1 reviews | Active since Feb 2017

01 Feb 2024, 11:05

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

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Replies (3)
's update01 Feb 2024, 13:46
Reviewer Update
Your so called comprehensive reply covers everything except my original complaint about the mistake made by Momentum on the November 3, 2023 quotation. It looks like you deliberately avoid that part to protect the person responsible for the mistake rather to admit the mistake and rectify it. I am very disappointed in your service due to the fact that I have not only lost two months wages but also a part of my income as quoted on the November 3, 2023 quotation for the rest of my life. Kind regards
's update01 Feb 2024, 17:20
Reviewer Update
That I can understand your quotation for the 3 November 2023 been correct it would have been signed. I have been messed around for almost 2 months before the tax deduction was actually rectified, and you will also notice it was signed under protest due to the fact that I was to lose 2 months plus a certain amount of income for the rest of my life
's update02 Feb 2024, 06:46
Reviewer Update
01 Feb 2024 at 17:20That I can understand your quotation for the 3 November 2023 expired. Had it been correct it would have been signed. I have been messed around for almost 2 months before the tax deduction was actually rectified, and you will also notice it was signed under protest due to the fact that I was to lose 2 months wages plus a certain amount of income for the rest of my life 02 Feb 2024 at 06:37Your excuse that the quotation expired is also invalid. You were well aware there is an objection about the quotation therefore it should have been put on arbitration to resolve the problem and therefore the expiry is invalid and *******. It looks like you just choose the easy way out which is totally unacceptable and *******