Member Newsletter
Quarter 4 • 2024
Dear Member
The two-pot retirement system, which started on 1 September 2024, has had a large volume of withdrawals. Here we share statistics on the claims.
In this newsletter, we explain that when you make a withdrawal from your savings pot, you should try to pay it back. Withdrawing money from your retirement savings should be reserved for financial emergencies only, as it has a negative impact on the amount of money that you will have when you retire.
Your 2024 Benefit Statement was released in September via InfoSlips. You may also access your Benefit Statement with the MyWoolies app or AF Connect.
We also show the recent investment performance of the Balanced Growth Portfolio and remind you that the long term is where your focus should be. For example, should you be worried about how the recent U.S. elections may affect your pension? The Fund's investment strategy is designed to withstand such events. The trustees ensure that your retirement savings are managed with long-term objectives in mind.
Two-pot System withdrawals
AF Connect has now reached a substantial milestone in ensuring that valid claims are finalised
- Before August 2024, traffic volumes to AF Connect averaged over 300 000.
- In August, volumes increased to over 900 000.
- September 2024 saw these volumes rise to over 5 000 000.
Click here to login or to register on AF Connect.
Register on AF connect to make withdrawals from your savings pot, track your claims, access your benefits statement, update your beneficiaries, and much more.
- This allows you to apply to withdraw money from your savings pot.
- Check your investment balances.
- Update your beneficiaries.