1 reviews | Active since Feb 2018
OLD MUTUAL RETIREMENT BLUES !!
Investing couldn't be easier in Old Mutual....disinvesting is a nightmare! After 6 years of watching the purchasing power of my capital declining I've decided to throw in the towel ....but that's where my (and possibly your) problems begin. Unlike putting your savings in to O.M. (Quick and easy, no questions) I've had to agree to accepting whatever they say the policy is worth after waiting "up to 6 working days" ( not the "value" quoted on the day of disinvestment). "We have to sell your units" is the excuse and you can guess what can happen during 6 days of our stock market! In short, Old Mutual could even hand you back less than you invested years ago - and there's nothing you could do! Can you think of any other investment where you have no idea what you'll receive for whatever you're selling? Me neither! Another gripe I have about Old Mutual (which they don't want to hear from me about) is that I invested R236,000 in a Retirement Annuity in 1995 (THAT'S TWENTY FOUR YEARS AGO!!) and, despite taking only 2.5% mandatory pension, the R/A is today worth a pathetic R560,000 !! You've been warned....stay away from the optimistic LARGE PRINT at Old Mutual because the SMALL PRINT will sink you without trace !
Thank you for the review.
As confirmed in our e-mail to you in 2017. What must be borne in mind, is that the investment should be viewed holistically, and not in isolation. It follows therefore that, if one considers the current value of the fund, coupled with the total you have received in income to date, the picture is a very different one.
Had the incomes not been taken, the value of your investment would possibly had been what you expected it to be.
The growth of your investment is also determined by market movement, which is not in Old Mutual's control. Investment are market related and fluctuate on a daily basis.
Regards
Brent Sellidon
Old Mutual Complaints Management
Thank you for the review.
As confirmed in our e-mail to you in 2017. What must be borne in mind, is that the investment should be viewed holistically, and not in isolation. It follows therefore that, if one considers the current value of the fund, coupled with the total you have received in income to date, the picture is a very different one.
Had the incomes not been taken, the value of your investment would possibly had been what you expected it to be.
The growth of your investment is also determined by market movement, which is not in Old Mutual's control. Investment are market related and fluctuate on a daily basis.
Regards
Brent Sellidon
Old Mutual Complaints Management