Retirement fund administrators say they have been overwhelmed by two-pot withdrawal claims as thousands of South Africans have chosen to withdraw from their retirement savings.
The new system allows South Africans to withdraw 10% of their previous retirement savings of up to R30 000, which will be taxed at a marginal rate.
A minimum withdrawal amount of R2 000 has been set.
With the new system entering its second week of implementation, SA's biggest retirement fund administrator, Alexforbes, has said it has processed more than 30 000 claims, worth R400 million in total.
In an email sent to its members this week, Alexforbes said two-pot queries have also started to cause administrative issues, with its online client platform seeing 560 000 interactions during the two weeks.
