rM
robert M

1 reviews | Active since Mar 2009

18 Mar 2015, 16:09

Huge fees charged on my invested money

I started a retirement annuity with Old Mutual in the year 2000. I now have decided I would like to transfer the retirement annuity from Old Mutual to Coronation as I feel the my investment will grow better with. <br> <br> When I asked Old Mutual to send me the forms for the transfer they gave me a pricing for transferring the funds out of their retirement. I nearly fell off my chair when I saw the amount. They are charging me nearly 30% of the value of the fund. I find this totally outrageous as they have been charging their broker fee and any other fees on the account for the past 15 years and now want to charge me 30% on the money I have invested with them before I can move it. They are basically trapping me into staying with them, as it will take me a few years to recover that money. I find this extremely *********. This is my hard earned money and I should have the right to invest it where I feel it will grow more. I am not drawing the money on the policy, I am just transferring from one retirement to another.<br> <br> I would not recommend investing with Old Mutual as they Tie you into contracts that you cannot get out of without giving up half your hard eared money.<br> <br> Regards<br> <br> <br> <br>

0
Replies (1)
Old Mutual
Old Mutual's reply18 Mar 2015, 16:57
Official
Hello robertma,

Thank for informing us of your concerns.

I am investigating the transfer value and will be in contact with you.

Regards

Kareemah Sulayman | Complaints Assessor
OMEM CST Complaints Management
Old Mutual Life Assurance Company (SA) Limited
Licensed Financial Services Provider