SC
Stuart C

1 reviews | Active since Jan 2016

14 Sept 2017, 21:49

Smart Exit on Provident Fund not Smart at All

After terminating my employment with my former employer with whom my provident was held at Momentum Funds At Work, I was advised by the employer that my funds would be released quickly using the Momentum 'Smart Exit' Process, as this required minimal paperwork.

Two weeks after starting the process, seemingly Momentum lost the entire application process and I have now been requested to start over again and provide all the information that has already been submitted previously, and confirmed. This level of dis-service is usually experienced for government and parastatals.

Additionally, I was copied in on an email intended for Momentum's internal staff only, alluding to giving me the run around unless I was retained as a Momentum customer.

All subsequent queries have been ignored by Momentum. Perhaps a rebranding is in order. Momentum-less. Inertia?

0
Replies (4)
Momentum (SA)
Momentum (SA)'s reply15 Sept 2017, 06:42
Official

Your posting has been noted. I can confirm that a manager will contact you shortly.

Regards

Floraine van Buuren

Momentum (SA)
Momentum (SA)'s reply15 Sept 2017, 15:02
Official

Our Portfolio Head would like to discuss your concerns with you. Regrettably you could not yet be reached on the telephone number provided. We will however continue in our attempts.

Kind regards

CK

SC
Stuart C's update28 Sept 2017, 21:39
Reviewer Update
So Riedwan did phone (and did get through, contradicting CK's post) explaining he would investigate and get back to me within 30 mins. | 30 mins didn't materialize, but 5 days later, on 20 September, I did get a mail which is in the realms of plausibility: > I must humbly apologise for the non-response to your emails thus far. We app**** for a tax directive with SARS in preparation for your payout and SARS issued the directive. Subsequent to that application > additional monies came in (July 2017 premium) which now rendered the initial tax directive incorrect due to the changed benefit amount. We then had to cancel this directive with SARS which takes a couple of days > and for the tax to be reversed. We are now doing a new application and hopefully SARS will respond to us by tomorrow. Once a new directive has been issued we will pay out. So we're now at close of business at 28 September and still holding thumbs.
Momentum (SA)
Momentum (SA)'s reply29 Sept 2017, 15:09
Official

I wish to confirm that we will contact you with an urgent update.