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Sarfaraz S

1 reviews | Active since Jun 2019

29 Oct 2024, 12:44

OM Superfund, not so super payout process

I had initially started my pension withdrawal process after resigning from my employer on the 31 August 2024. I was then told update further details as my exit date and that I supp**** by my employer did not match on the 29 September. I then updated the relevant information and resubmitted my claim. I had received an sms on the 7th October advising me that the disinvestment process has commenced and should be concluded within 3-5 business days. 15 business days has lapsed since receiving that sms and after numerous attempts by myself and my financial planner of trying to get an answer, we are continuously been told that they have recently switched systems and are having challenges with payout etc. However the stories seem to change depending on who you speak to on the day. Whilst I sympathize with the 'system' issues, that should not come at the expense of your customer satisfaction. I have been investing in my pension fund for the 16 years and find it very disheartening to say the least, that I have to beg for my own money. OMSA kindly resolve this ASAP, else I will be forced to escalate this to the ombusdman. Their self-service options offer 0 to no help when trying to track the claim process, be it via whatsapp, sms or call centre.

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Replies (2)
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Sarfaraz S's update30 Oct 2024, 15:51
Reviewer Update
Hi Delia,

It has been 24 hours and I am yet to receive feedback from Superfund.

Thank You & Kind Regards,

Sarfaraz
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Sarfaraz S's update30 Oct 2024, 16:36
Reviewer Update
Now I received an email from CAS claims stating the below:

'Tax application was supposed to automatically submit for your claim but we have encountered a system error which we are trying to resolve.
Tax application will be done manually, then we will submit the Recognition Of Transfer to Discovery.'

Which was told to me and my financial advisor on separate occasions, over the past 2 weeks, the stories and excuses are just not adding up at this point.