JR
Jacqueline R

1 reviews | Active since Feb 2022

05 Feb 2022, 09:36

Living Annuity not paid out after a year

My mother passed away in February 2021, she had a Liberty Flexible Living Annuity with 3 beneficiaries of whish I am one and my 2 sisters in New Zealand.

My third was paid in May 2021, my sisters started the process of claiming their funds at the same time. The Financial Adviser of Liberty, who dealt with the funds for more than 15 years, admitted that he don't know how to pay out the funds to my sisters overseas as they don't have bank accounts in South Africa. I enquired and informed him that it had to be paid out through the reserve bank, no feedback was received from the Financial Adviser.

End of June I reported this incident to Liberty customer services and was then contacted by Financial Adviser who informed me how the funds will be paid to my sisters (I gave him the advice).

In November, after no movement, I reported this again to the Customer Resolution Specialist, up to date no response was received.

When my father passed away and I assisted my mother with her finances and had to contact the financial adviser to move funds from portfolios where it did not grow and also request that the percentage of the annuity paid to her be lowered as the capital amount became less.

Needless to say, I did not invest my third of the annuity at Liberty Life.

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