10 months)]
For one-time deduction option
Your total desired amount will be deducted once in full.
The deduction from your bank account takes place on the 15th of the month (or the next working day if 15th falls on a Saturday, Sunday or Public Holiday).
If you set up a new GIRO to make recurring cash top-ups:
GIRO deduction for your recurring cash top-up will take effect from the following month upon successful application of your recurring top-ups.
If you have updated your GIRO bank account for recurring cash top-ups:
Deductions from your GIRO bank account for your recurring cash top-up(s) will take effect from the current month if you have updated your bank account before the 8th of the month. Otherwise, the deductions will be made from your new bank account from the following month.
Note: Please ensure that you maintain sufficient funds in your bank account for GIRO deductions. Some banks may charge an administrative fee for each unsuccessful deduction.
You can update your GIRO bank account for your recurring cash top-up by setting up a new GIRO arrangement. If you have existing recurring top-up arrangements, the deductions could still be from your previous GIRO bank account for the current month. Find out more (FAQ).
You can terminate your GIRO arrangement for your recurring cash top-up online. All monthly and yearly GIRO deductions for top-ups to your recipients will cease.
For members with recurring monthly deductions, the arrangement will be automatically terminated from January in the year that you/your recipient become(s) ineligible for MRSS.
If you are eligible for MRSS, we encourage you to use this new GIRO service for your recurring cash top-ups. To avoid duplicate deductions, please terminate your existing Standing Instructions (SI) before setting up this new GIRO arrangement.
If your monthly deduction fails, the failed amount will be carried forward and combined with your next month's deduction. For example, if your monthly deduction is $100 and it fails, we will deduct $200 in the following month ($100 for the failed deduction and $100 for the current month's deduction).
If deductions fail for two consecutive months, your recurring arrangement will be terminated.
If you have just made recurring cash top-up arrangements, the GIRO deduction might not have started yet. The deduction will start from the following month after your recurring arrangement is successfully processed.
If you have an existing GIRO arrangement, you can view your current bank account used for your GIRO by accessing Set up GIRO for cash top-ups for retirement form, under “Select bank”.
To ensure that your deduction request takes effect from current month, terminate the recurring arrangement at least three working days before the current month deduction (FAQ). Else, the deduction will still proceed.