ME
Michael E

1 reviews | Active since Aug 2012

16 May 2022, 16:28

Missing Funds after multiple admin mistakes with Alexander-Forbes Pension fund

On Joining a new employer I was given the option to transfer my existing pension funds, I transferred my funds to AF from Old mutual, and an error was made on the types of account for the deposit - The Provident fund was transferred to Pension (the error has been admitted by AF in an email from one of their representatives) and they said they have to resolve this error internally, later in November the total funds were available (provident and Pension at this time were transferred) from the 1st Dec 2021 as from a statement I downloaded from their site today (it was probably transferred in earlier). I asked a couple of times via email if there was any progress on rectifying the error because this will adversely affect me down the line. No response was given after the email but communication from Michelle was that it will have to be dealt with internally because Old Mutual was unwilling to assist (the error was on AF’s side), this was in Dec 2021. I didn’t receive any further communication from anyone regarding it and then assumed once again that nothing is happening and accepted that I will start rebuilding my Provident Fund with the new employer.

Today I decided to look at where my total saving for the Pension and Provident fund is standing through the online statement. To my surprise, there are a little more than R500 000 missing from the account statements the delta occurred on 21 Dec 2021, Mlu the guy from the call centre confirmed that a transfer of +- R500 000 happened on the 21 Dec 2021.

So it seems as if the wrong transfer correction (pension amount instead of the original Provident fund) which I asked for to be corrected was transferred somewhere or back to Old Mutual.

This happened newly 6 months ago and still today no one is doing anything to rectify AF's error and put me back financially to the position where I'm supposed to be. To make matters worse the "consultants" I have been speaking to are now avoiding my calls and not responding.

0
Replies (1)
Alexander Forbes Financial Services
Alexander Forbes Financial Services's reply17 May 2022, 11:25
Official
Dear Michael  At Alexander Forbes, our clients are important to us and I am sorry to learn that you’re dissatisfied with our service. Thank you for taking the time to bring this to our attention.   We hereby acknowledge receipt of your complaint and apologies for the inconvenience caused. We will investigate your query and provide feedback with the contact details provided.     Kind RegardsClient services 
AAAA-4666