FN
Frankline N

1 reviews | Active since Nov 2019

07 Nov 2019, 10:27

Momentum doesn't like paying out.

Not happy at all about the service that myself and ex colleagues of a closed business are receiving from Momentum Funds at Work. My previous employer submitted all the required paperwork after the business closed down on 31 August. From there on Momentum has not been very open to us about when exactly we will be paid out our moneys. They were very timeous when it came to the deductions every month which we had no problem with but now that we have to receive our payouts, it seems to be an issue as if we are borrowing money. Momentum this is my money and i want it. And so do the other 40 plus ex employees of the closed down business. I take this to be a very evil act on Momentum's part given the harsh economic conditions we are facing as a nation now and someone or some people (Momentum) owe us money but don't want to pay. This is wrong and i won't stop till I'm paid what i'm owed.

0
Replies (3)
Momentum (SA)
Momentum (SA)'s reply07 Nov 2019, 10:28
Official
Thank you for taking the time to inform us of your concerns. It has been referred for the attention of the relevant department. 
 
 Kind regards
 CK 
Momentum (SA)
Momentum (SA)'s reply07 Nov 2019, 10:36
Official
Good Day

Momentum understands your concerns. This is a liquidation and in terms of the Pension Funds Act we are obliged to follow due process. We will communicate with all the members when we have received the relevant approval.

Regards


Sue
FN
Frankline N's update07 Nov 2019, 11:54
Reviewer Update
You see this is exactly the problem as your response still leaves us in the dark as to when we will be paid out our money. So good at collecting money but very poor when it comes to payouts and giving members detailed information regarding my money. Not very good service from a so called "reputable" company.