FN
Fulufhelo N

1 reviews | Active since Apr 2011

06 Feb 2018, 12:33

Discovery Invest not up to date with Tax law interpretation and application

I had an RA with Discovery Invest which I subsequently cancelled. On cancellation the amount was slightly above the R7 000 limit in terms of paragraph (b) (x) (cc) of the definition of "retirement annuity fund" in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962). The amount has since gone down to below R7000 and discovery Invest refuses to apply for a tax directive for this amount. I have even requested the Fund to obtain an opinion/interpretation of this provision of the tax Act from the SARS Retirement Funds Team on ********** and I am not at all hopeful that this will be done as they seem to be stuck on the fact that just because when I cancelled it was over R7000 they cannot pay-out if it drops to below R7000. In less than a month the value of my benefit has decreased from +/R7186 to +/- R6958 and yet discovery expects me to wait till I am 55 to withdraw my money at which point there will be nothing left in the Fund due to the charges and constantly declining Fund Benefit.

0
Replies (5)
Discovery Invest
Discovery Invest's reply06 Feb 2018, 13:20
Official

Good day Ms Nemutandani,

As your complaint pertains to your personal, financial information, I will email you directly and address your concerns.

Kind regards,

Discovery Invest

FN
Fulufhelo N's update06 Feb 2018, 14:01
Reviewer Update
Thank you, I will await your e-mail.
FN
Fulufhelo N's update10 Apr 2018, 13:38
Reviewer Update
Case successfully resolved. A great thank you to Charrisse Eilertsen who ensured that my complaint was swiftly resolved.
Discovery Invest
Discovery Invest's reply10 Apr 2018, 14:26
Official

Good day Ms Nemutandani,

I am so glad we could assist you. Thank you for the lovely compliment to our staff - we truly appreciate you taking the time to let us know.

Kind regards,

Discovery Invest

Discovery Invest
Discovery Invest's reply10 Apr 2018, 14:26
Official

Good day Ms Nemutandani,

I am so glad we could assist you. Thank you for the lovely compliment to our staff - we truly appreciate you taking the time to let us know.

Kind regards,

Discovery Invest