OLD MUTUAL 'S RETIREMENT ANNUITY POLICIES

Old Mutual send an email on the 5th of July notifying that the retirement annuity policy I have with them doesn't qualify for the two pot system because it is inclusive of other benefits (death benefits). However should I wish to qualify for the two pot system I should then talk to the financial advisor before the 1st of August. The financial advisor will then assist to remove the benefit and the policy will be pure retirement annuity. I then went to the branch on the 29th of July. A consultant indicated that their head office is the one that deals with the matter. She then called the head office for clarity. Unfortunately the respondent from head office was rude and impatient. The respondent just rep**** that it is late and complained that the process involves a lot of paperwork. When the consultant tried to indicate that the email sent to the me the client indicate the cut off date to be the 1st of August, they just hang up the phone. I was then requested to come the 30th to meet with the financial advisor as he was not at the office on that day. 8:00 when they opened I was there. The financial advisor also called the head office as they are the one's to assist with the process. The financial advisor was treated the same way as the consultant. It was a matter of hold on for more than 5 minutes then let me transfer you to just hanging up the call. He was however patient and ultimately got the form to remove the death benefit after three hours. It was then signed and emailed back to head office. The next process was to get a quotation, then the struggle began. Hold on, let me transfer you then hanging up the phone. Ultimately the response was there is a baglock therefore he should call the next day. On the 31st which is the last day, they indicated that the is nothing they can do because they are having a challenge of more work to be done. The advisor then requested to be transferred to the two pot department to get clarity on what is going to happen if the client doesn't get the quotation before the end of the day since it is the last day. I am afraid the response was simply that the client then won't qualify for the two pot system.

I feel that delay was strategic to deprive the client to take a decision with their investment. Therefore as a client I am not treated with respect