Extremely Poor Services - Momentum SA

My annuity reached it's 25 years (paid up) end July 2022, and I requested for the pay out of the full amount. All required documents were completed and submitted. This was the response “Thank you for the email dated 18 August 2022. We acknowledge receipt of the outstanding information and confirm we are processing the retirement annuity maturity request. It takes 7-10 working days to process and finalise. A confirmation letter will be send once the request is finalised” Two weeks later they forward this mail to my financial advisor “We are in the process of applying for a tax directive from SARS. Feedback is expected within 2 days after which payment will be made” Sad to say, yesterday I received the following message “Good day. We refer to the advanced amount of R240.00. Kindly note we require: -ID copy -Proof of banking details -Refund instruction Once received we will proceed”

I have never asked for any advance and all documents required was already send on the 18th August 2022. In my efforts to get clarity I phoned a couple of times just to be cut of twice during my confirmations to get clarity. None of the momentum advisors showed any interest to attempt reaching me on my telephone although they have all my contact details readily available. When I tried again just after my last attempt, the answering machines reminded me on their office hours. This much unprofessionalism and never mind attitude I have never imagined a company with such footprints as Momentum would ever allow its clients to be treated in this fashion.

I decided to post this message because it is useless to phone your contact numbers as those appointed to address the enquiries of your clients is of no help at all. Even though Momentum was a big consideration for investment end of this year with my retirement it is not an option anymore. Extremely poor service delivery