Pension Fund Payout Process Confusion
By the look of things we will go into December holidays without receiving my pension payout. When l left work l was told from the day my claim was received it would take 4-6 weeks to get my payout. 26 September 2018 my claim was received. 12 October 2018 when l made a follow up l received this message "Dear Simphiwe Thank you for contacting the Alexander Forbes Helpdesk. Please see the below, we have received your claim but still have to allocate last contribution on our side
26 Sep 2018 Claim Receipt Date Not Applicable Finalized Full Benefit to Member - Cash - Date of Withdrawal 31/10/2018
Should you have any further queries, please do not hesitate to contact us either on ***or at ********** The impression l received was that cash payout date was the 31 October 2018 of which the day came and passed without anything. 6 November 2018 made a follow up to check the progress. I found out that there was not even a single step taken as yet. The consultant told me about the last contribution which they have not received and told me to wait 3 days qhile he finds out what happened. I waited and called back on the 9 November 2018 l was told l needed to contact my employer and ask about the last contribution because it was still outstanding and my claim was not going to be processed without it. On the same day l contacted my employer who told me my contribution was paid in the past two weeks. I asked again about the waiting period and l was told that since already tqo weeks lapsed from the last day of contribution it will take 2 to 4 weeks to receive my payout, that was the information from my employer.
Then on the 13th November l called Alexander Forbes again to report back on my last contribution which now seemed my fault and had to make sure its paid.
The consultant l received on the day apologised for wrong information and said l should not have been made to contact my employer. But now the new information promised further delays. She said the process of contribution allocations will take up untill the 20 November 2018 and that is when the waiting period of between 4-6 weeks will start kicking in. In other words l might end up getting my payout in 2019 by the look of things.
I am so confused of the whole process and with information that keeps on changing the money that l need to sustain my family might not even come and to be honest at the moment l don't know which period starts when and l need that money.
We apologise for the service you've experienced.
We are investigating this matter and will be in contact with you via the details provided.
Kind Regards
Bengy Marais
We apologise for the service you've experienced.
We are investigating this matter and will be in contact with you via the details provided.
Kind Regards
Bengy Marais
