Shocking Old Mutual error costs member over R100-000 - as yet - ZERO accountability from this company.

Old Mutual has made a catastrophic error with my provident fund that has cost me over R100,000.

I gave a simple, standard instruction: withdraw a certain, taxable amount, and transfer the remaining bulk into a new provident fund (non-taxable). Instead, Old Mutual incorrectly declared my full pension to SARS as a taxable withdrawal, resulting in a 32% tax rate.

This is not a minor mistake — it shows a fundamental failure in handling retirement funds.

To make matters worse, a consultant (Thosiza) argued that this incorrect declaration was “correct,” and a manager (Dillan Petersen) who was meant to contact me last Thursday has not responded at all.

I am now left with a massive financial loss and no accountability.

I have formally escalated this matter and expect urgent correction and full accountability. If not resolved immediately, I will be taking this further with regulatory authorities. This business is clearly not trustworthy with anyone's money.

Absolutely unacceptable.