New tax year brings second wave of savings-pot withdrawals

Vickie Lange

Since the start of the new tax year on March 1, Alexforbes has observed a second wave of interest from retirement fund members in checking their balances and submitting savings pot claims. Fund members may access their savings pots once every tax year, with over 400 000 having done so via Alexforbes between September 2024 and February 2025 during the first wave of withdrawals. With the start of the tax year, an initial four-day surge saw 33 000 withdrawal claims sparking concerns that South Africans were dipping back into their savings pots at a rate similar to the first wave in September. However, the daily volume of claims has since tapered off, with an additional 35 000 claims lodged over the past couple of weeks. To date, Alexforbes has successfully…

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Cape Argus (Digital) - 1 Issue, 2025-03-25

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