Uncaring Momentum

Subsequent to my Hello Peter Momentum review of the 14/03/2019, I was contacted by a Momentum Portfolio Manager, and I am still extremely concerned about the status of my pension. I was advised that my pension fund was disinvested and bank interest will be allocated from the date of disinvestment to the date of payment / reinvestment. Furthermore, it isn’t Momentum’s policy to email members annual statements that indicate fund growth. As a professional engineer I was fortunate enough to have been employed by the largest Engineering Consultancy in the World. The employees of this company trusted the directors of the company when they chose Momentum as pension fund administrators. It appears that Momentum has the interest of major companies, however, has very little interest in the pensions of individual members once they aren’t part of these companies anymore. Upon resignation or retrenchment it is Momentum policy that you have to withdraw your pension from the fund, and complete a Momentum fund withdrawal form. On this form you basically can transfer your withdrawal to another fund, transfer to a Momentum Preservation Fund or take the entire withdrawal as cash. My pension while I was employed at this consultancy was invested in the Momentum Umbrella Pension Fund, and recently Momentum has advised that my pension can be reinvested in the same Umbrella Pension Fund. Nowhere on the withdrawal form does it give the option for the funds to be reinvested in the same umbrella funds, and nowhere on the form does it mention an appointed broker or that a member must consult an appointed broker. I have received no reply from Momentum to the following which was contained in my email of the 26/03/2019. Based on the following information can someone from Momentum advise if the umbrella or preservation fund would suit me best in regards fund growth. • I don’t plan on withdrawing the money before retirement. • I haven’t got any other type of policy with Momentum. • The money will be left in the fund indefinitely. I sincerely hope that this 567th day since I completed the Momentum funds withdrawal form, will mark the day when someone from Momentum advises me on the above. Regards Doug Mc Dougall

Good day Sue Based on the history of this sorry saga, I would have expected Momentum to acknowledge some degree of fault, offer an apology and be more helpful. On the 12/09/2017 I completed the withdrawal form and was of the opinion that Momentum would send me annual statements reflecting my investment and growth. After not hearing anything from Momentum for over a year, I contacted Momentum on the 01/11/2018 and on the 25/11/2018 and enquired on the status of my pension. Solely due to me contacting Momentum, I was surprised on the 29/11/2018 when I received an Effective Annual Cost (ECA) quotation for my signature authorising the transfer of my pension. Nowhere on the withdrawal form or the ECA does it give the option for the fund to remain in the Umbrella fund, or for a member to understand that they must complete the Preservation section and enter the words INFUND. It is unfair to expect members to appoint a broker and pay broker fees to reinvest in an existing pension scheme. I don’t know the name or details of the fund broker, however, if you could inform the fund broker of my situation and ask him / her to contact me it will be appreciated. I presume that there wont be a broker fee. Regards Doug Mc Dougall