South Africas innovative two-pot retirement system has significantly altered the retirement savings landscape, striking a vital balance between addressing immediate financial needs and planning for long-term financial securitys ince its introduction on 1 September 2024, Cape townEtc reports.
According to Vickie Lange, Head of Corporate Best Practice at Alexforbes, the first year has seen a remarkable response, with over 650,000 savings pot claims valued at R9.5 billion processed among the 1.1 million actively contributing members managed.
Lange shared insights on the impact of this new system, noting that claims were typically finalised within an impressive average of just seven working days. In the current tax year, from 1 March 2025, more than 270,000 claims worth R2.5 billion have already been settled, she stated.