Two Pot Withdrawal
The Government Employees Pension Fund (GEPF) has paused two-pot withdrawals until 22 October 2025 to update its systems with new actuarial factors. Members can’t submit new withdrawal applications, but other benefits continue. Since September 2024, R57 billion has been withdrawn and R15 billion collected in taxes.
The Government Employees Pension Fund (GEPF) has announced that millions of government employees won’t be able to withdraw from their savings pot until 22 October 2025.
This comes after GEPF temporarily suspended all two-pot withdrawal from 7 October. “This pause is necessary to allow the Fund to update its systems with the recently implemented actuarial factors used to calculate members’ benefits,” GEPF said in a statement.
It said members will not be able to submit new savings withdrawal applications through the self-service platforms. However, all other benefit payments and services will continue as normal.
Last year September two-pot system was introduced, allowing members of pension funds and retirement annuities to withdraw up to a third of their contributions which are kept in a savings pot. A person can only do one withdrawal per tax year.
When the system was introduced, more than 90 000 government employees withdrew a total of R10.6 billion within two months, News24 reported.
A recent report by financial services group Liberty has shown that Withdrawals amounted to R57 billion by June this year.
This was an accumulation of four million withdrawals from members, while around R15 billion in taxes was collected by the South African Revenue Services over the period.
