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Mphedziseni M

1 reviews | Active since Nov 2024

11 Nov 2024, 16:30

Provident Fund Withdrawal

I'm writing with a saddened heart because of the treatment I'm receiving from Momentum. My name is Mphedziseni Magodi and I was dismissed from my work on the 01/10/2024. I contacted Momentum Retirement Administrators on the 04/10/2024 enquiring about the process of withdrawing my provident fund. At first the advisor I spoke to sent me a withdrawal form to complete and return it back to them but I received no response from them. On the 21/10/2024 I called in to follow up and I was advised that they received my application and it was captured, I can expect to receive my funds around month end of October.

On the 30/10/2024 I called in again following up as I didn't receive my funds, this time the advisor told me that my application for withdrawal was declined and when I asked why wasn't I informed of the decision to decline my withdrawal, the advisor told me that she can doesn't know. She further adviced that the withdrawals for October will be processed in November and I need to complete and withdrawal form again and send it back and I should also copy her in the her email address ( ***) which I did as she promised to follow up and keep me posted but she didn't. On the 01/11/2024 I called in again to find out if they received my withdrawal form and I was advised that yes my form was received but not yet captured. I then asked the advisor if I am still going to wait for another 6-8 weeks for the withdrawal to be processed and he advised that I'll receive my funds in 7 days time.

After dropping the call, he sent me another withdrawal form similar to the first one I received, which I rep**** to his email with the completed one I had sent a day before. Now this is really not fair and all and it's very poor service from Momentum Retirement Administrators as it's my first time receiving such from them. As someone who is unemployed and have been waiting on those funds to be paid out so that I can can pay me rent and bills, now I can't do that as I don't have anything on me. All I am asking for is my money to be paid out ASAP because as I'm writing to you, I'm owing accounts and people and they both need their money and I also need to survive BUT MOMENTUM IS GIVING ME HELL WITH MONEY THAT THEY KNOW VERY WELL THAT IS RIGHTFULLY MINE.

IS THIS HOW MOMENTUM RETIREMENT FUNDS GROW IT'S INVESTMENT BOOKS BY ROBBING AND CHEATING PEOPLE THEIR MONEY? I KNOW VERY WELL THAT WHAT I AM CLAIMING FOR IS NOT MUCH FROM YOUR SIDE BUT TO ME AND MY FAMILY, IT WILL MAKE A HUGE DIFFERENCE IN OUR LIVES.

I HUMBLY BEG FOR THE RELEASE OF MY FUNDS.

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Replies (1)
Momentum (SA)
Momentum (SA)'s reply12 Nov 2024, 07:54
Official
Dear  Mphedziseni,

Thank you for your post. We have referred the matter to the Fund Administrator for further attention.

Regards,

ND