Vickie Lange, Head of Solutions Enhancement at Alexforbes

Alexforbes has recorded a sharp increase in members accessing their savings pot during the first week of the new tax year under South Africa’s two-pot retirement system.

More than 140,000 claims were received during the first week of March, with approximately 84,000 already paid. The first claim was submitted at 00:01 on 1 March, underscoring the immediate demand for access to savings.

Activity has been driven largely through the AF Connect digital platform, which recorded more than 1.3 million logins during the same period.

“The early response to the new tax year highlights that many members require prompt access to their savings,” said Vickie Lange, Head of Solutions Enhancement at Alexforbes. “It also demonstrates the importance of reliable digital systems that can process high volumes of claims quickly and accurately.”

The two-pot system allows retirement fund members to access a limited portion of their retirement savings while preserving the remainder for retirement. Alexforbes strengthened its systems, updated member information, and expanded its digital tools to support the expected demand.

The organisation has also increased operational capacity to manage higher claim volumes and continues to monitor processing times to ensure accuracy and compliance. Members are reminded that savings pot withdrawals are subject to tax and will reduce their retirement savings. Members who need to submit a claim are encouraged to use AF Connect to submit and track their claims, as this remains the fastest and most efficient channel.

Alexforbes will continue to engage with members, employers and stakeholders throughout the year, providing information and guidance to help South Africans navigate the two-pot system responsibly.

ENDS

Ed’s note – EBnet has received these comments from other administrators

NBC have confirmed a definite influx of claims. There were quite a few who claimed on the Sunday, the 1st – not even waiting for the Monday. It is mostly the repeat withdrawers. Lots of small amounts – the average has been around R12 000. Funds with very low earners have had very few claims – mainly because their pots are still below the R2 000 minimum following their previous withdrawal.

Liberty Life has definitely seen a spike since beginning of new tax year.