1 reviews | Active since Sept 2018
PATHETIC SERVICE FROM OLD MUTUAL
I am beyond frustrated with the shocking service and lack of accountability from Old Mutual regarding my Retirement Annuity withdrawal (***).
I initiated my withdrawal in branch on 3 February. On 10 February, I received an SMS confirming that all required documents had been received and that processing would commence. The message clearly stated that once the funds were priced, they would apply for the tax directive and proceed with payment, and that I should allow 5 to 7 working days.
Today is 2 March — well beyond the promised timeframe. I have followed up multiple times: On 17 February, I was told they were “waiting for a tax directive.” On 23 February I followed up again and was sent some useless document telling me to hurry up and wait some more! On 26 February, I was again told they were waiting for South African Revenue Service to issue the tax directive.
I then took it upon myself to contact SARS directly, only to be informed that the tax directive had already been issued to Old Mutual. This means either I am being misled, or Old Mutual’s internal departments are so disorganized that they do not even know the status of their own client transactions. Both possibilities are completely unacceptable.
We are not talking about a minor query — this is my money. The constant delays, conflicting information, and lack of transparency show a serious breakdown in communication and client service. Clients should not have to chase their own financial institution or verify information themselves because they cannot trust what they are being told.
I expect immediate clarity and resolution. This level of service from a major financial institution is deeply disappointing and has severely damaged my confidence in Old Mutual’s ability to manage clients’ funds responsibly.
We acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you during business hours should further information be required.
Kind regards
Old Mutual Complaints Management
We acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you during business hours should further information be required.
Kind regards
Old Mutual Complaints Management
I have now been informed that the tax directive was only submitted to South African Revenue Service on 26 February, and that SARS issued the directive on 27 February — the very same day I personally called SARS to investigate the delay.
Let that sink in.
For days prior to this, I was repeatedly told that Old Mutual was “waiting for SARS” to issue the directive. At no point was I told that the directive had not even been submitted yet. Instead, the narrative given to me clearly imp**** that the delay was on SARS’ side.
Now it turns out the directive was only sent on the 26th.
This means one of two things:
I was blatantly misinformed on multiple occasions, or
Old Mutual’s internal systems and staff are so poorly aligned that they cannot accurately track or communicate the status of a simple tax directive.
Either explanation is alarming.
What makes this worse is that I only received clarity after I escalated the matter and personally contacted SARS myself. Clients should not have to fact-check their own financial institution.
This is no longer just a service delay — it is a serious issue of credibility. Being told one story on the 17th, another on the 26th, and then something completely different after escalation shows a disturbing lack of transparency.
For a company entrusted with people’s retirement savings, this level of inconsistency and misinformation is unacceptable.
I want the public to understand that this is not simply about waiting — it is about being misled.
I have now been informed that the tax directive was only submitted to South African Revenue Service on 26 February, and that SARS issued the directive on 27 February — the very same day I personally called SARS to investigate the delay.
Let that sink in.
For days prior to this, I was repeatedly told that Old Mutual was “waiting for SARS” to issue the directive. At no point was I told that the directive had not even been submitted yet. Instead, the narrative given to me clearly imp**** that the delay was on SARS’ side.
Now it turns out the directive was only sent on the 26th.
This means one of two things:
I was blatantly misinformed on multiple occasions, or
Old Mutual’s internal systems and staff are so poorly aligned that they cannot accurately track or communicate the status of a simple tax directive.
Either explanation is alarming.
What makes this worse is that I only received clarity after I escalated the matter and personally contacted SARS myself. Clients should not have to fact-check their own financial institution.
This is no longer just a service delay — it is a serious issue of credibility. Being told one story on the 17th, another on the 26th, and then something completely different after escalation shows a disturbing lack of transparency.
For a company entrusted with people’s retirement savings, this level of inconsistency and misinformation is unacceptable.
I want the public to understand that this is not simply about waiting — it is about being misled.
We note the concerns you’ve raised regarding the submission of the tax directive and the communication received.
Please be advised that this matter is currently under review by the relevant team, including the timelines and information shared. A detailed response will be provided to you directly via email once the investigation has been concluded.
Regards,
Old Mutual Complaints Management
We note the concerns you’ve raised regarding the submission of the tax directive and the communication received.
Please be advised that this matter is currently under review by the relevant team, including the timelines and information shared. A detailed response will be provided to you directly via email once the investigation has been concluded.
Regards,
Old Mutual Complaints Management
Thank you for bringing this matter to our attention. We apologise for any inconvenience you may have experienced and appreciate the opportunity to assist.
We can confirm that your case has been resolved.
Should you require any further assistance or have additional questions, please feel free to contact us. Our team is always ready to help.
Kind regards,
Old Mutual Complaints Management
Thank you for bringing this matter to our attention. We apologise for any inconvenience you may have experienced and appreciate the opportunity to assist.
We can confirm that your case has been resolved.
Should you require any further assistance or have additional questions, please feel free to contact us. Our team is always ready to help.
Kind regards,
Old Mutual Complaints Management