---
title: "Five things to know before you make a two-pot withdrawal"
description: "With the implementation of the two-pot retirement reform on 1 September, you may have questions about what you need to do if you want to make a withdrawal."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "PERSONAL FINANCE"
author: "Neesa Moodley"
author_url: "https://www.dailymaverick.co.za/author/neesa-moodley/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-08-21-five-things-to-know-before-requesting-a-two-pot-withdrawal/"
published: "2024-08-21T19:20:48"
updated: "2024-08-22T10:11:23"
lang: "en-ZA"
word_count: 267
---

# Five things to know before you make a two-pot withdrawal

> With the implementation of the two-pot retirement reform on 1 September, you may have questions about what you need to do if you want to make a withdrawal.

By Neesa Moodley · Published 21 August 2024, 21:20 SAST · Updated 22 August 2024, 12:11 SAST

## Key points
- Make sure you've got all your ducks in a row before diving into the murky waters of retirement fund withdrawals - from timing constraints to spelling errors and SARS disputes, there's no turning back once the withdrawal process is set in motion.
- Withdrawal amounts from retirement funds may only be available from mid-September due to verification processes.
- Delays in processing may occur if manual intervention is required for claims.
- Ensure correct personal details to avoid rejection of application.
- Be aware of tax implications and administration fees before finalising withdrawal request.

## Content

Here’s achecklistof what you need to know or put in place:

**⌛Time frame:**You may find that you can only receive withdrawal amounts from mid-September because your retirement fund still needs to verify your seeding amount and carry out the appropriate checks and balances.

🤖**The process may also take longer**if your retirement fund administrator cannot facilitate claims via an automated electronic payment process which does not need manual intervention. Guy Chennells, chief commercial officer at Discovery Corporate and Employee Benefits, says this could delay the process by weeks or months, depending on the volume of applications received.

☎️**Contact details:**Check that your personal details are correct. If the spelling of your full name on your fund’s record differs from your identity document, your application will be rejected to avoid fraud.

🎲**SARS issues:** If you have unresolved disputes with the SA Revenue Service (SARS), a tax directive might not be issued. A directive is a requirement for withdrawal. If you owe SARS money, this will automatically be deducted from your withdrawal. You must have a valid tax registration number

🔙**No backsies:** Several administrators have withdrawal calculators on their websites. Use these to calculate your withdrawal. Once a fund administrator has applied for a tax directive, SARS’ rules state that the withdrawal process cannot be stopped. This means you cannot change your mind once you see the tax implications of your withdrawal request. Also, ask your retirement fund administrator what administration fee will be charged.**DM**

**Read more in Daily Maverick**: [Everything you need to know about the two-pot retirement reform](https://www.dailymaverick.co.za/two-pot-retirement/)