CF
Chwayita F
1 reviews | Active since Feb 2022
28 Feb 2022, 18:26
Metropolitan
Please help my mother she wants to cancel the contract with Metropolitan she took her retirements from department of education and transfer it to Metropolitan and took the one third and the rest she invested and getting paid every month. Now we had a storm and destroyed her house she have no place to stay. She wants to withdraw.
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Replies (2)
Metropolitan Life's replyOfficial
28 Feb 2022, 19:05Dear Chwayita,
We are sorry to hear about your mother's current situation.
A retirement pension is payable monthly and during the lifetime of the annuitant. It can't be cancelled or paid out as a lump sum.
Payment of retirement benefits is governed by legislation, i.e. the Pension Fund and Income Tax Acts.
A consultant will be in contact to see how we are able to assist or provide clarity.
Regards: Client Care
We are sorry to hear about your mother's current situation.
A retirement pension is payable monthly and during the lifetime of the annuitant. It can't be cancelled or paid out as a lump sum.
Payment of retirement benefits is governed by legislation, i.e. the Pension Fund and Income Tax Acts.
A consultant will be in contact to see how we are able to assist or provide clarity.
Regards: Client Care
Metropolitan Life's reply28 Feb 2022, 19:05
Official
Dear Chwayita,
We are sorry to hear about your mother's current situation.
A retirement pension is payable monthly and during the lifetime of the annuitant. It can't be cancelled or paid out as a lump sum.
Payment of retirement benefits is governed by legislation, i.e. the Pension Fund and Income Tax Acts.
A consultant will be in contact to see how we are able to assist or provide clarity.
Regards: Client Care
We are sorry to hear about your mother's current situation.
A retirement pension is payable monthly and during the lifetime of the annuitant. It can't be cancelled or paid out as a lump sum.
Payment of retirement benefits is governed by legislation, i.e. the Pension Fund and Income Tax Acts.
A consultant will be in contact to see how we are able to assist or provide clarity.
Regards: Client Care
Metropolitan Life's replyOfficial
28 Feb 2022, 19:56Dear Chwayita
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of the storm that destroyed your mom's home.
Without divulging any personal or policy information, we can gather from what you have posted, the your mom's policy is a retirement product and the source of funds would have been the GEPF.
That means the policy will fall under the provisions of the Income Tax Act and Pension Funds Act.
If your mother already accessed the one third of her pension fund, she has already accessed the maximum one is allowed to withdraw from the fund under the provisions of the Pension Funds Act .
Regrettably therefore, we won't be in a position to allow her to cancel the policy and access the remaining funds in the policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of the storm that destroyed your mom's home.
Without divulging any personal or policy information, we can gather from what you have posted, the your mom's policy is a retirement product and the source of funds would have been the GEPF.
That means the policy will fall under the provisions of the Income Tax Act and Pension Funds Act.
If your mother already accessed the one third of her pension fund, she has already accessed the maximum one is allowed to withdraw from the fund under the provisions of the Pension Funds Act .
Regrettably therefore, we won't be in a position to allow her to cancel the policy and access the remaining funds in the policy.
Regards
Client Care Team
Metropolitan Life's reply28 Feb 2022, 19:56
Official
Dear Chwayita
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of the storm that destroyed your mom's home.
Without divulging any personal or policy information, we can gather from what you have posted, the your mom's policy is a retirement product and the source of funds would have been the GEPF.
That means the policy will fall under the provisions of the Income Tax Act and Pension Funds Act.
If your mother already accessed the one third of her pension fund, she has already accessed the maximum one is allowed to withdraw from the fund under the provisions of the Pension Funds Act .
Regrettably therefore, we won't be in a position to allow her to cancel the policy and access the remaining funds in the policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of the storm that destroyed your mom's home.
Without divulging any personal or policy information, we can gather from what you have posted, the your mom's policy is a retirement product and the source of funds would have been the GEPF.
That means the policy will fall under the provisions of the Income Tax Act and Pension Funds Act.
If your mother already accessed the one third of her pension fund, she has already accessed the maximum one is allowed to withdraw from the fund under the provisions of the Pension Funds Act .
Regrettably therefore, we won't be in a position to allow her to cancel the policy and access the remaining funds in the policy.
Regards
Client Care Team