1 reviews | Active since Apr 2011
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.
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
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
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
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
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
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
