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Nomadinga N

1 reviews | Active since Feb 2019

20 Aug 2020, 14:37

Living annuity withdrawal.

In 2018 December I retired from work. The retirement age for the company I was working for is 63 years. I had been with that company for 7 years only. Prior to that I had been retrenched a number of times therefore the only pension I had in 2018 was the one I had worked for the 7 years only. I could only take a 3rd of it and the 2 third was used to create a ten year living annuity. When I retired I had some debt to pay and for the 1st year of my retirement I managed because I was still getting UIF. My last UIF payment was for the month of February 2020 this is when my troubles started. I have debt including a mortgage bond. I then wrote to Sanlam Glacier ( I invested with them and they created a ten year living annuity for me in order to get some monthly income for ten years) I wanted to find out from Glacier if I could withdraw a certain amount from my annuity in order to at least reduce some of my debt especially my mortgage bond, they said because my investment is slightly over R127000.00 ( One hundred and twenty seven thousand rands) I cannot do so. They advised that the National Treasury is the regulator and they cannot go above those rules. I then wrote an email to National Treasury to: Noeline Scholtz asking if there is a possibility that they could rely their rules especially in this tough times. I wrote to her on the 6/8/2020 I haven't received a response from them. Before this pandemic I had secured a partime job which I was going start in March unfortunately this fell off due to the lockdown. This job would have helped me in paying off the debt I have especially my mortgage. I also wrote to the office of the Presidency no one came back to me. I am now asking what do we do in a case like this when we are struggling with food and could also loose our homes. I am not asking for a handout but simply asking that I get part of my investment, why can't they amend the rules in these rough and tough times. I am pleading with you MR President to help us. Thanks

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