Old Mutual brings forward phase 2 of Two-Pot withdrawal process

Old Mutual confirms that customers are now able to submit withdrawal applications via the Old Mutual Channel on WhatsApp. This follows a decision by Old Mutual to move the date earlier than the 23 September that was previously communicated.

Michelle Acton, Retirement Reform Executive at Old Mutual, says the phased approach was adopted to help ensure the system could handle the expected 600 000 withdrawal applications. Phase 1 enabled customers to check their personal details and savings balances via the Old Mutual channel on WhatsApp. Importantly, it also gave them the time and opportunity to get their tax affairs in order before submitting a withdrawal application.

“It’s critical for all our retirement fund members to check that we have their up-to-date personal details, as any mismatch between the details provided and the details on record with Old Mutual will result in a withdrawal request being declined or delayed,” Acton explains. “These measures are in place as a security precaution to prevent fraud and protect customers.”

The extensive publicity around the new Two-Pot Retirement System has created a sense of urgency for many. “We would like to remind members that there is no rush to access your Savings Pot,” says Acton. “There is no deadline. Members can apply for a single withdrawal from their Savings Pot at any time during every tax year, but the more money you leave in your pot, and the longer you leave it, the more it will grow.”

Acton advises retirement fund members to have all necessary documents ready, including a valid ID number, bank details, annual income and tax number, to ensure smooth processing.

“Members who submit a valid withdrawal application can expect processing times of up to 30 days, depending on volumes and turnaround times from SARS,” she says.

Customers who want to apply for a withdrawal can access the Old Mutual channel on WhatsApp by dialling 0860 933 333. To get started, look for menu item 8, “Two-Pot”, and simply type 8 and press send.

Old Mutual customers can also update their details by downloading the Old Mutual app or visiting the Old Mutual website at oldmutual.co.za/two-pot-retirement-system/need-to-update-your-details/ for more information.