The rollout of the two-pot retirement system had led to a surge in activity for Sanlam Corporate, which received more than 20 000 savings component claims via its portal and app on just the first two working days of September.
This volume far exceeds the monthly average of 7 000 to 8 000 retirement, withdrawal, or retrenchment claims that is usually processed by Sanlam Corporate. The average claim amount remained steady at R20 000 over the two days.
From the beginning of September, retirement fund holders could make a once-off withdrawal of 10% from their existing pension savings, up to a maximum of R30 000, immediately. South Africas biggest retirement funding groups Old Mutual, Sanlam and Momentum have, according to reports, seen big interest so far.
Old Mutual, for instance, reported that 190 000 of its clients had interacted with it so far last week on its dedicated two-pot WhatsApp channel.
Most claims were processed through Sanlams straight-through processing capabilities, requiring minimal manual intervention said Sanlam Corporate managing executive Nzwa Shoniwa.
