AM
Aloysha M

1 reviews | Active since May 2012

07 Oct 2016, 11:42

Retirement Annuity transfer fees

<p>Policy GE ********** 13.</p> <p> </p> <p>I am not getting a direct reply of how much fees were dedected from my contributions to my Retirement Annuity policy since it started in 2005. I have given instruction to transfer my RA as the fees are HIGH and the performance of the prescribed portfolios are very POOR. I have been quoted additional fees of 15.625% of fund value which I feel is too high as fees have already been deducted regularly for 10 over years i.e. allocation fee, Admin fee, Management fee. The transfer fee is more of a penalty for leaving Momentum!</p> <p> </p> <p>I woud like a total of all fees deducted over the life of the policy as well as a waiver of the quoted transfer fee.</p> <p> </p> <p>Regards</p> <p>Aloysha</p>

0
Replies (3)
Momentum (SA)
Momentum (SA)'s reply07 Oct 2016, 13:25
Official

We appreciate you bringing your concerns to our attention and we will look into the points raised and will provide you with feed-back during the course of the day.

Kind regards

M Coetsee

Momentum (SA)
Momentum (SA)'s reply07 Oct 2016, 15:05
Official

Communication will be send to your e-mail address with regards to the alternative options available.

Kind regards

Michele Coetsee

AM
Aloysha M's update13 Oct 2016, 16:16
Reviewer Update

Hi Michele

Just for the record, Momentum remained adamant that the 15% of fund value costs is due to them.

I have agreed to the charges only because I will be doing an injustice to myself by arguing any further.

What Momentum has done is not prudent.

Regrads