FK
Frikkie K

1 reviews | Active since Aug 2023

07 Aug 2023, 15:28

Momentum give incorrect quote and get away with it. Unacceptable

I would like to inform every one of my Momentum unacceptable services. Telkom Retirement fund is managed by Momentum so when I decide to eventually take my pension, I requested a quotation from them. After various issues they send me a quote indicating my amount that I will receive monthly. I accepted the quote and app**** to take the Live Annuity with them and app**** for the monthly pension. Great was my surprise when I received my pension the first month and it is more than R2700 less per month than what was quoted for. I immediately send a mail for them to investigate and below is the feedback received.

""The quotation that was provided to you was based on the calculation factors of 01/08/2022 and not 01/04/2023 thus is why the quotation provided was overstated. When your claim was processed, the correct used the 01/0/2023 factors, which was correct to calculate your monthly pensions. Kindly accept our humblest apologies and I should’ve pick it up as well.""

Strangely the request for a Quote was send in May 2023 so how bad is it to then us a factor of August 2022 Please take note of this service that Momentum delivered to me. It is a small mistake they made that affect me with more than R32000 less per year than what was indicated to me. Not acceptable as far as me. And all they say is ...sorry we made a mistake. The person that assisted me from Momentum was Charmaine Constable .

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Replies (2)
Momentum (SA)
Momentum (SA)'s reply07 Aug 2023, 16:02
Official
 Dear Frikkie
Thank you for your message.
I have referred your complaint to the the Funds at work team for urgent assistance.
Kind regards
Mvdm 
Momentum (SA)
Momentum (SA)'s reply07 Aug 2023, 16:25
Official
Dear Frikkie
I refer to my previous correspondence and confirm that this matter has been referred to Senior Management and feedback 
will be provided once a full investigation has been completed.
Kind regards
Mvdm