Two-pot retirement system: Sanlam responds to reader’s complaint

Since the two-pot retirement system was implemented on 1 September, pension fund members claimed a total of R21.4 billion so far from the savings pot of their retirement funds, according to the South African Revenue Service.

It seemed to be plain sailing, but one of our readers complained that it was not so simple to submit his withdrawal application to fund manager Sanlam.

The reader complained that they had been trying for weeks to just get the required form.

“Even the online QR link that Sanlam provides is a dead link. The App is non-existent on Playstore.

“Many people are complaining and all they are telling everyone is that it has been forwarded to Corporate to fast-track. Which is nonsense because I read in all the reviews from a month ago, that everyone has the same story.”

Asked if it is true that people find it difficult to obtain the forms, that there are problems with the QR link, that the App is not working either and that people have been complaining for a month about this, Sanlam responded that Sanlam Corporate implemented a digital and automated process for withdrawals from the emergency savings pot to ensure a simple, efficient and safe system for members.

“We are surprised to hear that your reader has been struggling to access the forms via the various channels and would be willing to assist him if put in touch directly.  

“Both the Sanlam Portfolio App and QR codes have been fully functional from day one of implementation.

ALSO READ: Two-pot retirement system: Sanlam receives 66 000 claims for R1.3 billion

75% of the 2,500 daily two-pot retirement system claims are on the Sanlam App

“On average Sanlam Corporate receives 2,500 claims per day and members submit 75% of these via the Sanlam Portfolio App, which was specifically designed to enable our valued members to manage their retirement benefits and savings with confidence.”

Sanlam says the App is a powerful tool and enables Sanlam to manage the large volume of claims. Members can download and install the app from Google Play or Apple stores or by scanning the QR codes.

However, Sanlam says members who are still registered on MyRetirement App, which has been decommissioned, can uninstall it and then download and install the new Sanlam Portfolio App from Google Play or Apple. The login process remains unchanged.

Sanlam explains that manual forms take longer to process, while also significantly increasing the risk of fraudulent claims.

“The acceptance of manual forms is limited to cases where members who want to claim are not employed and there is no employer and employee relationship.

“The form can be obtained from our member contact centre or sanlamonline.co.za/login as the alternate to login in from a PC. A member can also get assistance at our walk-in centres in Bellville and Centurion.”

Sanlam says it apologises for any frustration experienced by the reader and remains committed to assisting with his query.