Momentum is not here to help you, don't insure or invest with them

On 06 January 2023 I decided to have a part of my pension fund paid to me as a lumpsum and keep the other part invested with Momentum. After weeks had passed, I lodged a query on the Momentum website inquiring when the money will be paid into my bank account. No response.

On 20 January 2023 I sent an email to *** asking when I can expect the lump sum to be paid into my bank account. Once again, no response. I then lodged a complaint on the Momentum website. They confirmed that the complaint was received on 24 January 2023 (no reference). On 01 February 2023 Momentum responded to my complaint from *** saying “we will gladly assist please do provide us with your member number or ID number”. I rep**** with my member number once again asking when the lump sum will be paid. Still no response. Last week I contacted the financial advisor for our firm, but he hasn’t given me any feedback. Today I contacted Momentum Funds At Work per phone with the same query. The lady I spoke to said that I must first sign and send back the acceptance of the disclosure of the effective annual cost. I then sent it to *** as well as ***. When the acceptance of the disclosure of the effective annual cost was sent to me on 18 February 2023 and 05 February 2023 there was no indication that the lump sum would not be paid out if I didn’t sign it. In fact, it only refers to the “application to the Momentum Corporate Preservation Fund”. I didn’t want to sign it before I received the lumpsum in my bank account. Today I was told that I first had to sign it before my money will be paid out and that it will take 26 business days from the day that I sign it for my money to be paid oud. Why was this not stated in communication from Momentum? On the confirmation email on 06 Jan 2023 it was stated that Momentum would contact me with further instructions. So why was I not contacted with further instructions? What happens to my funeral and life insurance? I’m strongly reconsidering leaving my pension with Momentum as it is clear that you don’t care about your clients or their financial wellbeing. I can’t wait 26 days for my money to be paid out. I need petrol to get to work, I need to buy food, I need to buy electricity.

Please pay my money no later than Friday, 17 February 2023. This is a matter of urgency.

I have now exhausted all my avenues with Momentum. The next step for me is to file a complaint with the Insurance Ombudsman.