PATHETIC SERVICE RE ANNUITIES

I have been an Old Mutual client for many years, first contributing to a number of annuities while I worked, and once I retired receiving an income from these annuities. In June 2021 I decided to merge my 5 annuities into one and to switch to an option that provided a higher monthly income. By the end of July, more than a month after I had accepted a quote from Old Mutual for merging the annuities, I had still heard nothing from them. Then on 30 July I was paid an amount that was only 11% of the total quoted. Upon querying this, I was eventually told that they had made an error by not including one annuity into the single new contract, and that the amount paid represents the pay out from that annuity. Everything was withdrawn from their system to rectify the problem, but today, 5 days after I reported this, I received mail from Old Mutual indicating that I now have 2 new contracts (and not one as per the accepted agreement) and that the monthly income from the 2 contracts would be 12% less than what was indicated in the quote I accepted. In addition to this, and not withstanding the fact that one of the two new contracts indicated the first payment date as 1 July 2021, I have not received a cent from the company in more than a month. Now it's back to the querying process again, and in the meantime I have to survive without an income whatsoever.

The service is absolutely pathetic, and in saying that it would in actual fact probably be deemed as a compliment by Old Mutual, because their service had been far worse than merely pathetic.

I would, however, like to thank the (non Old Mutual) independent agent who has been assisting me with sorting out the mess for the sterling work he has been doing. Old Mutual could certainly learn from him when it comes to customer service.