1 reviews | Active since Aug 2013
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
We noted the concerns you raised, and the matter has been referred to the appropriate fund manager.
Kind regards
EdB
We noted the concerns you raised, and the matter has been referred to the appropriate fund manager.
Kind regards
EdB
