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South Africans Tap Into Retirement Savings Millions at a Time
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5 hrs agoSince South Africa’s two‑pot retirement system was rolled out in late 2024, millions of people have been withdrawing money from their pension savings — reshaping how retirement funds are used in the country. According to financial services provider Alexforbes, more than one million savings pot withdrawal claims have been processed and paid out since the new system came into effect.
On average, claimants have accessed over R14,000 each, with payouts usually completed within five business days, signaling a strong demand for liquidity among contributors. A significant share of these withdrawals goes toward tax revenue — over R3.6 billion paid to the South African Revenue Service (SARS) on behalf of members.
Data from Alexforbes also reveals that many people are tapping the savings pot repeatedly; two‑thirds of those who claimed in the 2025 tax year also applied again in 2026. This suggests the two‑pot system is becoming a regular source of cash rather than a one‑off benefit for most users.
Supporters say this gives members much‑needed access to cash without depleting their long‑term retirement savings entirely, while critics warn it could undermine future retirement security if overused.