1 reviews | Active since Oct 2016

11 Nov 2025, 09:44

Old Mutual delayed payouts!!!

I have a retirement annuity with Old Mutual that would pay out when I turned 55. My birthday was in February, but received the Old Mutual Maturity Letter on 2 September 2025 that the funds would be made available on 1 November 2025. I discussed what I wanted to do with my financial adviser and then requested the neccessary forms from Old Mutual on 5 September. My financial advisor did warn me that Old Mutual is one of the financial companies that takes excedingly long to pay out. As I now anticipated a delay, I proceeded to complete all the necessary forms and submitted this to my financial adviser along with all the neccessary documents required to process the transfer of funds, which in turn was submitted to Old Mutual. On 5th September I made enquiries from Old Mutual, and only received a reply on 15 September stating "The pay-out is subject to the approval of SARS." I know for a fact that with everything with SARS, it should not take more than a week. Since then there was no follow up on how long the process takes or what the progress is. When I made enquires yesterday via email, I did at least receive a fairly quick response this morning stating "I have escalated the matter for urgent feedback in this regard". Today is the 11th of November. Let's see how long it takes for me to eventually get the funds owed to me.

0
Replies (3)
Old Mutual
Old Mutual's reply11 Nov 2025, 10:40
Official
Good day Heila B,

We acknowledge receipt of your review and extend our sincere apologies for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you should further information be required.

Regards
Old Mutual Complaints Management

Best regards,

's update12 Nov 2025, 23:20
Reviewer Update
Thank you for your prompt response and taking action. I received the funds today.
Better late than never.
Old Mutual
Old Mutual's reply13 Nov 2025, 01:27
Official
Good day Heila B,

We’re glad to hear that you’ve received your funds and appreciate your patience throughout the process. It’s great to know the matter has been resolved.

Thank you for giving us the opportunity to make things right.

Regards
Old Mutual Complaints Management

Best regards,