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.
Denne historien er fra September 07, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 07, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
'Musica' headed for SA
Cruising is just lekker. There is no other word or phrase that would really do it justice, hyperbole aside.
Museum of military history
Symbolic home of soldiers and veterans worldwide
Camping ain’t for sissies
It enriches, yes, but sometimes leaves you poorer
Boks are fully loaded
ERASMUS: NOT SCARED TO FLIP BACK TO HIS 7-1 BOMB SQUAD BENCH SPLIT
India draw first blood
Turning out against the global champions for the first time since they were edged in their memorable battle in the T20 World Cup final earlier this year, the Proteas stumbled again last night as they were completely demolished by India in the first of four T20 Internationals in Durban.
Make-or-break for Bok five
The Springboks get down to business tomorrow in their opening game of their end-of-year-tour against Scotland at Murrayfield in Edinburgh and they will be gunning to get off to the best possible start. They will be eager to cap a magnificent year with a clean sweep on their tour to the UK. Ross Roche looks at a quintet of players that will be eager to seize their chance to impress on tour.
Some game-changing boxes still left for coach Rassie to tick
The Springboks take on Scotland, England and Wales over the next three weekends in Edinburgh, London and Cardiff respectively.
Jones wary of Dupont 'threat'
Evolving France face Eddie Jones' struggling Japan in the a November international today with superstar Antoine Dupont (above) making his first 15-a-side appearance for the hosts in more than a year.
Drafting Suaalii was never a risk
WALLABIES: FACING ENGLAND IS A HUGE 'OPPORTUNITY'
'Rusty' Azzurri not bothering Quesada
Gonzalo Quesada expects his Italy team to be ring rusty when they take on his home nation Argentina in the Azzurri's opening November Test match today, hoping to end a positive year on a high.
