TWO-POT WITHDRAWAL APPLICATION
Cancellation Notice
As mentioned in our previous communication, we have encountered difficulties in resolving either your banking account verification error or your tax validation error with SARS. To ensure fair treatment of our customers, we will be cancelling your initial Two-Pot application immediately. This decision will benefit you for the following reasons:
1. Reapplication Opportunity:
Members are allowed one Two-Pot withdrawal per tax year, with a minimum withdrawal of R2 000. Your original application was submitted in the 2025 tax year. However, since we have been unable to obtain a tax directive—and with 28 February 2025 fast approaching—it is increasingly likely that the directive will only be issued in the 2026 tax year.
This means your original application would be considered your 2026 withdrawal, preventing you from making another withdrawal until the 2027 tax year. By cancelling your current application now, you will have the opportunity to reapply for a potentially larger amount, as your savings will have grown since your initial application.
2. Single Withdrawal Fee:
Since your new application will be considered your first Two-Pot withdrawal, you will only be charged a single withdrawal fee.
Please resolve the issue with your bank or SARS, and once resolved, you may reapply for a Two-Pot withdrawal any time from 1 March 2025.
Bank Account Validation Errors:
Please ensure that the ID number and cell number on your Two-Pot application match the records held by your bank and that the bank account is registered in your name. Kindly note that payments can only be made into a savings, current, or transmission account.
Tax Validation Errors:
Please ensure that your tax number is correct and active with SARS, and that your ID number and cell number provided on your Two-Pot application correspond with the records held by SARS.
Thank you for your understanding and cooperation. If you have any questions or need further assistance, please do not hesitate to contact us.