Percentage Cost Charged on Policy Should have been Amended from 2016

After meeting with a new Financial Advisor, we were made aware that we are paying more than what we should be paying (from 2016 to date). Last week, I have received a call from Michael Khan promising me that this matter will be resolved a.s.a.p. Subsequently, I received a call from Reza van Doorsen this morning tell me that my new financial advisor did not disclose the implications of lowering the cost of the percentage. An example was cited that we will loss bonus (which I know I do not quality for in the first place). I have requested for a list of pros and cons related to the amendment of the cost percentage all to our policies. Furthermore, I have asked Reza van Doorsen to first investigate the matter before speaking to me as he does not know what he is talking about. Thereafter, I requested for Michael Khan to call me. Whilst Michael and myself were talking, the call was cut. Michael Khan did not bother to call me back. The service received from Liberty Life is appalling. I am still waiting on a resolution from Liberty Life.

Good Day,

Can we kindly request assistance with the costs that we should not have been paying since 2016 with regards to our Retirement Annuities? We should have been advised by our financial advisors that the costs are not aligned to the revised costs structure that have been amended since 2016 as we do qualify for the reduced costs?

Please see the details below relating to our current Retirement Annuity plans:

1. Our Retirement Annuities were issued on 01 April 2010, which means it’s already 11 years’ old. 2. The original costs for our Investment was recouped by Liberty Life during the first 5 years of the investments. 3. The current costs on our Retirement Annuities is 4,8% and 5,0% respectively and this should have been reduced from 2016 to date. 4. The Agile (Liberty Retirement Range) was introduced towards the end of 2016, and offers a more cost-effective Investment platform than the Builder Range you’re currently Invested in. 5. As our policies is older than 5 years, no additional costs needs to be recouped by Liberty Life, and a Switch to the Agile platform should have been done, without it affecting our fund value or paying any penalties. 6. The Agile Retirement Annuity runs on a LISP Platform, allowing us to start or stop, or make additional contributions without incurring any penalties.

Thus, based on the information provided above, kindly back date the reduction on the RA costs to 2016 and credit the amounts that should not have been charged on our policies back into our policies.