The South African Revenue Service (SARS) says around R21.4 billion has already been paid out in the so-called two-pot system.
More than a million people have applied to withdraw funds since the system was implemented at the beginning of September.
SARS says it has received over 1,2 million tax directives for withdrawals of which most were approved for funds to be released.
The remainder were declined for a variety of reasons, including incorrect ID and tax numbers.
SARS says taxpayers need to make sure that they verify their tax and ID numbers and check that they do not have any outstanding debt with the taxman.
Shortly after its implementation, the Two-Pot Retirement system exposed thousands of employers deducting contributions from employees but failing to transfer the money to the retirement funds, instead using it to subsidise cash flow.
The Pension Funds Act was amended in 2014, adding provisions that make controlling shareholders, members of close corporations, company managing directors, trustees and partners personally liable for an employer's failure to pay contributions.
They can be fined up to R10 million or imprisoned for up to 10 years.
