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Stella T

1 reviews | Active since Jun 2018

10 Jun 2024, 10:50

Provident Fund with Alexander Forbes +- 30% less than invested

I was working at Fidelity-ADT Services. When I resigned and received my Provident Fund, I received around 30% less than my monthly contribution. I called Alexander Forbes a few times, to speak to a consultant who can explain it to me and no one, after a month has called me back. The 1st time I called, the consultant couldn't find what I was talking about, and it was clearly that he did not have the knowledge to explain to me. I was about 15 minutes on the phone with him, and he did not even have the information in front of him. I asked him, if this is a free call or am I paying? He told me I am paying for the call. I asked him to call me back, and he promised to call me, but did not call me back. My question to all the big companies out there, how can you invest your employees money with Alexander Forbes and loose about 30% of their investment?

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Replies (3)
Alexander Forbes Financial Services
Alexander Forbes Financial Services's reply10 Jun 2024, 10:56
Official
Dear Stella,
  
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 Regards
 Customer Insights and Escalations 
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Stella T's update10 Jun 2024, 14:57
Reviewer Update
I received a Statement from Alexander Forbes. A monthly fee of R899.66 for expenses whereas my monthly contribution R2,566.75 was. How on earth is it possible that your monthly expenses could be R899.66? Do they explain and tell the employees that?
Does an employee have a choice in joining such an unprofitable scheme?

Alexander Forbes Financial Services
Alexander Forbes Financial Services's reply09 Jul 2024, 16:30
Official
Dear Stella,

We can confirm that you have been in touch with our Customer Insights team.

Kind Regards
 Customer Insights and Escalations