The taxman has so far collected just over R15bn from the R57bn that was withdrawn by financially strained workers from their two-pot retirement funds.
At least 4-million withdrawals were carried out by various pension fund administrators on behalf of 1.2-million employees who wanted to dip into their savings to settle debt and to provide for their families since the withdrawal regime kicked in a year ago.
According to the sector, almost half of those who withdrew from their savings in the last tax year returned this year to withdraw some more.