1 reviews | Active since Feb 2023
Raw deal from Alexander Forbes
The company I have been working for as a journalistfor since 1999, New Africa Publications (NAP), invested my pension with Alexander Forbes Financial Services until July 2019 when the newspaper was bought by another company. At the time, Alexander Forbes did not transfer my pension to my new employers but instead the transfer was made to their Unclaimed Funds section without my knowledge. At the new company, their contributions went to Liberty and I duly joined Liberty and contributed for three years, 2019 to 2022, until my retirement last year. Fast-forward to June 2022, last year when I lodged a claim with Alexander Forbes but I was informed my pension was transferred. Where to because my 20 year pension investment was not with Liberty, by the way they paid out for the three years. It was not with Retirement Online, my previous employer's pension investment company. After a six months of email exchanges and being sent from pillar to post telephonically I resorted in December to go personally to the Alexander Forbes head offices in Sandton and was told by a walk-in agent that they can't locate my pension funds. I was advised by a former colleague, who is a consumer journalist that I should ask for Transfer Documents. All of a sudden, I was told by the agent when I visited for second time in December that I cannot get the Transfer Documents because the money has been traced and thevtunds were lying in the Unclaimed Funds section. I asked whether over the past three years, has the money been accumulating interest and she said YES. The agent in turn promised me the payout will be made in six weeks time. Six weeks has come and gone. Two weeks ago, I went to their offices again, and I was promsed I will be paid out in 10 days time. Ten days gas come and gone. I'm still waiting, I don't gave a living income because I'm waiting for the payout to invest for a living income. The UIF is exhausted and I'm left wondering what has come of my pension. I need some intervention and will be approaching the Pension Fund Ombudsman and the Pension Fund Adjudicator for help, perhaps that will he the end of my misery caused by Alexander Forbes Financial Services. Thank you. MXR
