Unfair Retirement Annuity portfolio transfer penalty fee - terrible service, plus broken promises (cancelled Own Your Life rewards programme)

<p>My name is Alex Rodrigues and I have an RA with Liberty, policy #: ********** 548. I would like to contest the penalty fee that Liberty wants to charge me for moving my RA to another provider.</p> <p>The reason I want to move the RA away from Liberty is that they have cancelled their Own Your Life (OYL) loyalty programme, for which I got the Retirement Annuity in the first place.</p> <p>I am not prepared to keep my RA with Liberty, as the underlying investment is managed by a different company, and I no longer am willing to accept Liberty’s additional layer of fees as I derive no more benefit from Liberty as administrator since they cancelled their “loyalty” programme, without my consent, as a member.</p> <p> </p> <p>I approached a financial advisor to find out what the penalty would be, and I was shocked it was ~10% of my RA’s value, i.e. or ~R1,250 as of last month (June 2016). </p> <p>I feel this is unfair, and I am not willing to pay this fee, and would request Liberty waive this fee. Kindly confirm this is possible – failing this, I would seek advice from the Ombudsman (and other channels like laying an official complaint on hello peter etc), but would rather try and resolve this through direct channels, preferably.</p> <p> </p> <p>Irate,</p> <p>Alexandre Caboz Rodrigues</p> <p> </p>