FE
Francois E
1 reviews | Active since Nov 2016
12 Oct 2020, 13:05
Momentum
I called 3 weeks ago to cancel my two policies with momentum and was told not just by the the agent but the assistant taking my call that I can cancel and receive my money from both my savings and my retirement plan, my agent that signed me up also said, when I asked if I want to stop my both my policies, that regardless when I cancel I will get my money back with a penalty fee if I cancel before the time given, now I'm being told due to law I cannot receive my retirement money after canceling because it exeeds R7000, why would only one out of 3 people know this?, so this I see as ******* and corrupion from momentum side, because they know this but even when asked said that I can get my money when I want to cancel, this is unacceptable to a client when a promise is made from your staff.
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Replies (3)
Momentum (SA)'s replyOfficial
12 Oct 2020, 13:27Thank you for your feedback.
I want to apologise for the different information provided to you, this is not the kind of service we provide to our clients.
In terms of the definition of a Retirement Annuity under Section 1 of the Income Tax Act, no 58 of 1962 (as amended), members of a Retirement Annuity fund are prohibited from withdrawing from the Fund prior to the retirement age of 55 years except where the capital value is R7 000 or less. The only exception to this law is when a member qualifies for early retirement due to ill health, or if members who emigrate/emigrated from South Africa are then allowed to withdraw their funds prior to retirement provided that they are willing to pay the full tax on that benefit, and that the emigration is recognised by the South African Reserve Bank (SARB) for purposes of exchange control.
The value of your policy exceeds R7 000.00.
Your endowment policy will be paid into your bank account within 48 hours.
Kind regards
Michele Coetsee
I want to apologise for the different information provided to you, this is not the kind of service we provide to our clients.
In terms of the definition of a Retirement Annuity under Section 1 of the Income Tax Act, no 58 of 1962 (as amended), members of a Retirement Annuity fund are prohibited from withdrawing from the Fund prior to the retirement age of 55 years except where the capital value is R7 000 or less. The only exception to this law is when a member qualifies for early retirement due to ill health, or if members who emigrate/emigrated from South Africa are then allowed to withdraw their funds prior to retirement provided that they are willing to pay the full tax on that benefit, and that the emigration is recognised by the South African Reserve Bank (SARB) for purposes of exchange control.
The value of your policy exceeds R7 000.00.
Your endowment policy will be paid into your bank account within 48 hours.
Kind regards
Michele Coetsee
Momentum (SA)'s reply12 Oct 2020, 13:27
Official
Thank you for your feedback.
I want to apologise for the different information provided to you, this is not the kind of service we provide to our clients.
In terms of the definition of a Retirement Annuity under Section 1 of the Income Tax Act, no 58 of 1962 (as amended), members of a Retirement Annuity fund are prohibited from withdrawing from the Fund prior to the retirement age of 55 years except where the capital value is R7 000 or less. The only exception to this law is when a member qualifies for early retirement due to ill health, or if members who emigrate/emigrated from South Africa are then allowed to withdraw their funds prior to retirement provided that they are willing to pay the full tax on that benefit, and that the emigration is recognised by the South African Reserve Bank (SARB) for purposes of exchange control.
The value of your policy exceeds R7 000.00.
Your endowment policy will be paid into your bank account within 48 hours.
Kind regards
Michele Coetsee
I want to apologise for the different information provided to you, this is not the kind of service we provide to our clients.
In terms of the definition of a Retirement Annuity under Section 1 of the Income Tax Act, no 58 of 1962 (as amended), members of a Retirement Annuity fund are prohibited from withdrawing from the Fund prior to the retirement age of 55 years except where the capital value is R7 000 or less. The only exception to this law is when a member qualifies for early retirement due to ill health, or if members who emigrate/emigrated from South Africa are then allowed to withdraw their funds prior to retirement provided that they are willing to pay the full tax on that benefit, and that the emigration is recognised by the South African Reserve Bank (SARB) for purposes of exchange control.
The value of your policy exceeds R7 000.00.
Your endowment policy will be paid into your bank account within 48 hours.
Kind regards
Michele Coetsee
FE
Francois E's updateReviewer Update
12 Oct 2020, 13:43I don't have a problem with the fact that it's part of the law and that I can't get my money, even if it puts me in a difficult position, I accept it, I have a problem that even when I asked about that specifically to everyone, except the lady I talked to today, who was very Profesional and helped me out, other than one person you have people that lie to your clients and give false information, I don't know anything about these things and that is being takin advantage of, that is wrong and my review Wil remain as is because of that.
FE
Francois E's update12 Oct 2020, 13:43
Reviewer Update
I don't have a problem with the fact that it's part of the law and that I can't get my money, even if it puts me in a difficult position, I accept it, I have a problem that even when I asked about that specifically to everyone, except the lady I talked to today, who was very Profesional and helped me out, other than one person you have people that lie to your clients and give false information, I don't know anything about these things and that is being takin advantage of, that is wrong and my review Wil remain as is because of that.
Momentum (SA)'s replyOfficial
12 Oct 2020, 13:59Dear Francois
We take note of your contents, we will take the matter up eternally with the agent who provided the incorrect information.
Kind regards
MC
We take note of your contents, we will take the matter up eternally with the agent who provided the incorrect information.
Kind regards
MC
Momentum (SA)'s reply12 Oct 2020, 13:59
Official
Dear Francois
We take note of your contents, we will take the matter up eternally with the agent who provided the incorrect information.
Kind regards
MC
We take note of your contents, we will take the matter up eternally with the agent who provided the incorrect information.
Kind regards
MC