1 reviews | Active since Aug 2020
Refuse to preserve wife's provident fund
My wife has just retired on 31 July 2020 with Truworths with a Saccawu provident fund administered with Old Mutual. Firstly there was a delay in sending us an updated Fund statement. When we received a copy of the statement dated 28 May 2020 the fund amount was only 50% of the one that was sent period ending 31 December 2019. My wife was shocked and was very depressed. She had sleepless nights. We were given the run around from pillar to pillar. After many enquiries a fund statement was only sent tomy wife on 17 July with the amount that seemed realistic. Due to the incorrect figures we were sent initially that was below the tax threshold of R500 000 we opted for the entire amount to be transferred into her bank account. Also to mention there was no financial adviser from Old Mutual that had contacted her. After her date of retirement we engaged with a financial adviser we were given the options. We decided to preserve the funds to allow growth in the meantime until such time we have made an informed decision. According to your employee Carmen Nel based in Cape Town my wife cannot choose the preservation route which I find hard to understand when the Government has legislated this option.I contacted an Old Mutual adviser on 17 August 2020 and I was advised and he also send a quote that a preservation of funds is an option. We are absolutely at our wits end and gatvol of Old Mutual. Further to this I will move my insurance that I have for my three vehicles to another company.
I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you.
Regards
Thabiet Mintin
Old Mutual Complaints Management
I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you.
Regards
Thabiet Mintin
Old Mutual Complaints Management
