MM
Mbuso M

1 reviews | Active since Mar 2026

19 Mar 2026, 16:49

43-Day Delay of R1.838M Payout - Maladministration & Holding Cash

I am a member of the Momentum FundsAtWork Umbrella Fund and I am being subjected to gross maladministration regarding my R1,838,929.79 benefit. Despite submitting a clear 100% cash withdrawal (FAW039) instruction on 3 February 2026, Momentum have failed to pay me. The Delay: My account was disinvested to a Zero Balance on 7 March 2026. Momentum has now held my liquid cash for 12 days without applying for a SARS Tax Directive. Unauthorized Action: Without my consent, my funds were moved to an internal preservation fund. I am now being told I must wait another week for 'allocation' while my money sits in a Momentum account earning me zero interest. Lack of Communication: Momentum’s call centre repeatedly cuts my calls when I ask for a SARS Case Number. I have an open Pension Funds Adjudicator (PFA) case: MP\***8\2026. I am also claiming interest at the prescribed rate of 10.25% p.a. (R516.41 per day) from the date of disinvestment. I demand a call from a Senior Manager in the Paid-up Withdrawals Department with a confirmed SARS Case Number. Do not send a generic 'we have escalated' reply.

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Replies (3)
Momentum (SA)
Momentum (SA)'s reply20 Mar 2026, 08:00
Official
Good day Mbuso,

Thank you for bringing your concerns to our attention. We sincerely apologise for any inconvenience this may have caused.

Please note that this is not a generic response. As our company consists of numerous specialised departments, we need to ensure your query is directed to the appropriate team for assistance. We have therefore escalated the matter to a senior fund manager, who will review the details and provide you with further feedback as soon as possible.

Kind regards
NH
MM
Mbuso M's update23 Mar 2026, 18:03
Reviewer Update
tatus Update: It is Monday night, March 23, 2026. Despite your 'apology' on Friday morning, March 20,2026, no one has called. SARS eFiling confirms NO tax directive has been app**** for. You are now in breach of PFA timelines. I am escalating to the FSCA today."
Momentum (SA)
Momentum (SA)'s reply24 Mar 2026, 07:52
Official
Dear Mbuso,

Your feedback has also been referred to the FundsAtWork team for further assistance.