Extremely Disappointing Experience with Discovery Retirement Funds

I am thoroughly disappointed with the service and communication I received from Discovery Retirement Funds and Group Life division. On 14 June 2024, I was contacted by Discovery regarding a payout owed to me due to a job change. I decided to opt for the payout and promptly sent all required FICA documents to complete the process.

On 19 June, I submitted my application along with supporting documents. By 25 June, I received an email confirming receipt of my withdrawal request and was told they were undergoing quality assurance with an expected timeline of 24-48 hours. This message was repeated on 26 June, which was already a cause for concern.

On 27 June, I was informed by Discovery that there was a tax directive debt (IT88) of R10,046.79 to SARS, leaving me with a balance of R0.00. I responded immediately, providing proof that my tax directive was clear, yet Discovery proceeded to pay SARS the amount anyway, despite my clear instructions not to. They then informed me that I wouldn’t receive any payments, and if I hadn't owed SARS, the payment would have been sent to my Discovery Bank account.

On 3 August, I requested proof of payment to SARS, as it wasn’t reflecting on my tax profile. Despite multiple follow-ups by myself and my accountant, I only received this proof on 16 August, revealing that the payment to SARS was only made on 14 August, weeks after I was initially informed it had been done.

This entire process has been frustrating, to say the least. The communication has been misleading and the service has been inefficient. It feels like they were more interested in luring me into opening an account than providing the service they promised. I have since notified Discovery that I am closing my account and will have no further dealings with them.