Sanlam Anticipates Moderate Withdrawals
06-09-2024
Following the implementation of the new two-pot system on 1 September, the country’s most prominent insurer believes it will see a “modest outflow” of money from retirement policies.
There’s been an influx of calls from policy holders but not a clear picture of how much will be withdrawn.
Sanlam group finance director, Abigail Mukhuba, says, “That people are immediately enquiring about withdrawals is an indication of the pressure on personal disposable income.”
The new Pension Fund Act comes after the financial strain South Africans have faced following the 2020 pandemic. Employees have been resigning from their jobs in order to access their retirements. This new system aims to give people access to a third of their funds and protect the remaining two-thirds.
Sanlam’s share price has climbed 39% to R85.60 since the elections.
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