Almost half a million of Liberty Life members dipped for the second time into their two-pot retirement system when the second new tax season started this year.
According to the company, its members have so far withdrawn R22bn from their pension since the regime kicked in nationally in September last year. Since then, they have received and processed 1,2-million applications to withdraw of which 478,000 were repeating when the new tax year kicked in March.
The company said though there was an unprecedented spike of withdrawal post the launch of the system, there was a slight surge in March at the start of the second circle this year. A majority of the withdrawals where made by mid-career members between the ages of 31 to 51 and men account for 54. About 37 of the payouts went to members in their 40s while 38 was paid to members in their 30s.