The only financial success Momentum cares about is their own

Momentum seems to pride itself in success and tries to sell this as a brand promise. But I have experienced nothing but failure from Momentum in the last couple of months. Fortunately for Momentum, as a company they only stand to benefit from this failure and me, the client ends up running around from pillar to post to correct the failure they have imposed on me.

End September 2020 I resigned from my job where I had a Funds At Work pension. I have also been a Investo Retirement Annuity client since early 2009. When completing the withdrawal documents, I opted to have my pension be paid over into a my Momentum Retirement annuity. My employer’s broker got my policy details from my broker and the information was sent through to Momentum.

A month later, nothing had happened and Momentum sent me a sms, asking me to phone back regarding this withdrawal. Upon phoning Momentum, it turned out that none of the withdrawal information was ever captured. So again I got my employer’s broker and my broker to send through the information.

On November 30th I received a notification that the withdrawal was successfully processed, but the amount was not reflecting in my Retirement Annuity. I decided to give it a few working days. By the 20th of December the amount was still not reflecting in my Retirement Annuity. So I phoned and the call centre agent asked me to look at the details that was captured for the withdrawal. It turns out that someone at Momentum instructed that the money get paid into Momentum Wealth Retirement Annuity’s bank account, which as a customer I have no way of knowing that this is not the correct account for Investo Retirement Annuities. I then had to send an email to a generic email address instructing them to pay the money to Investo. (See where I’m going with the story that I’m being asked to correct all the mistakes made by Momentum).

Now we are approaching Christmas and my broker tells me that we will have to wait and see when the money gets paid over, because the departments are already on leave and will only get back in January.

This is utterly disappointing. I sincerely regret not transferring my pension fund into a pension preservation fund with Allan Gray as I usually do. I thought that staying with the same company will smooth over the process. The exact opposite has happened. For 3 months now, my pension money is sitting in your bank account, generating wealth for Momentum and not for me, all the while your are collecting fees and not delivering a service. Your brand promise is an absolute joke when I consider this.

I’m sure that you will ignore just like my mails. But on the off chance somebody does read this, please consider investing your money with companies that take their services to customers seriously. Momentum's internal processes and communications leave them open to ***** and you should invest your money wiser than this.

They spending millions on redesigning websites and building apps but a client has to deal with different departments as if they are different companies.

Momentum has failed me, and my financial success will not be a result of their influence or products, but of my own ability to navigate their utterly *********** internal processes.