1 reviews | Active since Feb 2025
Old Mutual refusing to pay out Retirement Annuity for 3 years and counting
My father died nearly three years ago, and he left a will naming my mother as the executor. He had a retirement annuity with Old Mutual worth approximately R86400.
I've been assisting my mother with the matter, providing Old Mutual with every document and form they have requested on numerous occasions. However, they kept asking for more documents and forms to be completed.
After two and a half years, we had provided them with all the necessary documents, including the death certificate, will, and 22 other forms and documents.
Once they had EVERYTHING they had requested (and more), they then claimed that they couldn't pay the funds into my mother's Australian bank account as they only deal in South African currency. They said they would release the funds as soon as they were provided with the details of a South African bank account.
She then had to nominate a friend in South Africa to receive the funds and provided Old Mutual with the requested bank account details. Of course she was then sent further forms that had to be completed before payment could be made. They were subsequently provided with those completed forms.
Now, they're refusing to release the funds unless she provides a Letter of Executorship/Authority. As it is considered a low value asset, only a will, death certificate and the ID of the deceased is usually necessary according to the High Court's regulations. Not with Old Mutual. They are now insisting on the Letter of Executorship/Authority, which is nearly impossible to obtain from Australia.
Old Mutual has progressively placed one obstacle after another for for 3 years in order to hang onto the funds that my mother is rightfully entitled to. The case has moved amongst countless employees from the same department over and over, constantly requesting documents that have already been povided on numerous occasions.
There is no point in employing a lawyer or accountant as their fees would likely outweigh the amount of money in the policy.
Old Mutual's handling of this case has been abysmal and unconscionable. We have reached the stage where we are now considering taking the matter to the media to expose this company for its shocking treatment of not only its policy holders but their families alike. Absolutely shamefull!
We have received your review and sincerely apologise for the distressing experience you have described. It is deeply concerning to hear about the challenges you and your family have faced during this process.
Please be assured that we take your concerns very seriously. We are committed to investigating this matter thoroughly and addressing the delays and miscommunication you have experienced.
We understand the importance of finalising this claim as quickly as possible, and we will do everything possible to provide clarity and resolution.
Kind regards,
Old Mutual Complaints Management
We have received your review and sincerely apologise for the distressing experience you have described. It is deeply concerning to hear about the challenges you and your family have faced during this process.
Please be assured that we take your concerns very seriously. We are committed to investigating this matter thoroughly and addressing the delays and miscommunication you have experienced.
We understand the importance of finalising this claim as quickly as possible, and we will do everything possible to provide clarity and resolution.
Kind regards,
Old Mutual Complaints Management
Six months ago, I left a public review here about Old Mutual’s refusal to pay out my late father's annuity after more than three years of delays, despite having provided all documentation repeatedly. That review received an overwhelming public response and immediate attention from Old Mutual.
Unfortunately, despite this, the situation remains unresolved. In fact, it has become worse.
Old Mutual has since confirmed in writing that the policy includes a guaranteed income period up to 30 November 2028, and that they will pay out the full amount of R86,400.55, but only once we provide a Letter of Authority.
While I acknowledge that the Letter of Authority was mentioned in emails in 2023 and 2024, at the time it was never explained to us what this document actually was, or how difficult and time-consuming it would be to obtain from overseas. We assumed it was either something Old Mutual would provide or that the Will would cover it. This misunderstanding was never corrected by Old Mutual, despite them having ample opportunity to do so.
The Letter of Authority is not only extremely difficult to obtain from abroad, it also requires a separate, drawn-out process involving South Africa’s Department of Home Affairs and the Master of the High Court. Old Mutual knows this, and had they simply disclosed it at the beginning, we could have resolved it years ago.
Instead, for more than three years, Old Mutual requested documents one at a time, never once providing a full list of all requirements up front. Each time we comp****, they responded weeks later with yet another document request, prolonging the process unnecessarily.
We now have written proof from Old Mutual that:
- They confirmed the full payout amount,
- They are in possession of the Will naming my mother as the sole heir,
- And that the contract still carries a residual value under the guaranteed income term.
Despite all of this, they continue to block payment through bureaucratic red tape that could have been avoided with honest and transparent communication.
Worse still, Old Mutual has shown a complete refusal to acknowledge the errors they have made, or the unprofessional, uncaring way in which this matter has been handled. Their responses are now filled with contradictory statements, shifting explanations, and unclear advice, suggesting that multiple people, including their legal team, are piecing together their responses without properly addressing the facts.
Following my latest posts on social media, I have been inundated with messages from other frustrated Old Mutual customers, many of whom have shared similar stories of delays, poor treatment, and questionable practices. It is clear that this is not an isolated case, but part of a much broader pattern of misconduct.
We are now preparing to take this matter to the Pension Funds Adjudicator, the FAIS Ombud, and media platforms such as Carte Blanche.
If you are dealing with Old Mutual, I strongly advise you to keep copies of every email, every form, and prepare yourself for a long and uphill battle, especially if you live overseas.
Shameful treatment. Deeply disappointing.
Six months ago, I left a public review here about Old Mutual’s refusal to pay out my late father's annuity after more than three years of delays, despite having provided all documentation repeatedly. That review received an overwhelming public response and immediate attention from Old Mutual.
Unfortunately, despite this, the situation remains unresolved. In fact, it has become worse.
Old Mutual has since confirmed in writing that the policy includes a guaranteed income period up to 30 November 2028, and that they will pay out the full amount of R86,400.55, but only once we provide a Letter of Authority.
While I acknowledge that the Letter of Authority was mentioned in emails in 2023 and 2024, at the time it was never explained to us what this document actually was, or how difficult and time-consuming it would be to obtain from overseas. We assumed it was either something Old Mutual would provide or that the Will would cover it. This misunderstanding was never corrected by Old Mutual, despite them having ample opportunity to do so.
The Letter of Authority is not only extremely difficult to obtain from abroad, it also requires a separate, drawn-out process involving South Africa’s Department of Home Affairs and the Master of the High Court. Old Mutual knows this, and had they simply disclosed it at the beginning, we could have resolved it years ago.
Instead, for more than three years, Old Mutual requested documents one at a time, never once providing a full list of all requirements up front. Each time we comp****, they responded weeks later with yet another document request, prolonging the process unnecessarily.
We now have written proof from Old Mutual that:
- They confirmed the full payout amount,
- They are in possession of the Will naming my mother as the sole heir,
- And that the contract still carries a residual value under the guaranteed income term.
Despite all of this, they continue to block payment through bureaucratic red tape that could have been avoided with honest and transparent communication.
Worse still, Old Mutual has shown a complete refusal to acknowledge the errors they have made, or the unprofessional, uncaring way in which this matter has been handled. Their responses are now filled with contradictory statements, shifting explanations, and unclear advice, suggesting that multiple people, including their legal team, are piecing together their responses without properly addressing the facts.
Following my latest posts on social media, I have been inundated with messages from other frustrated Old Mutual customers, many of whom have shared similar stories of delays, poor treatment, and questionable practices. It is clear that this is not an isolated case, but part of a much broader pattern of misconduct.
We are now preparing to take this matter to the Pension Funds Adjudicator, the FAIS Ombud, and media platforms such as Carte Blanche.
If you are dealing with Old Mutual, I strongly advise you to keep copies of every email, every form, and prepare yourself for a long and uphill battle, especially if you live overseas.
Shameful treatment. Deeply disappointing.