1 reviews | Active since May 2018
Momentum does not want to pay us our claim
Hello Peter,
I am writing to find out publicly from Momentum why they do not want to pay the entire staff of Simply Steak Restaurant our funds at work claim.
They liquidated our accounts in February of 2017. They never communicated with any of their members about the status of our contribution until we discovered ourselves.
We submitted our claim on the 11th of February 2018 and up till now no one has been paid.
They told us our claims will be processed within 26 working days and after waiting for about 41 days we were told they requested 2 letters from our employer. Our employer has since sent the two signed letters and they have been quiet. No communication with any one of us since then.
When you phone them they tell you their legal department is currently handling the matter and they have not yet been given any go ahead to process our claims.
When you ask how long its gonna take, they tell you they do not have a turn around time.
This is really pathetic and unacceptable. At the moment our claims are not yielding any interest since February when we made our claims.
We have saved this money over the years and are demanding a payout from Momentum Funds at work immiediately.
They cannot keep us in the dark and as a financial institution, they are under obligation to tell us what is happening with our money and we as clients have a right to know.
We need our payout immidiately.
Thank you very much for the feedback that you have provided to us. You will be contacted shortly.
Regards,
N D'Arch
Thank you very much for the feedback that you have provided to us. You will be contacted shortly.
Regards,
N D'Arch
Good Day
This is a liquidation and there are requirements which have been set and no claims may be paid before these requirements have been met.
I would suggest that you contact your previous employer for further informations.
Kind Regards
Sue
Good Day
This is a liquidation and there are requirements which have been set and no claims may be paid before these requirements have been met.
I would suggest that you contact your previous employer for further informations.
Kind Regards
Sue
Good Day
I am fully aware of the situation with regards to this liquidation and confirm that we are not unwilling to pay out claims, there is a due legal process to be followed and we are following the correct process.
Fund Rules stipulate that if an employer has failed to pay contributions over to a Fund for a consecutive three months, such an employer will be terminated in the Fund in terms of section 28(2) of the PFA
Timeframe
It can take up to year and beyond a year to finalise a full liquidation
In an effort to avoid all of the above and that the scheme be terminated in terms of Section 28(17) of PFA, which is a shorter route and does not prejudice members, we require the following:
This was the mail sent to your Employer where our legal department outlined what was required in order that we may apply for a liquidation exemption.
I am therefore not in a position to advise you of a time frame as to when the claim will be finalised.
We are reliant on the receipt of information which has been requested before we can submit this scheme information regarding the liquidation to the relevant parties.
hence my response that I would suggest that you contact your employer as all the feedback and requirements are sent to them.
Kind Regards
Sue
Good Day
I am fully aware of the situation with regards to this liquidation and confirm that we are not unwilling to pay out claims, there is a due legal process to be followed and we are following the correct process.
Fund Rules stipulate that if an employer has failed to pay contributions over to a Fund for a consecutive three months, such an employer will be terminated in the Fund in terms of section 28(2) of the PFA
Timeframe
It can take up to year and beyond a year to finalise a full liquidation
In an effort to avoid all of the above and that the scheme be terminated in terms of Section 28(17) of PFA, which is a shorter route and does not prejudice members, we require the following:
This was the mail sent to your Employer where our legal department outlined what was required in order that we may apply for a liquidation exemption.
I am therefore not in a position to advise you of a time frame as to when the claim will be finalised.
We are reliant on the receipt of information which has been requested before we can submit this scheme information regarding the liquidation to the relevant parties.
hence my response that I would suggest that you contact your employer as all the feedback and requirements are sent to them.
Kind Regards
Sue
Good Morning
Yes the process still needs to be followed.
Kind Regards
Sue
Good Morning
Yes the process still needs to be followed.
Kind Regards
Sue
This was explained in detail to you last year and no one has de*****ed you.
We received confirmation from the FSCA on 12 March 2019 that we can process the claims.
The process can take 26 working days.
You are welcome to call the admin team during the course of next week to determine the progress of your claim. the number is ***
Regards
Sue
This was explained in detail to you last year and no one has de*****ed you.
We received confirmation from the FSCA on 12 March 2019 that we can process the claims.
The process can take 26 working days.
You are welcome to call the admin team during the course of next week to determine the progress of your claim. the number is ***
Regards
Sue
Kind Regards
Sue
Kind Regards
Sue
I have tried to call you to confirm that your claim has been paid.
Kind Regards
Sue
I have tried to call you to confirm that your claim has been paid.
Kind Regards
Sue