1 reviews | Active since Jun 2009
Bad service when having to refund client's money
In 2003 my wife was retrenched. Her pension was paid to her as part lump-sum and part annuity with Old Mutual. This was her money invested with Old Mutual. On Saturday 25-05-2019 she passed away. As her daughter and I are beneficiaries it was required of us to visit a branch together to complete the necessary documents to get the money paid into our respective accounts. We did this on Wednesday 19-06-2019. As she lives in Nigel, I went to Nigel, picked her up and then went to the Heidelberg Mall branch of Old Mutual. We submitted all the required documents and were informed that it will take about 10 working days to finalise. This was stated on the Transaction Summary. On Thursday 25-07-2019 I contacted the Old Mutual call centre on ***. I was informed that the claim is on their system, but that nothing has been done about it yet. On Monday 29-07-2019 I went to the Braamfontein branch. The consultant contacted their call centre and was informed that the matter is still pending. This consultant told me to wait five days and then contact the call centre again. I cannot understand why I must do all this follow-up and put up with all this aggravation just to get my wife's money back from Old Mutual. They should have been keeping my informed and notified me if there is some form of delay.
Thank you for the review. We apologise for the inconvenience caused. I called on your cellphone number without success.
We do apologise for the inconvenience caused. We will investigate and resolve the matter with you directly.
Regards
Brent Sellidon
Old Mutual Complaints Management
Thank you for the review. We apologise for the inconvenience caused. I called on your cellphone number without success.
We do apologise for the inconvenience caused. We will investigate and resolve the matter with you directly.
Regards
Brent Sellidon
Old Mutual Complaints Management
Good day Thomas
Please accept my apology for the delayed response.
Your wife purchased a life annuity with Old Mutual, in exchange for her cash lump sum, Old Mutual agreed to pay her an income for the rest of her life with a guaranteed 10 year term.
If she had passed on within the 10 year guarantee period, Old Mutual would have continued the income for the remainder of the guaranteed period to the beneficiary.
She had however passed on after the guaranteed period and therefore the income ceased on her death. The investment however holds no value and therefore no claim amount payable.
Kind regardsBRENT SELLIDON
My answer to Mr. Sellidon:
So, does this mean that we must just write off the R71000 that my wife entrusted to Old Mutual.
When this life annuity was offered to my wife, after she was retrenched, I cannot remember that any mention was made by the agent we dealt with about Old Mutual agreeing to pay her an income for the rest of her life with a guaranteed 10 year term. Surely Old Mutual should have notified us when the ten year term was nearly up so that we could decide what to do about this R71000. This also means that in the 10 years Old mutual would have paid her only about R58000 in total, although they took R71000 from her pension payout.
I now really believe that Old Mutual, as a company, are a bunch of ******.
As soon as my new funeral policy kicks in I will definitely cancel my Old Mutual one. I will write off the ± R16000 I have paid so far just to have the peace of mind that when I die my daughter will receive the funds to cremate me without the problems.
Good day Thomas
Please accept my apology for the delayed response.
Your wife purchased a life annuity with Old Mutual, in exchange for her cash lump sum, Old Mutual agreed to pay her an income for the rest of her life with a guaranteed 10 year term.
If she had passed on within the 10 year guarantee period, Old Mutual would have continued the income for the remainder of the guaranteed period to the beneficiary.
She had however passed on after the guaranteed period and therefore the income ceased on her death. The investment however holds no value and therefore no claim amount payable.
Kind regardsBRENT SELLIDON
My answer to Mr. Sellidon:
So, does this mean that we must just write off the R71000 that my wife entrusted to Old Mutual.
When this life annuity was offered to my wife, after she was retrenched, I cannot remember that any mention was made by the agent we dealt with about Old Mutual agreeing to pay her an income for the rest of her life with a guaranteed 10 year term. Surely Old Mutual should have notified us when the ten year term was nearly up so that we could decide what to do about this R71000. This also means that in the 10 years Old mutual would have paid her only about R58000 in total, although they took R71000 from her pension payout.
I now really believe that Old Mutual, as a company, are a bunch of ******.
As soon as my new funeral policy kicks in I will definitely cancel my Old Mutual one. I will write off the ± R16000 I have paid so far just to have the peace of mind that when I die my daughter will receive the funds to cremate me without the problems.