Extremely Disappointed with Momentum’s Provident Fund Payout Process

I have been calling and emailing Momentum consistently regarding my provident fund payout, but unfortunately, my efforts have been in vain. I’ve been passed from one consultant to another, each providing different responses to the same inquiry.

Here’s my situation:

My employer issued a notice of termination on June 21, 2024, due to voluntary liquidation. As employees, we were notified by Momentum about the option for a 'smart exit.' On the same day, my colleagues and I disinvested our provident funds, as we were no longer receiving an income from June onwards.

The communication I received from Momentum stated that payment would be processed within 14 days. While most of my colleagues received their funds, a colleague and I did not. After countless phone calls, I was finally informed that the May contributions had not been received from our employer.

This was shocking, given that the company had liquidated, and I informed Momentum that they would no longer be available to liaise with. However, Momentum repeatedly told me that my employer had been in communication with them and would make the payment – a completely unrealistic claim, given the liquidation.

On July 16, I filed a complaint with the Pension Fund Adjudicator, and they registered the complaint with Momentum, advising me to give them 30 days to respond. On August 22, after the 30-day period had passed, Momentum still hadn’t provided any resolution. I reached out again and was told that the May contributions had finally been received. I was relieved, thinking the matter was nearing an end.

However, to my shock, on August 27, when I called to inquire about the status of my withdrawal, I was informed that the May contributions were still outstanding. This inconsistency is both frustrating and unacceptable.

The Pension Fund Adjudicator has since reverted, saying there is no legal entity to build a case against.

Momentum currently holds my provident funds up to April 30, 2024, and I simply want access to my funds. For months, I have been going back and forth with no meaningful assistance. Momentum claims to be a leader in advisory services, but how can they lead when they leave their customers feeling disillusioned?

As of October 2, 2024, after yet another call to Momentum where a consultant promised to call me back, I am still waiting for a resolution – and for that promised call back.

In my experience, anyone seeking peace of mind should consider keeping their money far away from Momentum.