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Nomadinga N

1 reviews | Active since Feb 2019

11 Aug 2021, 09:47

Pension withdrawal

I have a small living annuity with the above mentioned company. I took this annuity in 2019 after having retired in December 2018. I worked for a company whose retirement age is 63 hence my retirement was before I reached the age of 65. I had worked for this company for a period of 7 years only from 2012 to 2018. Prior to this job I was unemployed therefore my only retirement fund was for the 7years stated above. I have a mortgage bond that I had even before I worked for this last company that I worked for. My father was still alive before 2012 therefore he helped me with the payments of the property, unfortunately he passed away in 2012 and luckily for me it's the same year that I got a job and was able to continue with the mortgage repayments. I am now at a stage where it is very very difficult for me to make payments for my property, my only income at this stage is the Sassa grant ( which is also lower than than others) the amount that I get is R1700.00. Based on the above I then approached Sanlam Glacier asking them If I could get the balance of my living annuity, which currently stands at around R188000.00 ( One hundred and eighty eight rands. The reason for my plea is because for the last 2 months I have not been able to pay the full amount of R1412.00 ( for my Homeloan) which means that I could find myself homeless. I copied treasury on this email. I even stated on my email that if possible, they can pay my mortgage directly instead of transferring the money to my account. I also advised them that they are more than welcome to contact the bank that has my mortgage loan. I am 65 years old soon to be 66 years old. Due to the old regime rules, us as Africans were not able to buy property, hence most of us started very late which resulted in us having mortgage bonds to pay even after our retirements. Recently it was stated by the Minister of Finance that people who are still employed are allowed to make withdrawals from thier pensions in order to pay for thier mortgage bonds. This was brought about because of the Covid19 pandemic that left people with financial constraints. In my opinion pensioners are worse off. All I am asking for is for Glacier to release my remaining pension, or transfer some of it to my Homeloan. I am not employable anymore, and I don't have any other income besides the small Sassa grant. Honestly can the rules be difficult in such a manner that one loses thier property, at my age where would I go if my home is taken away from me? Is this what South Africa wants? Please I am asking for mercy I have no other means of income and I am also unemployment. Can Sanlam Glacier and Treasury please hear my cry.

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Replies (2)
Glacier by Sanlam
Glacier by Sanlam's reply11 Aug 2021, 10:32
Official
Good day Nomadinga N

We are sorry to hear of your unhappiness. We will contact you shortly

Regards
Glacier Client Relations
Glacier by Sanlam
Glacier by Sanlam's reply12 Aug 2021, 10:41
Official
Good day Nomadinga N

Thank you taking my call earlier to discuss the matter and the legislative restrictions that apply. We trust you are satisfied with the feedback provided.

Kind regards
Glacier Client Relations