EM
Elize M

1 reviews | Active since Nov 2020

17 Nov 2020, 14:33

Momentum Annuity

Almost 11 years ago I took out an Annuity so I can be financially independent the day I retire. All these years I paid a substantial amount on a monthly basis, never took a payment holiday, never borrowed money from my Annuity so it can grow. Every year there was a 10% increase on my contributions and my broker contacted me and asked me to increase the amount I am saving to ensure there are enough for me when the day come. I never received statements wrt the growth of my annuity, and a friend told me to register onto the website and monitor myself. Big was my shock to see my annuity is worth LESS than what I've paid in over the years. I have contacted my broker several times about the issue, (he agreed telephonically this does not sound right to him either) and after no response received I contacted the Ombudsman, but did not get much assistance here as well. I insist to know what they are going to do to reimburse me on what I've lost over the years, but since February 2020 I am waiting to hear from them on a solution. I want to know what happened to my money, why is it worth less. I feel some brokers just write a policy to get their commissions and never look after the investment. I am so, so disappointed with Momentum.

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Replies (1)
Momentum (SA)
Momentum (SA)'s reply17 Nov 2020, 15:17
Official
Thank you for bringing your concerns relating to the performance of the underlying funds in your retirement annuity contract to our attention. Please allow us an opportunity to look into this matter and we will be in contact with you soon.

Kind regards
CK