Government Employees Pension Fund announces temporary suspension of two-pot withdrawal applications
The Government Employees Pension Fund (GEPF) has announced a temporary suspension of two-pot savings withdrawal applications.
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The Government Employees Pension Fund (GEPF) has announced a temporary suspension of submissions of two-pot savings withdrawal applications until October 21.
In a statement on its website, the fund said that the suspension was necessary to allow the fund to update its systems with the recently implemented actuarial factors used to calculate members' benefits.
“During this time, 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.”
The fund apologised for the inconvenience this may cause. It added that the savings withdrawal functionality will be reinstated on October 22, once the updates have been successfully completed.
It said that members with queries should visit the GEPF website, contact the Call Centre, or reach out to their nearest GEPF Office.
Recently The Mercury reported that The Office of the Pension Funds Adjudicator (OPFA) recorded a 13% increase in new complaints during the 2024/25 financial year, attributing part of the rise to challenges linked to the implementation of the two-pot retirement system and the withdrawal option.
The OPFA noted that some pension funds struggled to cope with the volume of applications.
Alexforbes last month said over 270 000 two-pot savings claims worth R2.5 billion have already been paid out since the start of the current tax year with most members using the funds for debt repayments or living costs.