1 reviews | Active since Mar 2018
metropolitan refuses to payout my matured life annuity
i was recently informed that my life annuity with Metropolitan has matured and i contacted them and was told that i would get 1/3 and the balance be used to purchase another compulsory annuity in my name. HOW I SPEND MY MONEY SHOULD BE MY CHOICE!! i was not told this when i took out the annuity , i would like my payout IN FULL should i choose to reinvest i will but refuse to be told that i cant get my money unless i reinvest..then i only get 1/3 what nonsense!
Dear Katleho Mosese
Thank you for raising your concern with us.
We regret to learn of your disapointment regarding the maturity of your Retirement Annuity.
Retirement Annuity proceeds are subject to the provisions of the Pension Funds Act and the Income Tax Act.
We are prohibited by law to pay yu more than 1/3rd of your retirement proceeds, unless the entire value of your fund exceeds the current threshhold of R247 500.
Therefore we regret to inform that the information you received is correct.
You are welcome to confirm this on SARS's website:
http://www.sars.gov.za/ClientSegments/Individuals/Tax-Stages/Pages/Tax-and-Retirement.aspx - refer the section "Tax Treatment of lump sums paid by retirement funds" for more details.
We trust that the above complies with your request and look forward to being of service to you again.
Client Care Team
Dear Katleho Mosese
Thank you for raising your concern with us.
We regret to learn of your disapointment regarding the maturity of your Retirement Annuity.
Retirement Annuity proceeds are subject to the provisions of the Pension Funds Act and the Income Tax Act.
We are prohibited by law to pay yu more than 1/3rd of your retirement proceeds, unless the entire value of your fund exceeds the current threshhold of R247 500.
Therefore we regret to inform that the information you received is correct.
You are welcome to confirm this on SARS's website:
http://www.sars.gov.za/ClientSegments/Individuals/Tax-Stages/Pages/Tax-and-Retirement.aspx - refer the section "Tax Treatment of lump sums paid by retirement funds" for more details.
We trust that the above complies with your request and look forward to being of service to you again.
Client Care Team
Apologies for the error - it should read - "unless the entire pension fund proceeds are less than the current threshhold of R247 500", not "unless the entire value of your fund exceeds the current threshhold of R247 500".
Apologies for the error - it should read - "unless the entire pension fund proceeds are less than the current threshhold of R247 500", not "unless the entire value of your fund exceeds the current threshhold of R247 500".