Anneke Hanekom, head of reputation management and group CEO projects at Momentum, says many inquiring applicants decided against applying after they used the online calculators and asked their advisors and saw the large tax amount they would have had to pay.
Momentum received a total number of approximately 35 429 applications by Thursday, representing about 5% of its contracts.
The cumulative amounts of withdrawals applied for amounted to R8.6 million, excluding Metropolitan and Momentum Corporate.
"The large volumes of withdrawal requests placed a strain on our employees, but we put in extra hours and personnel to process requests, while our AI bots relieved much of the load.
"We prepared well in advance of 1 September in anticipation of a higher than usual volume we would receive and we managed well."
John Anderson, executive for solutions and enablement at Alexforbes, says the company went live with the two-pot retirement system on 3 September and immediately began processing withdrawal applications.
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Djokovic unclear on Murray's job
Novak Djokovic would not commit to working with Andy Murray again as his coach after the Serb retired from the Australian Open semifinals yesterday with injury.
Blitzboks off to flying start
The Blitzboks qualified for the knockout round of the Perth Sevens with a game to spare after they picked up two wins on yesterday's opening day of the tournament.
Weekend focus shifts to the battle for survival
It's a big weekend for all six teams in this year's Betway SA20, with the two bottom-placed teams, the Pretoria Capitals and Durban's Super Giants, in must-win matches today if they're to stand any chance of making it into the play-offs.
To save or to invest...
DIFFERENCE: SO MANY BENEFITS FROM INVESTING THAN SIMPLY SAVING
Continental club form very pleasing
I don't know about you but I'm still buzzing over the fact that South African teams are doing well in the Caf inter-club competitions.
Barca have to halt the slide
Barcelona must harness the euphoria of their thrilling Champions League victory at Benfica to halt a miserable run of La Liga form against an improving Valencia side tomorrow.
Rivals look for grunt
DERBY: LIONS & BULLS BOTH ANTICIPATING A MASSIVE PHYSICAL BATTLE
Sinner sets up a classic Zverev decider
Defending champion Jannik Sinner (right) blew past Ben Shelton 7-6 (7/2), 6-2, 6-2 in the Australian Open semifinals yesterday to set up a showdown with Alexander Zverev for the title.
Free Agents dreaming big
Free Agents FC coach Olaitan Oladeru says he still wakes up in the middle of the night and wonders if his ABC Motsepe League side are really playing Kaizer Chiefs in the Nedbank Cup last-32.
Questioning climate change is reasonable
Just as one can talk of an oil lobby, one can also talk of a climate change lobby.
