Hellopeter
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PK
Philip K

1 reviews | Active since Feb 2021

02 Feb 2021, 10:14

Poor Show Liberty Life

I have been contributing to a Liberty Life RA for a number of years.A couple of days ago I started checking what my contributions were worth, the relevant admin costs etc.Imagine my surprise when I noted the "admin costs" were accounting for almost 40% of a R1651 p.m. contribution(R649 of R1651.00).I have contacted Liberty but there is little urgency or apology other than a "we will get back to you scenario"..we all know where that goes.I find it incredible that when companies such as these want your money they are so easily contactable but when there is a scenario where they potentially owe you money its impossible to get a name of "real person" to deal with.POOR show.I look forward to someone contacting me to resolve this but have no doubt it will be me as the victim who has to drive it and recoup the funds.

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PK
Philip K's update02 Feb 2021, 13:09
Reviewer Update
Liberty Life have rep**** to me via someone in their Specialised Technical Services..man and what a silly reply.They feel it justifiable to take 40% of a monthly contribution and then hide behind obfuscations...no-one in their right mind would make contributions to an investment knowing that 40 % is app**** to costs.I absolutely challenge Liberty to try and justify this in a phone call but guaranteed no-one will.Anyhoo next step to escalate and then onto external complaint resolution bodies.Please folks "caveat emptor" - buyer beware..rather take your cash and put it into a guaranteed money market account with transparent costs.Will keep you posted :-)