Momentum-Pension payout further delayed
My health was badly affected by Covid 19 and as such I planned to take early Retirement from 01 October 2021.All paperwork was completed with my broker before 01/10/21. My broker followed up regularly regarding my pension payout and eventually on 18 November 2021 Momentum paid in to my bank account an amount in excess of R 1.1 million.My instruction with my broker was to pay an amount of R500k (viz the maxinum tax free portion payable).When I saw this payment I immediately requested that my broker arrange to have this payment reversed.Was told that I needed to pay the money back which I duly did. We are today at November month end and still no payment. My broker has followed up and advised that Momentum is waiting for the tax to be resolved with SARS and anticipated date of payout is a further 2 to 3 weeks.This delay is completely unacceptable to me. The anticipated time period for processing a pension is 4 to 6 weeks.A further 3 weeks waiting will take my payout to 11 weeks. Do I get compensated for loss of income? How can it take this long when our automated systems are so advanced. I am not having it and the whole experience has been very disheartening.I will be looking to take my pension elsewhere as I need to work with an Institution who shows the necessary urgency to resolve this situation.
Thank you for the opportunity to be of assistance to you. A manager from our Employee Benefits department will contact you shortly.
Regards,
ND
Thank you for the opportunity to be of assistance to you. A manager from our Employee Benefits department will contact you shortly.
Regards,
ND
