SH
Stanley H

1 reviews | Active since Nov 2020

17 Nov 2020, 20:27

Non payment of retirement annuity

I turned 55 years on the 5th October and I app**** for my retirement annuity on the 7th October through my financial advisor at Old Mutual. 3 weeks after that I called the advisor to make a follow up on my claim. His response was that old mutual was having a backlog. He gave me a whatsapp and sms numbers to make the claim myself but nothing happened. I decided to go to their Alberton Branch to get assistance. They started afresh with my application. Last week on Friday I went to Alberton and they Branch Manager confirmed that they did receive my confirmation that they must proceed with the claim, a last step in the process. Today (Tuesday) I went back to the branch but the manager was offsick. The lady assisted me, Mandlakazi was treated me with arrogance right at the start. I am frustrated and they claim that I did not send my confirmation to them. They wrote another confirmation which they said I must sign, which I did. What irritates me was the fact that Mandlakazi refused to get the manager at their customer care so that I can talk to him or her. I want my money urgently as I am no longer employed and I am facing legal challenges. Old Mutual is reluctant to give the money I worked for so hard. Tomorrow I plan to go back there and stay in their offices until my money is paid out. I cannot suffer because of their *********** staff members some of who are arrogant like Mandlakazi at the Alberton branch. My kids will have to avoid Old Mutual for the rest of their lives as I am never satisfied with the service, worse still, I have invested money with them for over 15 years but the pay out is less than R200 000. I really disappointed and angry. This time I am going to take harsh stand until my money is paid.

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Replies (3)
Old Mutual
Old Mutual's reply18 Nov 2020, 11:08
Official
 Dear Stanley

Thank you for the review.

We apologise for the frustration and inconvenience caused.

We will investigate and resolve the matter with you directly.

Regards
Old Mutual Complaints Management 
SH
Stanley H's update18 Nov 2020, 16:20
Reviewer Update
Good day. Unfortunately even today, I do not have my money in my bank account. At this stage every single day that passes without my counts. Today I went to the Alberton branch again. Sadly the feedback I got from the Branch Manager is questionable. Last week Friday he phoned someone about this matter and that person indicated that they are being delayed by SARS, as they have have sent my info to SARS last week on Monday already. Today, the feedback changes, and he is saying that my info was sent to SARS yesterday and they are likely to get feedback by tomorrow, and they will then release my money.
I was hoping to have the money by now so that I can renew my car's licence disc which expired last month. The grace period will end this coming Friday. If I fail to renew it, I will unfortunately have to pay the penalties. I will surely claim that from Old Mutual through the courts, as I will not allow myself losing additional money after they have taken about R15 000 in total from my savings.
The worst thing is that I was not allowed to talk to anybody at their head office unless I call on my own. The branch Manager promised that someone from Head Office will call, that was a promise he made last week Friday. To date, no has bothered to call. Honestly, I do not need any apology from them, but my money. I will be getting there again tomorrow as the branch manager requested me to give him time until tomorrow at 10.
I am really frustrated, my daughter who is studying through UCT, does so online and we keep running short data, which is an inconvenience to us as family. No one is employed in my house and there is therefore no monthly income. I wish someone can understand my situation and give me my money urgently. I receive calls daily from lawyers and debt collectors. I no know what to tell them as Old Mutual is keeping my money with them. I am really frustrated and very angry. I wish that one day some of them could experience my situation, may be they will learn to service customers very well. I now understand why someone even went to extent of taking dead body to their offices as they could not bury them because of the appalling service at OM. Its really bad, I no longer what else should I do.....
SH
Stanley H's update19 Nov 2020, 17:39
Reviewer Update
Its the end of yet another frustrating day on my side, while Old Mutual had a normal day. I am really frustrated as no proof of payment has been sent to me indicating that my money will be in my bank account soon. Instead, what I received from Old Mutual is an sms indicating that "the request to finalize the early retirement has been received..... and funds will reflect within 15 working days into my account"... This is disturbing as each day that passes by without my money, means that I am getting deeper into trouble. This means again that I still have another 15 working days to wait for my money, which might reflect into my bank account around the middle of December if I am lucky. I have lost hope. The process of my claim started on the 7th October 2020 when Mr. Veli Masinga (old mutual financial advisor) came to my house to assist me with the claim application form and to collect it with other relevant documents. Today is the 19th November and no money has been transferred into my bank account. What irks me and hurts me even more is the fact that no one from old mutual head office is prepared to call me just to explain what exactly is the cause for this delay. I do not need any apology from anyone as apologies come after the fact and they are meaningless to me. Had I known what I was putting myself through, I would not have invested my money with old mutual. I feel I have failed myself, my wife and my children. I have run out of options. I must start selling some items such as my car and the fridge which runs empty daily. Its almost month end and old mutual workers will be smiling on their way to the bank. It seems no one cares about my plight and that of my family. There is no income in my house since March this year, as my wife and I are not employed. Enjoy the salaries guys, you have nothing to lose, and possibly nothing to gain by paying my money. I think that public deserves to know this