GM
Gabisile M
1 reviews | Active since Nov 2021
15 Nov 2021, 09:00
Complaint regarding innuity withdrawal
On the 17th of September 2021, I inquire about my annuity withdrawal to Metropolitan. On the 27th of September 2021 I received an email from Nkateko Banda, and she informed me I can only receive the annuity at 55 or its maturity date which is the 01 on November 2021. On the 3rd of November 2021, I did inquire with her on how to withdraw the funds, as she said it's maturity is the 1st of November 2021. To my surprise she then told me she made a mistake, the maturity is in 2037. The emails she stated clearly. I urgently need the money. SARS is deducting R7915.28 since September until January and I need to use it for my kids. As I hoped that I will receive in November 2021
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Metropolitan Life's replyOfficial
15 Nov 2021, 12:34Dear Gabisile
We acknowledge receipt of your complaint on HelloPeter.
Kindly note that the Retirement Annuity fund was registered in terms of the Pensions Fund Act and approved by the Commissioner for the South African Revenue Service (SARS). Payment of benefits from the fund is thus subject to the Pensions Fund Act, the Income Tax Act and fund rules. According to these acts and rules, a member becomes entitled to the fund benefit when:
(a) The member reaches retirement age of 55 years and elects to retire from the fund
(b) The member discontinues his/ her contributions prior to his/ her retirement date and the member's interest in the fund is less than an amount determined by the Minister by notice in the Gazette (currently R15000)
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note that the Retirement Annuity fund was registered in terms of the Pensions Fund Act and approved by the Commissioner for the South African Revenue Service (SARS). Payment of benefits from the fund is thus subject to the Pensions Fund Act, the Income Tax Act and fund rules. According to these acts and rules, a member becomes entitled to the fund benefit when:
(a) The member reaches retirement age of 55 years and elects to retire from the fund
(b) The member discontinues his/ her contributions prior to his/ her retirement date and the member's interest in the fund is less than an amount determined by the Minister by notice in the Gazette (currently R15000)
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
Metropolitan Life's reply15 Nov 2021, 12:34
Official
Dear Gabisile
We acknowledge receipt of your complaint on HelloPeter.
Kindly note that the Retirement Annuity fund was registered in terms of the Pensions Fund Act and approved by the Commissioner for the South African Revenue Service (SARS). Payment of benefits from the fund is thus subject to the Pensions Fund Act, the Income Tax Act and fund rules. According to these acts and rules, a member becomes entitled to the fund benefit when:
(a) The member reaches retirement age of 55 years and elects to retire from the fund
(b) The member discontinues his/ her contributions prior to his/ her retirement date and the member's interest in the fund is less than an amount determined by the Minister by notice in the Gazette (currently R15000)
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note that the Retirement Annuity fund was registered in terms of the Pensions Fund Act and approved by the Commissioner for the South African Revenue Service (SARS). Payment of benefits from the fund is thus subject to the Pensions Fund Act, the Income Tax Act and fund rules. According to these acts and rules, a member becomes entitled to the fund benefit when:
(a) The member reaches retirement age of 55 years and elects to retire from the fund
(b) The member discontinues his/ her contributions prior to his/ her retirement date and the member's interest in the fund is less than an amount determined by the Minister by notice in the Gazette (currently R15000)
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team