The Government Employees Pension Fund (GEPF) has officially reopened applications for the 2026/2027 two-pot savings withdrawals, giving members another opportunity to access a portion of their retirement savings. The application window resumed on 27 March 2026 after a short closure at the end of February, which was necessary to finalise and process all pending withdrawal requests for the 2025/2026 tax year.
Members are also able to submit their applications using the GEPF Self-Service App, making the process more accessible and convenient. However, the fund has clearly stated that only one withdrawal is allowed per tax year, and members should plan their applications carefully to avoid missing out on future eligibility.
Why The Temporary Closure Was Important
The brief suspension of applications played a crucial role in ensuring that all outstanding requests from the previous tax year were properly handled. This step was taken to prevent any overlap between tax years, which could create confusion or unintended consequences for members.
According to the GEPF, if an application submitted before the end of the 2025/2026 tax year is only processed in the new tax year, it could be counted as a 2026/2027 withdrawal. This situation may result in members losing the opportunity to make another withdrawal within the same tax year, highlighting the importance of timing and processing accuracy.
Understanding The Two-Pot Retirement System
The two-pot retirement system is designed to provide members with greater financial flexibility while protecting long-term savings. Introduced in September 2024 under the Revenue Laws Amendment Bill, the system allows individuals to access a portion of their retirement funds without withdrawing the entire pension amount.
This structure is particularly useful for those facing short-term financial challenges, as it enables limited access to savings while ensuring that the majority of funds remain preserved for retirement. The approach aims to strike a balance between immediate financial needs and long-term security.
SARS Reports Strong Uptake Of Two-Pot Withdrawals
The South African Revenue Service (SARS) previously reported a significant response to the two-pot system, with applications reaching a total value of R4.1 billion during its initial rollout in 2024. This highlights the strong demand among members for access to partial retirement savings.
Out of all the applications received, 159,853 were specifically related to Savings Withdrawal Benefits, accounting for 98.9% of total submissions recorded between 1 and 10 September 2024. On average, SARS processed approximately 17,964 tax directive applications per day during this period, demonstrating the scale and speed of engagement with the system.
