NH
Nilesh H

1 reviews | Active since Aug 2013

19 Aug 2023, 11:24

Funds at Work can't transfer my funds and will not provide any feedback

Transferring out of their provident fund has been a debacle - it is impossible to get any feedback. Here is the sequence of events: • 1 July 2022: My employment transferred from holding company to subsidiary; as part of this, I app**** to transfer the provident fund (with Momentum) to the subsidiary’s fund (Sygnia) • 12 April 2023: I receive email from Momentum FundsAtWork stating that the withdrawal process is taking place. I rep**** the same day asking why there was a delay • 16 April: Response received that ROT from receiving fund was only received on 14 April • 15 May: I send email following up on progress • 17 May: I am informed that the delay is with bank validations team • 18 May: I receive an sms stating my claim can’t be transferred due to tax problems. I call the call centre and am informed that there was an error on Momentum’s side; it has now been corrected and funds should be transferred within 2-3 business days • 14 June: I call the call centre again asking for an update. I’m informed by Nolwazi Mabhena that there is an error on the information provided by Sygnia. I phone Sygnia, who email a follow up to Momentum. • 19 June: No response from Nolwazi; I phone the call centre in the morning and ask for her to call me back as soon as possible. No call back received by the afternoon, so I phone again and am successfully transferred to Nolwazi. I instruct her to phone the person at Sygnia directly to get all the relevant information so that the two parties can resolve this • 21 June: No feedback received, so I send a follow up email to both parties. It turns out that Nolwazi never did phone her Sygnia counterpart. • 28 June: I again request an update; the tax directive was declined again • 6 July: Another follow up, this time asking if there have been historic issues transferring from Momentum to Sygnia; response from Sygnia is that this has not happened before • 11 July: No response from Nolwazi; another follow up sent • 12 July: Nolwazi replies that the problem is still ongoing • 25 July: ANOTHER follow up as there has been zero feedback • 1 August: Nolwazi informs me that the matter has been escalated to the FSCA for checking. I ask if there is a reference number for this escalation or if there is anyone there I may speak to myself. NO RESPONSE TO DATE • 5 August: I register a complaint via the Momentum website. NO RESPONSE TO DATE

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Replies (1)
Momentum (SA)
Momentum (SA)'s reply21 Aug 2023, 08:17
Official
Nilesh

We noted the concerns you raised, and the matter has been referred to the appropriate fund manager.

Kind regards
EdB