Momentum without momentum!

I think it's time for a class action against this bunch. They are very good at throwing red-tape at any problem.

I have a matured annuity that I want to call up and transfer to StanLib.

All the forms were submitted on the 22nd of February. I initially wanted to call it in five days early, but the penalty was too high.

They don't answer their phones, it is only for show. They respond to some e-mail messages. The best is to use their chat service. On that service I was assured everything was OK until the 5th of March, four days after maturity. Then they suddenly informed me of a 'Recognition of Transfer' (RoT) that also has to be completed. To obtain it the chat agent sent me on a wild goose chase. The next day my FA received it via e-mail. The date inside is 23 February, but the pdf file shows it was created on the 5th of March. I complained on their FB page, to which they responded via e-mail with a mouthful as if we were sitting on the form for days. That I could prove to them easily.

The form was then sent on to StanLib. Apparently is the manual RoT process no longer allowed, but Momentum keep on insisting it is.

Meanwhile, I have to borrow money to pay my bills at a rate much higher than what they accrue on my money they hold onto so tightly. (Probably they lend the money to the parties where I must borrow and pay exorbitant special fees to pay may bills -- old trick of the insurance industry!)

So I tried to canvas help from the FSB. Over the telephone I was instructed to e-mail a lady, which I did. Three days later she rep**** that it was out of her area. No other advice.

I approached the LT Ombudsman. The call desk redirected me to the Office of the Pension Funds Adjudicator (OFPA). I called them. "No," the helpdesk said, it's a matter for the LT Ombudsman, because it's an RA. Well I then send e-mail to the LT Ombudsman, they swiftly rep**** that the OPFA must help and forwarded the message to them. Then I got a reply that I must complete another form. I did and several days later I got a reply that they need documents. What more than the policy number do they need?

I then called the RA department of the FSB. I followed it up with an e-mail. Now they are waiting for Momentum to reply.

I also contacted Mr Hillie Meyer the MMI Group CEO. I might as well sent a letter to the late Sadam Hussein, the response would have been the same.

The problem is RoT's is something that is really an internal aspect of a Section 14 transfer between FI's. Why should it be any of my concern? Secondly, if they wanted to provide good service they would have contacted StanLib and found a way to proceed with the transfer.

Well several of my friends will be moving their investments away from Momentum. I wonder why? Well I will not advise them otherwise or their friends.

Meanwhile, they collect interest and I must pay exorbitant fees and finance costs. Soon I will no longer be able to do that as well. What then? Everyone at Momentum still gets their pay.