LM
Lunga M

1 reviews | Active since Feb 2021

17 Feb 2021, 18:13

Still waiting for my pension fund withdrawal

My complaint is with Telkom Momentum Retirement Fund, I resigned from Telkom on the 22nd of November and my exit was on the 17th of December which was later changed to the 31st of December 2020. After my resignation I got an sms confirmation on the 8th of December 2020 that Momentum is processing my withdrawal and it will take about 4-6 weeks before I can receive payment. Needless to say I received nothing the whole December. And I followed up with them on the 2nd week of January 2020. Since then theres are the different excuses I have received from Momentum until now and still no payment: 1. I was then told that my withdrawal was processed on the 4th of Jan 2020 because they were waiting for my last contribution from Telkom, which they received and then they made another promise that I will received the withdrawal in 4 to 6 weeks. 2. I called again 4 weeks later (which is now 10 weeks from their initial sms on the 8th of December), this time I was told that the payment is delayed because in the system they had to call Telkom to confirm my exit date which was funny because the communication I go 4 weeks back was that it was confirmed on the 4th of Jan and processed. 3. I called in again in week 6 (Week 12), the new excuse was that the payment must be cleared by SARS first and as soon as it is I will get an sms notification that payment will be received (Nothing was received) 4. Week 7 (Week 13), yesterday I called and I was told the payment is delayed because Telkom paid for the January contributions and they will need to refund Telkom and then Telkom will then refund me. For them to refund Telkom will take up to 3 days.

I asked when will I receive my money, Then Lynette Steyn (if that her real name) thumb sucked next week Friday. I asked to speak to the manager (Craig Walker), I was told he will call me and I must leave my number (and how are they going to send me an sms if they don't have my number and I am still waiting for the call). I asked for the complaints department or compliance department, Lynette told me the process is that the manager must call me first. I am still waiting for the call and they seem to be nonchalant about my payment and I did explain that I am leaving the country and I need this money. Still no bother!

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Replies (1)
Momentum (SA)
Momentum (SA)'s reply18 Feb 2021, 08:09
Official
Thank you for bringing your concerns to our attention.

The matter will be escalated to management of the fund in order to provide feedback and assistance.

Kind regards
NH