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Roger S

1 reviews | Active since Feb 2018

21 Feb 2018, 16:21

OLD MUTUAL's EMPTY PROMISES!

In 1995, at the age of 55, I was persuaded to buy an OLD MUTUAL Living Annuity. I invested a lump sum of R235,000.00 in the hope of promised growth to fund retirement. I drew the minimum allowed of 2.5% p/a (taxed as interest!) and today (23 years later and now aged 78!) having never drawn more than 2.5% p/a, my investment has "grown" to R616,000.00! Some "growth"! And OM have the gall to insist the investment grows at 9+% ! R235K in 1995 could have bought 2 nice houses, R616K today won't buy half of one! Requests of OM to explain this obvious loss falls upon cloth ears! Beware the Large Print....for the 'small print' taketh away!

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Replies (3)
Old Mutual
Old Mutual's reply22 Feb 2018, 08:51
Official

Dear Roger

Thank you for the review.

We will contact you directly to provide clarity and resolve the matter with you directly.

Regards

Brent Sellidon

Old Mutual Complaints Management

Best regards,

Old Mutual
Old Mutual's reply01 Mar 2018, 11:29
Official

Dear Roger,

As a result of your case having been escalated to the Arbitrator's office, they have and will correspond with you directly on this matter.

Kind regards

Belinda Hunt

Complaints Management

Best regards,

RS
Roger S's update01 Mar 2018, 12:49
Reviewer Update
With respect, I've received these promises of investigation on a regular basis.....but nothing develops. The problem is simple...the solution is obviously not. The facts are also simple: you took my R235,811.00 in 1995 into a much vaunted "Living Annuity" You claim "growth" has averaged 9.73% yet despite my drawing only 2.5% p/a you claim the policy (now 23 years old!!) is worth just over R400,000.00. Your explanation/remedy is awaited!