Shady and disappointing dealings by Momentum Corporate (Retirement Fund Administration)

I am writing this review to express my sheer disappointment and shock at the service levels, or lack thereof, of Momentum Corporate (Retirement Fund Administration). Their total disregard for clients is just sad.

I resigned from my place of employment, Transnet National Ports Authority, at the end of October 2024 and started the process to withdraw my funds with the help of our HR department. After completing and signing the forms, the claim was submitted on the 14th of November 2024. Momentum did not acknowledge receipt. HR had advised that it would take a month for my retirement funds to be deposited into my bank account.

We started following in December 2024 and our calls and emails were left unanswered to we assumed that the department was on the holiday shutdown. Emails were also left unanswered.

On the 6th of January 2025, I resumed my follow-ups via email and telephone. The emails were left answered and to date I have spent over R800 on airtime calling the numbers provided, only to be told that Transnet has its own department and I cannot be helped. I was transferred to said department and I was on hold for over 50 minutes. I finally dropped the call when my airtime ran out. When I topped up my airtime, I finally got through to someone who confirmed that my funds were still in the vested fund and she would transfer me to the correct department. I was on hold for over 32 minutes and did not manage to get assistance.

I also requested that Momentum share my Benefit Statement with me as I last received one in August 2023, and was in the dark about the amount that I was requesting to withdraw. This request has also been ignored.

On the 7th of January 2025, I received a call from a lady at Momentum Corporate (Retirement Fund Administration) who very casually said to me that my claim had been rejected as Transnet used the incorrect form to claim my funds. Neither the HR team or myself were advised by Momentum that my claim was rejected. Had I not followed up, I would still be in the dark. This is unbelievable and unfair - and no one wants to take accountability for Momentum's treatment towards me. Weirdly, a similar claim was sent along with mine and that claim has been paid out. Yet, mine was rejected without informing me and HR.

After a back and forth, mixed with zero accountability from Momentum, we signed the new claim forms on the 9th of January 2025.

I have been following up weekly and I am told the claim is in progress, and still no news on my benefit statement. I am in the dark about what I am withdrawing.

I have made it explicitly clear that I need my funds deposited into my account by the 31st of January as it has almost been 3 months since I have left my employer and I am in financial distress. A distress that could have been avoided in Momentum communicated with its members.

I am deeply disappointed in this organisation and I need someone to escalate this matter and provide me with concrete feedback and assurance that my funds will be deposited into my account at the requested time.

My emails from 21 January 2025 to date have not been responded to. I have sent another one today and I am confident that it will also be ignored.

I can be contacted on *** and ***

Thanks.