1 reviews | Active since Sept 2017
Pay back my money
I became a discovery invest client when I worked for a company that did not have their own RA in place , so I took a stand alone RA with Discovery invest. I left the said company 2 years later and was not given the option to withdraw my RA , by Discovery who was my investment partner. I also dealt with Discovery directly and never through the broker who sold me the policy. I now still have the policy , which is paid up and being reduced ,since there are admin fees that gets deducted every month and discovery is telling me that I cant withdraw because its over the maximum balance required for me to be able to withdraw. I should have been given this option when I left the employment of the company I worked for as my new employer had a pension/provident fund in place. I emailed them and they emailed me back with excuses and then advised that they will not assist me as I logged a complaint via the ombudsman and they will only action once instructed by the ombudsman. I left a message on facebook and no one bothered to call me back . my complaint number : Discovery Invest Executive Office - ********** 479 You didn't do what you were supposed to do Discovery Invest .....pay my money out ......you are rather allowing my money to be eaten up by admin fees ....when its time for maturity I will have nothing left !
Good day Mrs Mohamed,
A Retirement Annuity is governed by the Pension Funds Act, and as you are not yet at retirement age and your fund value exceeds the minimum amount advised by the Act, we cannot legally release your funds to you. The onus does fall on your financial adviser to have explained the restrictions applicable to the product, and therefore this matter and the service he provided you with will need to be investigated by the Ombudsman for further comment and verdict.
Kind regards,
Discovery Invest
Good day Mrs Mohamed,
A Retirement Annuity is governed by the Pension Funds Act, and as you are not yet at retirement age and your fund value exceeds the minimum amount advised by the Act, we cannot legally release your funds to you. The onus does fall on your financial adviser to have explained the restrictions applicable to the product, and therefore this matter and the service he provided you with will need to be investigated by the Ombudsman for further comment and verdict.
Kind regards,
Discovery Invest
