Gross Negligence: Avoid Retirement Savings with Investec if you think you may leave RSA ever

<p>Investec has demonstrated gross negligence followed by poor customer service. After submitting a false tax directive to SARS on my behalf without my permission and without me receiving any payment on this, Investec cannot offer me proof that they have cancelled this with SARS and don't get back to me about getting the new SARS documentation I need in my new country as a result of their false directive. Who received the hundreds of thousands on the false directive??? Why did their CEO send my matter to their Legal Department for resolution? What are they taking 64 days (and counting) to simply provide written proof they have removed the false directive with SARS? Why do they drag their feet providing me written confirmations? What are they covering up? Why can't they resolve their own errors?</p> <p>Their false directive has resulted in: 1) ALL my subsequent retirement payouts being pushed into the highest tax bracket (because of Investec's gross negligence, I have overpaid nearly R100k in taxes to SARS) 2) me being double-taxed in my new country (also over R100k) and South Africa because the false directive has resulted in a ******* ITA34 from SARS showing income I did not get paid. </p> <p>Having already taken them to the Financial Ombudsman when they made several errors initially paying out a policy in 2015, I'm doing so again.</p> <p>My advice: put your money in the bank rather than in a retirement policy with Investec if you think there's even a chance that you emigrate from SA in your lifetime. Investec Asset Management cannot manage anything and submits false directives that will lead to tax issues for you as an individual that cost you more money and time than you could ever earn on the policy. They show no accountability, give you the run around and make promises to provide written confirmation and fail to do so.</p>