Old Mutual has paid over 200,000 claims totalling R2.3 billion since the launch of the Two-Pot Retirement System on 1 September 2024. <\/p>\n\n\n\n
The company said that the total number of claims received currently sits at 226,000 and that it receives ~3,200 claims on a daily basis.<\/p>\n\n\n\n
\u201cOur claims process has been functioning smoothly, and we are satisfied with the progress so far,\u201d said Chief Customer Officer Michelle Acton.<\/p>\n\n\n\n
\u201cOur focus has been on managing the high volume of claims carefully while ensuring they are processed efficiently. The South African Revenue Service (SARS) has been prompt in providing tax directives, and this has enabled us to handle claims with minimal delays,\u201d she added.<\/p>\n\n\n\n
To withdraw from the two-pot retirement system, members must have at least R2,000 in their savings pot, sourced from a retirement fund, annuity, or preservation fund. <\/p>\n\n\n\n
Acton said that Legacy Funds, such as some retirement annuity funds that existed before the introduction of the Two-Pot Retirement System, may be exempt from the new system.<\/p>\n\n\n\n
Since its inception less than two months ago, SARS said that pension funds have approved the payout of almost R26 billion in retirement savings.<\/p>\n\n\n\n
SARS has approved 95% of the 1.4 million applications.<\/p>\n\n\n\n
This resulted in over R6 billion in taxes to the revenue service.<\/p>\n\n\n\n
Acton advised members still considering a withdrawal to take a considered approach before accessing their retirement savings. <\/p>\n\n\n\n
“There is no need to rush. The system is here to stay, so take your time to assess whether a withdrawal is the right choice for your financial circumstances,” said Acton.<\/p>\n\n\n\n
“Members should also remember that any withdrawal will be taxed at their applicable marginal tax rate, and an administration fee will apply,\u201d she added.<\/p>\n\n\n\n