Alexforbes reports surge in two-pot claims since 1 March

PL

Paula Luckhoff

10 March 2026 | 19:32

A spike in withdrawals was expected at the start of the new tax year, but after the first week of the month the number was already exceeding the figures for March last year.

Alexforbes reports surge in two-pot claims since 1 March

Retirement planning, breaking into piggy bank savings. Picture: 123rf.com

Thousands of people have accessed their retirement savings since the two-pot system was implemented in September 2024, many to pay down debt.

Billions of rand have been withdrawn through the system, which allows people to withdraw a portion of their retirement savings before they retire.

Now Alexforbes has recorded a sharp increase in members accessing their savings pot during the first week of the new tax year.

The financial services giant says it received over 140,000 claims during the first week of March.

The first claim was submitted at 00:01 on 1 March, underscoring the immediate demand for access to savings.

Around 84,000 claims have already been paid out.

This new rush to access retirement savings comes despite warnings of how withdrawals could undermine long-term retirement income and reduce the benefits the two-pot system is designed to provide.

While one analyst has said it is encouraging that people are using the money to clear debt rather than splashing out on luxuries, there have been repeated warnings of undermining your long-term retirement income through a savings withdrawal.

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“The early response to the new tax year highlights that many members require prompt access to their savings,” said Vickie Lange, Head of Solutions Enhancement at Alexforbes.

She also noted that it demonstrates the importance of reliable digital systems that can process high volumes of claims quickly and accurately.

In conversation with Stephen Grootes, Lange says that while they were expecting a spike at the start of the tax year, the number already exceeds last year, when we're not even halfway through the month yet.

"To put the number into perspective: For March 2025, so the start of the previous tax year, we received just over 95,000 claims and this time we're getting 140,000 in the first week."

Historically, their analysis shows that there's a high level of repeat claims, meaning that people are claiming at any given opportunity, which is once in a tax year at least.

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