Selling old platform products to milk you dry

<p>Momentum sent me an advisor who a few years ago sold me an annuity - alledgedly the best on the market. 5 years on and PPS informs me I am paying double what I should (proof: ALL profits were taken by Momentum). If you add Momentum and inflation together I was losing around 12% per year nevermind beating inflation. The problem was that they put me on an old platform where you are trapped by exit penalties and very high management fees (5% plus). Low cost annuity platforms were introduced in 2008 that allow you to keep more of the profits your money generates and allows you to move away from a company if unhappy (without penalties). Momentum surely knows this and still sold me an old product just to trap me and milk me. I still left, but only after another R few thousand of penalties.</p>