WATCH | Massive uptick in withdrawals post two-pot rollout

A general view of the room before the first sitting of the New South African Parliament in Cape Town on June 14, 2024. 
A man is seen using a mobile phone.
File: Former president Jacob Zuma. AFP/Pool
File: Witness seat at the Commission into State Capture.
Avbob Investment Plan
 
JOHANNESBURG – It’s been just over a week since the highly anticipated two-pot system was rolled out, and the impact is already evident.
South Africans’ excitement about the new system is reflected in the surge of claims received by retirement fund administrators like Alexander Forbes.
READ: Two-pot retirement system | Discussion | Saftu General Secretary, ATM president and economist discuss scheme
The company has reported 78,000 claims, a number that matches the volume they previously processed over a six-month period before the new legislation came into effect.
To discuss the implications of this surge in withdrawals, John Anderson from Alexander Forbes, spoke to eNCA.