Two-pot frenzy: Alexforbes processes withdrawals of R400 million in a week
As the system enters only its second week of implementation, retirement fund administrators have been swamped with withdrawal requests from their retirement savings. 11 400 of its clients had completed the eligibility request within three days.
The new system allows South Africans to withdraw 10% of their previous retirement savings of up to R30 000, which will be taxed at a marginal rate. With the new system entering its second week of implementation, SA's biggest retirement fund administrator, Alexforbes, has said it has processed more than 30 000 claims, worth R400 million in total.
"We've had an incredibly busy week with a lot more people than we expected trying to access AF Connect. We are actively processing all the claims to a total value of over R400 million and still getting more. Because of this high demand, we’ve been having some technical issues that might have affected your ability to claim. We know this is frustrating, for which we apologise," it said in the email.
In the first two days, 190 000 Old Mutual clients used its dedicated two-pot WhatsApp channel, while Sanlam's Corporate client call centre processing 5 500 two-pot withdrawal requests in the first two days. Meanwhile, Metropolitan said more than 11 400 of its clients had accessed its two-pot chatbot function and completed the eligibility request in the first three days.
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