JN
Jeanie N
1 reviews | Active since Sept 2017
10 May 2021, 18:58
Extremely poor service and turnaround times .Inefficient staff
We were trying to cash our RA since March , after many conversations and queries , we eventually received the correct documentation to be completed. We have spoken to at least 10 service staff . To date we have not managed to get our payment . Unacceptable Service and turnaround times. Super inefficient staff. They should be sent for training .
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Replies (2)0
Replies (2)
Momentum (SA)'s replyOfficial
11 May 2021, 10:38Thank you for taking the time to inform us of your concerns. I am truly sorry that our service has not lived up to your expectations.
Regrettably with a retirement, where a portion will be transferred to another company, various parties are involved and a strict process need to be followed.
On investigation I found that the last requirements were received on 3 May 2021 which lead to the Recognition of Transfer (ROT) document being issued on 6 May 2021. The insurer that will be administrating your new annuity returned the signed and completed ROT to us on Friday, 7 May 2021. We are currently busy disinvesting the retirement annuity and on receipt of the proceeds, we will apply for the tax directive for the cash withdrawal. On receipt of the SARS tax directive, we will pay the gross one third amount into your bank account and transfer two thirds to the other insurer, as per your request.
I trust that this gives you some insight into the timeline of this retirement instruction. We wish to assure you that we are doing everything possible to ensure that the payment and transfer are done as quickly as possible.
Kind regards
CK
Regrettably with a retirement, where a portion will be transferred to another company, various parties are involved and a strict process need to be followed.
On investigation I found that the last requirements were received on 3 May 2021 which lead to the Recognition of Transfer (ROT) document being issued on 6 May 2021. The insurer that will be administrating your new annuity returned the signed and completed ROT to us on Friday, 7 May 2021. We are currently busy disinvesting the retirement annuity and on receipt of the proceeds, we will apply for the tax directive for the cash withdrawal. On receipt of the SARS tax directive, we will pay the gross one third amount into your bank account and transfer two thirds to the other insurer, as per your request.
I trust that this gives you some insight into the timeline of this retirement instruction. We wish to assure you that we are doing everything possible to ensure that the payment and transfer are done as quickly as possible.
Kind regards
CK
Momentum (SA)'s reply11 May 2021, 10:38
Official
Thank you for taking the time to inform us of your concerns. I am truly sorry that our service has not lived up to your expectations.
Regrettably with a retirement, where a portion will be transferred to another company, various parties are involved and a strict process need to be followed.
On investigation I found that the last requirements were received on 3 May 2021 which lead to the Recognition of Transfer (ROT) document being issued on 6 May 2021. The insurer that will be administrating your new annuity returned the signed and completed ROT to us on Friday, 7 May 2021. We are currently busy disinvesting the retirement annuity and on receipt of the proceeds, we will apply for the tax directive for the cash withdrawal. On receipt of the SARS tax directive, we will pay the gross one third amount into your bank account and transfer two thirds to the other insurer, as per your request.
I trust that this gives you some insight into the timeline of this retirement instruction. We wish to assure you that we are doing everything possible to ensure that the payment and transfer are done as quickly as possible.
Kind regards
CK
Regrettably with a retirement, where a portion will be transferred to another company, various parties are involved and a strict process need to be followed.
On investigation I found that the last requirements were received on 3 May 2021 which lead to the Recognition of Transfer (ROT) document being issued on 6 May 2021. The insurer that will be administrating your new annuity returned the signed and completed ROT to us on Friday, 7 May 2021. We are currently busy disinvesting the retirement annuity and on receipt of the proceeds, we will apply for the tax directive for the cash withdrawal. On receipt of the SARS tax directive, we will pay the gross one third amount into your bank account and transfer two thirds to the other insurer, as per your request.
I trust that this gives you some insight into the timeline of this retirement instruction. We wish to assure you that we are doing everything possible to ensure that the payment and transfer are done as quickly as possible.
Kind regards
CK
Momentum (SA)'s replyOfficial
14 May 2021, 12:27I am pleased to confirm that one third of the retirement proceeds was deposited into your bank account yesterday (13 May 2021) and two thirds transferred to the insurer that will be administrating your new annuity.
Kind regards
CK
Kind regards
CK
Momentum (SA)'s reply14 May 2021, 12:27
Official
I am pleased to confirm that one third of the retirement proceeds was deposited into your bank account yesterday (13 May 2021) and two thirds transferred to the insurer that will be administrating your new annuity.
Kind regards
CK
Kind regards
CK