Over one million claims processed under two-pot system, says Alexforbes.
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ALEXFORBES has processed and paid more than one million savings pot withdrawal claims since the introduction of South Africa’s two-pot retirement system on 1 September 2024.
The company said the milestone reflects both the financial impact of the system on households and the operational scale required to support continued access to retirement savings.
Since inception, the average withdrawal has exceeded R14,000, with payments typically processed within five business days. More than R3.6 billion has also been paid to the South African Revenue Service on behalf of members.
Demand has remained high in the current tax year. Between the start of the new tax year and 27 March 2026, Alexforbes received more than 210,000 savings pot claims, volumes it said matched those recorded in September 2024 when the system was first implemented.
This sustained level of withdrawals has continued despite the immediate tax implications and the potential long-term impact on retirement savings and investment growth.
Claims data shows repeated use of the savings pot feature across tax years. According to Alexforbes, 67% of members who claimed in the 2025 tax year submitted another claim in 2026. A further 38% of members who claimed in 2026 have already submitted an additional claim in the first month of the 2027 tax year, while 31% of those who claimed in 2025 have made withdrawals in all three tax years to date.
“The two-pot system represents one of the most significant shifts in South Africa’s retirement landscape in decades,” said Vickie Lange, Head of Solutions Enhancement at Alexforbes Corporate.
“From day one, our priority has been to ensure that vested, savings and retirement pots operate reliably for members, both at scale today and sustainably into the future.”
Lange said that despite the administrative complexity introduced by the system, Alexforbes had maintained service levels across its operations amid the increase in claims.
While savings pot withdrawals have dominated member behaviour, the company noted that retirement pots continue to grow as members are required to preserve them for the long term. This marks a shift from the pre-two-pot system, where members often withdrew their full retirement savings when changing jobs.
“Over time, this is expected to lead to improved retirement outcomes,” Lange said. “The combination of limited accessibility through the savings pot and compulsory long-term accumulation through the retirement pot strikes an important balance for South Africa’s retirement fund members.”