LN
Lily N
1 reviews | Active since Dec 2022
05 Dec 2022, 12:46
Complaint about Pension Fund Payout
I wish to express an utmost disappointment in the manner in which my aunt's life cover pay out as well as her pension process has been handled between company called 10X Investments and Discovery Life.
My aunt passed away over 12 months ago, and at the time of her untimely death she was working for the company called Kamvalabantu. The company's pension scheme for its staff members is managed by 10X. When 10X took over the fund, they failed to inform the Kamvalabantu organization about the additional requirement for staff to complete a Nominations Benefit Form, specifically for the Life Cover. Instead, staff were asked to complete the nomination form from 10X. To date, none of the staff at Kamvalabantu have been made aware nor explained about this requirement, nor has it been furnished to them.
My aunt duly signed the nomination form which she was asked to complete, signed it 2019 and submitted to her employer Kamvalabantu.
After a whole lot of run around and being send all over, my cousins have been provided varied excuses and excuses by 10X. They have suffered an entire year, with not much as food and live on handouts since the passing of their mother (my aunt).
10X is refusing to pay the Pension to the 4 kids which are rightfully listed by their mother on her nominations beneficiary form. Discovery Life is refusing to pay out the Life Cover. My aunts kids are suffering in the process. With yet another Christmas around the corner, they have no hope. Their hope died when their mother who was the only breadwinner died. They suffered to bury her, and borrowed monies from people who are now running out of patience and want their money.
I am hoping that this reaches 10X Investment management team, and that they can intervene.
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Replies (6)0
Replies (6)
10x Investments's replyOfficial
05 Dec 2022, 16:03Hi Lily,
Thank you for recent review.
We are investigating and will provide you with feedback shortly.
Regards,
The 10X Team
Thank you for recent review.
We are investigating and will provide you with feedback shortly.
Regards,
The 10X Team
10x Investments's reply05 Dec 2022, 16:03
Official
Hi Lily,
Thank you for recent review.
We are investigating and will provide you with feedback shortly.
Regards,
The 10X Team
Thank you for recent review.
We are investigating and will provide you with feedback shortly.
Regards,
The 10X Team
10x Investments's replyOfficial
06 Dec 2022, 13:48Hi Lily
Thank you for the recent review.
We have investigated and confirmed that Khwezi Jackson was in contact with your telephonically.
As a third party, we cannot disclose the details of the claim. All communication regarding the status of the claim is being discussed with the beneficiaries.
Please note that the Board of Trustees manages the resolution of the fund in terms of Section 37C of the Pensions Fund Act. The intention of the Act is to protect the financial dependants. The Act serves a social function, where the Trustees aim to ensure that no one who was financially dependent on the member is left without support.
The Life cover benefit is not payable by 10X Investments as we are not an Insurer. This benefit is payable to the Estate Late and needs to be managed by the Executor or Person of Authority as issued by the Master Court.
The gravity of the situation is understood and our Principal Officer and Trustees are working on a resolution to distribute the investment benefit.
Please feel free to reach out to us on *** or email ***.
Regards,
The 10X Team
Thank you for the recent review.
We have investigated and confirmed that Khwezi Jackson was in contact with your telephonically.
As a third party, we cannot disclose the details of the claim. All communication regarding the status of the claim is being discussed with the beneficiaries.
Please note that the Board of Trustees manages the resolution of the fund in terms of Section 37C of the Pensions Fund Act. The intention of the Act is to protect the financial dependants. The Act serves a social function, where the Trustees aim to ensure that no one who was financially dependent on the member is left without support.
The Life cover benefit is not payable by 10X Investments as we are not an Insurer. This benefit is payable to the Estate Late and needs to be managed by the Executor or Person of Authority as issued by the Master Court.
The gravity of the situation is understood and our Principal Officer and Trustees are working on a resolution to distribute the investment benefit.
Please feel free to reach out to us on *** or email ***.
Regards,
The 10X Team
10x Investments's reply06 Dec 2022, 13:48
Official
Hi Lily
Thank you for the recent review.
We have investigated and confirmed that Khwezi Jackson was in contact with your telephonically.
As a third party, we cannot disclose the details of the claim. All communication regarding the status of the claim is being discussed with the beneficiaries.
Please note that the Board of Trustees manages the resolution of the fund in terms of Section 37C of the Pensions Fund Act. The intention of the Act is to protect the financial dependants. The Act serves a social function, where the Trustees aim to ensure that no one who was financially dependent on the member is left without support.
The Life cover benefit is not payable by 10X Investments as we are not an Insurer. This benefit is payable to the Estate Late and needs to be managed by the Executor or Person of Authority as issued by the Master Court.
The gravity of the situation is understood and our Principal Officer and Trustees are working on a resolution to distribute the investment benefit.
Please feel free to reach out to us on *** or email ***.
Regards,
The 10X Team
Thank you for the recent review.
We have investigated and confirmed that Khwezi Jackson was in contact with your telephonically.
As a third party, we cannot disclose the details of the claim. All communication regarding the status of the claim is being discussed with the beneficiaries.
Please note that the Board of Trustees manages the resolution of the fund in terms of Section 37C of the Pensions Fund Act. The intention of the Act is to protect the financial dependants. The Act serves a social function, where the Trustees aim to ensure that no one who was financially dependent on the member is left without support.
The Life cover benefit is not payable by 10X Investments as we are not an Insurer. This benefit is payable to the Estate Late and needs to be managed by the Executor or Person of Authority as issued by the Master Court.
The gravity of the situation is understood and our Principal Officer and Trustees are working on a resolution to distribute the investment benefit.
Please feel free to reach out to us on *** or email ***.
Regards,
The 10X Team
LN
Lily N's updateReviewer Update
06 Dec 2022, 14:38Good Day 10X Team ,
Thank you for the update, and yes I did call Khwezi today to request update as he assured us that he would provide this yesterday.
As you would have noted, I am not requesting for the "details about the claim" but rather that the process be kindly expedited. It has been over a year.
I fully understand the role of Trustees. Here, we have a family that is suffering. Therefor, protecting them is one thing, but making them suffer this long is very sad!
We appreciate the complexity associated with the Discovery Life cover situation, but what is sad is that none of the 2 companies wants to take full accountability for not communicating accurate information for the company my aunt worked for. Based on this, the appeal has been therefor for your organization's trustees and Discovery to please consider that, and instead of 10x waiting for the Discovery Life Cover outcome, to please consider speeding the payment process of the Pension to the eligible defendants so that they too can have food.
We will appreciate if the resolution could be reached soonest, and before another year passes by.
I thank you.
Regards
Lily
Thank you for the update, and yes I did call Khwezi today to request update as he assured us that he would provide this yesterday.
As you would have noted, I am not requesting for the "details about the claim" but rather that the process be kindly expedited. It has been over a year.
I fully understand the role of Trustees. Here, we have a family that is suffering. Therefor, protecting them is one thing, but making them suffer this long is very sad!
We appreciate the complexity associated with the Discovery Life cover situation, but what is sad is that none of the 2 companies wants to take full accountability for not communicating accurate information for the company my aunt worked for. Based on this, the appeal has been therefor for your organization's trustees and Discovery to please consider that, and instead of 10x waiting for the Discovery Life Cover outcome, to please consider speeding the payment process of the Pension to the eligible defendants so that they too can have food.
We will appreciate if the resolution could be reached soonest, and before another year passes by.
I thank you.
Regards
Lily
LN
Lily N's update06 Dec 2022, 14:38
Reviewer Update
Good Day 10X Team ,
Thank you for the update, and yes I did call Khwezi today to request update as he assured us that he would provide this yesterday.
As you would have noted, I am not requesting for the "details about the claim" but rather that the process be kindly expedited. It has been over a year.
I fully understand the role of Trustees. Here, we have a family that is suffering. Therefor, protecting them is one thing, but making them suffer this long is very sad!
We appreciate the complexity associated with the Discovery Life cover situation, but what is sad is that none of the 2 companies wants to take full accountability for not communicating accurate information for the company my aunt worked for. Based on this, the appeal has been therefor for your organization's trustees and Discovery to please consider that, and instead of 10x waiting for the Discovery Life Cover outcome, to please consider speeding the payment process of the Pension to the eligible defendants so that they too can have food.
We will appreciate if the resolution could be reached soonest, and before another year passes by.
I thank you.
Regards
Lily
Thank you for the update, and yes I did call Khwezi today to request update as he assured us that he would provide this yesterday.
As you would have noted, I am not requesting for the "details about the claim" but rather that the process be kindly expedited. It has been over a year.
I fully understand the role of Trustees. Here, we have a family that is suffering. Therefor, protecting them is one thing, but making them suffer this long is very sad!
We appreciate the complexity associated with the Discovery Life cover situation, but what is sad is that none of the 2 companies wants to take full accountability for not communicating accurate information for the company my aunt worked for. Based on this, the appeal has been therefor for your organization's trustees and Discovery to please consider that, and instead of 10x waiting for the Discovery Life Cover outcome, to please consider speeding the payment process of the Pension to the eligible defendants so that they too can have food.
We will appreciate if the resolution could be reached soonest, and before another year passes by.
I thank you.
Regards
Lily
LN
................................
Lily N's updateReviewer Update
06 Dec 2022, 14:51And below is the request sent to your Executives yesterday:
Dear Executive Members of 10X Investments, Discovery Life, and iKamvalabantu,
Re: Pension and Life Cover Pay-out for late Mrs N................................
I am writing to you to express our utmost disappointment in the way in which my aunt's pension and life cover pay-out process has been managed by 10X Investments and Discovery.
Mrs ............... passed away over a year ago, living behind 4 dependents (her children who are all listed on the attached beneficiary nomination form). At the time of her untimely death, she was working for iKamvalabantu. The company's pension scheme as well as associated benefits for its staff members is managed by 10X Investments.
When 10X took over the management of the Scheme and according to iKamvalabantu, the 10X’s representative did not inform iKamvalabantu about the additional requirement for HR to get their staff members to complete a separate Beneficiaries Nomination Form, specifically for the Discovery Life Cover. This has further been confirmed by Khwezi (copied in this e-mail) who has been handling this claim for over a year. iKamvalabantu HR representative, Nomvuyo has confirmed that staff were asked to complete one nomination form (see attached). It is my understanding that even to date, none of the staff at iKamvalabantu are aware about this requirement by 10X on behalf of Discovery Life, nor has the form been furnished to iKamvalabantu HR to action with their employees.
As evidenced on the attached document, my aunt duly completed the nomination form which she was asked to complete, signed and submitted to her employer which is iKamvalabantu.
Given the unfortunate circumstances of this case, I am humbly requesting consideration of the following by Management:
Given the unfortunate circumstances of this case, I am humbly requesting consideration of the following by Management:
- 10X Trustees to please release and at least pay out the Pension to the 4 children in the meantime; and
- Discovery, considering this rather unfortunate situation, to accept the attached nomination to process the Life Cover pay-out.
................................
.......................................
10X is refusing to pay the Pension to the 4 kids which are rightfully listed by their mother on her nomination’s beneficiary form, and I am told you are waiting for the outcome of the Life Cover which I find very odd. Yet, Discovery Life on the other side is refusing to pay out the Life Cover. With all this back and forth, my aunt’s kids are suffering. With yet another Christmas around the corner, they have no hope. Their hope died when their mother who was the only breadwinner died. They suffered to bury her and borrowed monies from people who are now running out of patience and want their money.
I am humbly appealing, on behalf of this family to you in your capacity as Executives, to please intervene and assist with this matter.
Yours sincerely
LN
Lily N's update06 Dec 2022, 14:51
Reviewer Update
And below is the request sent to your Executives yesterday:
Dear Executive Members of 10X Investments, Discovery Life, and iKamvalabantu,
Re: Pension and Life Cover Pay-out for late Mrs N................................
I am writing to you to express our utmost disappointment in the way in which my aunt's pension and life cover pay-out process has been managed by 10X Investments and Discovery.
Mrs ............... passed away over a year ago, living behind 4 dependents (her children who are all listed on the attached beneficiary nomination form). At the time of her untimely death, she was working for iKamvalabantu. The company's pension scheme as well as associated benefits for its staff members is managed by 10X Investments.
When 10X took over the management of the Scheme and according to iKamvalabantu, the 10X’s representative did not inform iKamvalabantu about the additional requirement for HR to get their staff members to complete a separate Beneficiaries Nomination Form, specifically for the Discovery Life Cover. This has further been confirmed by Khwezi (copied in this e-mail) who has been handling this claim for over a year. iKamvalabantu HR representative, Nomvuyo has confirmed that staff were asked to complete one nomination form (see attached). It is my understanding that even to date, none of the staff at iKamvalabantu are aware about this requirement by 10X on behalf of Discovery Life, nor has the form been furnished to iKamvalabantu HR to action with their employees.
As evidenced on the attached document, my aunt duly completed the nomination form which she was asked to complete, signed and submitted to her employer which is iKamvalabantu.
Given the unfortunate circumstances of this case, I am humbly requesting consideration of the following by Management:
Given the unfortunate circumstances of this case, I am humbly requesting consideration of the following by Management:
- 10X Trustees to please release and at least pay out the Pension to the 4 children in the meantime; and
- Discovery, considering this rather unfortunate situation, to accept the attached nomination to process the Life Cover pay-out.
................................
.......................................
10X is refusing to pay the Pension to the 4 kids which are rightfully listed by their mother on her nomination’s beneficiary form, and I am told you are waiting for the outcome of the Life Cover which I find very odd. Yet, Discovery Life on the other side is refusing to pay out the Life Cover. With all this back and forth, my aunt’s kids are suffering. With yet another Christmas around the corner, they have no hope. Their hope died when their mother who was the only breadwinner died. They suffered to bury her and borrowed monies from people who are now running out of patience and want their money.
I am humbly appealing, on behalf of this family to you in your capacity as Executives, to please intervene and assist with this matter.
Yours sincerely
LN
Lily N's updateReviewer Update
06 Dec 2022, 14:54*dependents
LN
Lily N's update06 Dec 2022, 14:54
Reviewer Update
*dependents
LN
Lily N's updateReviewer Update
14 Dec 2022, 10:23Sadly, to date none of the 10X Investment Team has provided the family feedback... The person who has been point of contact is unreachable and hasn't returned any of the calls :-(
LN
Lily N's update14 Dec 2022, 10:23
Reviewer Update
Sadly, to date none of the 10X Investment Team has provided the family feedback... The person who has been point of contact is unreachable and hasn't returned any of the calls :-(