Pension Problem
My pension at Momentum was shifted from one plan to another At reception of the quotation on 3 Nov 2023 I noticed there was a mistake regarding the tax deduction. The amount of income quoted did not justify the amount of PAYE Momentum wanted to deduct. According to the SARS tax tables for 2023 - 2024 0% tax was to be deducted for the amount of income I was quoted to receive at my age. Momentum was notified immediately about the mistake. Momentum then started to argue about the complaint. I was the forced by Momentum to go to the receiver of revenue to obtain a tax directive for 0% deduction on my quoted income. The Receiver then explained to me that only the company deducting the tax can apply for a tax directive and they (the receiver) do not issue a tax directive to the tax payer. I then went ahead and submitted the reply from SARS regarding the tax directive. After plus minus 2 months Momentum was able to remove the tax deduction from my income, which sounds fair. BUT by that time I have lost 2 months wages and a lower income although the original amount became more due to interest on the investment, the final quotation issued by Momentum was signed under protest due to (as explained) the two months wages lost and a lower income for the rest of my life. Many emails were exchanged between Momentum and myself to try and resolve the problem, but with no success. Momentum does not want to address the original complaint regarding the tax deduction on the first quotation. Every other email Momentum came up with a different explanation or excuse, some of the explanations very complicated just to confuse me and even my PFA at Momentum. Momentum now came up with excuses of the "Rate of the day" (which I do understand) that is why my income is now lower, BUT no acceptable explanation why the incorrect tax deduction couldn't be rectified in the first instance. I would be very pleased if you could assist in resolving this issue
