ABSA Bank /

Hi Vanessa, I was unable to complete my post yesterday. This is what happened. I was retrenched in Feb 2017 and kept my pension with ABSA while I was getting advice on what to do with the money. In November 2017 I asked for statements to see how much money was due to me and was shocked to see that my Pension values had decreased by approximately R38 000. Basically I had lost more than 1 years contributions in 9 months. The Funds continued to loose money and eventually I opted to withdraw the funds as it seems these Pension Funds were actually just loosing money more than anything. When I queried this I was advised as follows "In other words, even if you don’t contribute, your fund value will fluctuate in line with the fund’s investment portfolios". I have asked several times now for details of how this actually happened. As ABSA are the Custodians of my Pension money, I have an expectation that I would be advised that I would have to bear a risk like this. No one gave me any advice that I would have to take this risk. I also expect that my money would be safe, which it was not. As a minumum the most I would have expected to lose would have been the monthly admin fee, instead I lost more than 1 years contributions. Who can give me a complete analysis of what happened and how the fund lost so much money?

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