1 reviews | Active since Nov 2015
EMPTY PROMISES AND NO PAYMENT
I resigned from IUA Business Solutions on the 31/08/2015. My pension fund and provident fund was transferred from a previous company that I worked for to NMG. My provident fund was paid out but I was told that there will be a delay with my pension fund payout because of a rule amendment. JP from NMG is supposed to be handling this matter. I have been calling him for the past three months and he always tells me the same story that they are waiting for FSB approval and it will be sorted out soon. Last week he promised me that everything should be sorted out by the 27/11/2015. When I called to follow up (as I always have to do) I am being told that the matter is not resolved as yet. This is absolutely pathetic service! I have other colleagues that resigned before I did and they also did not get their payment. This is really frustrating and it is not fair on me that we have to wait for so long for my money!
Dear Venisha,
Apologies for the late response, as we have been dealing with your concern raised in terms of the payment of the claim. We are happy to confirm that we have discussed the complaint raised by you with the Principal Officer of the Fund and it was agreed that due to the fact that you had to be paid out during the section 14 transfer, we could go ahead and make payment.
The initial problem regarding the payment of the claim was that it was never dealt with by the previous administrator and therefore we received your monies in terms of a section 14 transfer. Due to the fact that the Bidvest transfer was a dual fund transfer and our Funds did not accept paid-up benefits, we could not allocate your monies to the respective funds to make payment. This delayed the process as we had to seek approval from our Board of Trustees to allow for paid-up benefits to be accepted on the Fund.
We therefore had to wait for the Trustees to sign a Rule Amendment allowing for us to allocate benefits to the Fund. However we have resolved the complaint with the Principal Officer and payment of the claim will be made in due course.
Kind Regards
JP
Dear Venisha,
Apologies for the late response, as we have been dealing with your concern raised in terms of the payment of the claim. We are happy to confirm that we have discussed the complaint raised by you with the Principal Officer of the Fund and it was agreed that due to the fact that you had to be paid out during the section 14 transfer, we could go ahead and make payment.
The initial problem regarding the payment of the claim was that it was never dealt with by the previous administrator and therefore we received your monies in terms of a section 14 transfer. Due to the fact that the Bidvest transfer was a dual fund transfer and our Funds did not accept paid-up benefits, we could not allocate your monies to the respective funds to make payment. This delayed the process as we had to seek approval from our Board of Trustees to allow for paid-up benefits to be accepted on the Fund.
We therefore had to wait for the Trustees to sign a Rule Amendment allowing for us to allocate benefits to the Fund. However we have resolved the complaint with the Principal Officer and payment of the claim will be made in due course.
Kind Regards
JP