DF
Damien F
1 reviews | Active since May 2010
12 Aug 2025, 11:27
Excessive s14 retirement fund fees
Liberty Group is charging 1.5% of the total fund value for a Section 14 transfer under the Pension Funds Act. Section 14(7)(b) clearly states that only reasonable administrative charges may be levied. This fee appears excessive and potentially non-compliant with the law. They should be investigated by the FSCA to protect members from unjustified deductions. All members of the public are urged not to open a retirement or pension fund account with Liberty Group.
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Damien F's updateReviewer Update
19 Aug 2025, 19:21Liberty imposes punitive fees of R280 in addition to an early termination charge if a Retirement Annuity is closed before its sixth anniversary. They have declined to waive these fees. By contrast, other fund managers do not levy such charges. Consequently, I would not recommend opening a Retirement Annuity Fund with Liberty due to the excessive and client-unfriendly nature of these fees.
DF
Damien F's update19 Aug 2025, 19:21
Reviewer Update
Liberty imposes punitive fees of R280 in addition to an early termination charge if a Retirement Annuity is closed before its sixth anniversary. They have declined to waive these fees. By contrast, other fund managers do not levy such charges. Consequently, I would not recommend opening a Retirement Annuity Fund with Liberty due to the excessive and client-unfriendly nature of these fees.