SARS says it's processing R4 billion in two-pot retirement system payouts

JOHANNESBURG - The South African Revenue Service (SARS) said that claims for payouts from the two-pot retirement system, so far, amount to R4.1 billion.

This comes more than a week since the system came into effect, enabling workers to access a small portion of their retirement savings for emergencies before they retire.

Sars said that it received more than 159,800 applications for savings withdrawal benefits - meaning it received an average of over 17,900 tax directive applications a day.

This week, retirement fund administrator Alexander Forbes said it had processed 78,000 withdrawals, worth more than R1.5 billion, from its members within a week.

This means it processed more than 78,000 withdrawal requests from its members, with at least 270 million of the amount going to SARS.