Product Sold based on False information

Dear Hello Peter,

I recently had an unpleasant experience with Momentum and I feel that I need to share it. My name is Thabiso Motloung and I had a Retirement Annuity product with Momentum. I was sold this product by one of their agents Mr Mampuru who assured me that it was tax-free.

However, when I claimed my payout at the age of 55, I was shocked to find out that the entire payout was paid on my behalf to Sars. I was told to take up any issues with Sars, leaving me with no recourse.

I am extremely aggrieved and feel that I was sold a product based on false information. It is unacceptable that an insurance company with a reputation like Momentum could mislead their clients in this manner.

I urge anyone considering taking out a Retirement Annuity with Momentum to do their research and make sure they have all the facts before committing to a product.

I hope that by sharing my experience, I can prevent others from going through the same ordeal. I personally would not advice or recommend Momentum to anyone. Bunch of dishonest people