Financial services group Alexforbes has revealed that since the company has seen a huge number of two-pot retirement system enquiries and claims, which totalled over R400 million.
South Africa’s new retirement system come into effect on September 1, 2024.
In a post on X, Alexforbes said: “ Since opening on 3 September, we’ve experienced an unprecedented volume of enquiries and claims.”
The group said that they have received more than 560,000 online interactions in less than a week, over 30,000 claims in three days which is more than double their usual monthly volumes and are actively process claims worth more than R400 million.
We are committed to ensuring you can access your funds under the two-pot system. Since opening on 3 September, we’ve experienced an unprecedented volume of enquiries and claims.
— Alexforbes (@alexforbes) September 6, 2024
-Over 560 000 online interactions in less than a week
-Over 30 000 claims received in just 3 days –… pic.twitter.com/szz7IIJ2zM
“We are committed to ensuring you can access your funds under the two-pot system,” Alexforbes said.
“We understand your frustration and sincerely apologise. We are working tirelessly to improve your experience and will keep you updated on you our progress.“
According to Alexforbes, people that have withdrawn from the their savings pots can expect their payment within 20 working days from the date that they submitted their claim if all of the forms are fully and corrected completed.
Earlier this month, South African Revenue Service (Sars) Commissioner, Edward Kieswetter confirmed that almost 2,500 tax withdrawal directives were processed on the day that the two-pot retirement system came into effect.
Sanlam Corporate also revealed that they received over 20,000 components claims on the first two working days of September.
The claims were made on the Sanlam portal and app.
Sanlam said that the average amount that people were claiming from their savings component is R20,000.
IOL Business