Old Mutual forcing customers to wait years for payout

Extremely disappointed in the level of service from .

Since 16 April I have been trying to cash out an old annuity and have experienced repeated system failures, conflicting information, delays and multiple unnecessary trips to the Cape Gate branch.

I was first told their system would not allow the process before my 55th birthday. After returning again, their system still failed for “unknown reasons”. I was then informed that because the amount was around R29k over the payout threshold, only roughly a third would be paid now while the rest would be drip-fed over many years.

More than a month later, payment is still delayed with no proper explanation.

This is not just frustrating. I currently have mounting medical expenses and medical procedures waiting for payment before further treatment can continue. Customers should not be pushed toward debt while waiting for access to their own money.

The lack of urgency, accountability and functional systems has been deeply disappointing.