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South African pension withdrawals since reform up to R35.1bn


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South African pension withdrawals since reform up to R35.1bn

An office block with the Sars logo
Photo by Reuters

19th November 2024

By: Reuters

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 South Africa's tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to R35.1-billion.

The South African Revenue Service said on October 11 that R21.4-billion had been paid out since the September 1 reform.

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The "two-pot" pension reform is meant to support long-term retirement savings while offering flexibility to fund members in financial distress.

It is expected to spur economic growth in the final months of 2024 and boost the government's tax take.

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