As South Africa enters a new tax year, retirement fund members continue to make active use of the savings pot introduced under the country’s two-pot retirement system. NMG Benefits reports that the early weeks of the new tax year have already seen a noticeable increase in withdrawal activity, highlighting both the growing adoption of the system and the important role of digital platforms in enabling access.

Since the implementation of the two-pot retirement framework, NMG Benefits has recorded 113,640 savings withdrawal applications, reflecting sustained engagement from retirement fund members across its administration platform. Of these, 13,555 applications were submitted during the first two weeks of March 2026 alone, indicating a strong start to the new financial year.

To date, R1,060,513,746 has been paid out to members through savings pot withdrawals.
According to Siphamandla Buthelezi, COO and Executive Head of Platforms at NMG Benefits, the trend reflects the financial realities facing many South African households, while also demonstrating how members are adapting to the flexibility offered by the new retirement framework.

“As we kickstart the new financial year in South Africa, we are seeing members accessing their savings pot earlier than in previous years. While the two-pot retirement system provides valuable flexibility during times of financial strain, it remains important for members to remember that these withdrawals come directly from their long-term retirement savings,” says Buthelezi.

Early March data suggests that member behaviour continues to evolve as familiarity with the system grows. Withdrawal applications received in the first two weeks of March 2026 are already 1,475 higher than during the same period in March 2025, signalling that members are increasingly making use of the savings pot earlier in the tax year.

Another clear trend emerging from the data is the rapid adoption of digital channels. NMG Benefits reports that more than 93% of all savings pot withdrawal requests submitted in March 2026 were processed through its WhatsApp-based functionality, which includes built-in validation checks, automated processing, and real-time notifications to members.
“Digital engagement has been critical in allowing us to manage these volumes efficiently,” adds Buthelezi. “Automation and built-in validation allow members to submit requests quickly while ensuring the integrity and accuracy of every transaction.”

As the two-pot retirement system continues to mature, NMG Benefits says it will continue monitoring member behaviour and utilisation trends to better understand how South Africans are balancing short-term financial needs with long-term retirement outcomes