In September 2024, arguably the most significant change ever, to our retirement fund system occurred. There was much apprehension beforehand about industry readiness and member education. So, how did it go…?
Please note that of the R7.2 billion of tax income SARS received, R750 million was offset as debt owed to the revenue service. The statistics presented here were the latest as of 31 October 2024. The numbers will change as more claims are submitted and processed.
Sources
BusinessTech: Two-pot withdrawal frenzy in South Africa
Institute of Retirement Funds Africa (IRFA) Conference 2024: Data (as at 27 September) presented by Astrid Ludin, Deputy Commissioner at the FSCA
National Treasury: 2024 Budget Review
Netwerk24: 2 potte: R3,4 mjd. in verbruikers se sak, maar net 40% se eise verwerk
Moneyweb: Two-pot withdrawals to top R5bn for state coffers
South African Government News Agency: Two-pot system withdrawals hit R21 billion