NS
NOMAWETHU S

1 reviews | Active since Dec 2013

16 Feb 2019, 09:11

Momentum Head Tracey Basson :cant release the living income from 1937 to 5000 as requested

retirement income option . i am doing this on behalf of my father who investment is at Momentum . they give him 1937 monthly . and in november they write a letter that the living income should be increased to 5000 each month. Now they said they never received the documents and they decreased the money to 1768 . My father is unhappy as he is done this and sending all the documentation so the 5000 should kick in in January . Now they sent a letter stating that they decreased the monthly funds to 1768. as they never get any correspondence from my father . I would like to report to you and assist us as my father is suffering because everything needs to be paid in that 1937 .. there food ; water; electricirty and medical expenses the 1937 was not enough hence he needed the 5000 . so now they keep on sending him from pillar to post . everytime he visits Pe Branches stating that money will be deposited in 3 days but nothing .

0
Replies (2)
Momentum (SA)
Momentum (SA)'s reply18 Feb 2019, 07:05
Official
Thank you for bringing your concerns to our attention. The matter will be escalated to management for urgent assistance.

Kind regards
Natasha
Momentum (SA)
Momentum (SA)'s reply18 Feb 2019, 09:00
Official
We have received the following feedback from management.

The instruction that Momentum received  was not completed correctly and instead of requesting 17.5% Income, you completed the instruction as 17.5% tax to be taken hence, the reason for the short payment . 
As confirmed with the Retirement Income team we will correct the income for January 2019 and then monthly thereafter to pay you correctly.

Kind regards
Natasha