Very dissatisfied

This is a complaint regarding the egregious mismanagement of my Retirement Annuity (RA) disinvestment and the closure of my account, initiated in March 2024. The protracted and *********** handling of this matter by Old Mutual has resulted in significant financial detriment and requires immediate rectification. In March 2024, I visited the Old Mutual branch to initiate the disinvestment of my RA and closure of my account. As I was not yet 55, I was explicitly instructed by Old Mutual personnel (both at the branch and from Old Mutual's head office, specifically Ms. Gail Williams), to follow the emigration process, which I diligently comp**** with, submitting all required documentation. Despite this, the subsequent payout was not deposited into my designated bank account, opened specifically for this purpose at your branch, but rather erroneously transferred to an internal Nedbank account held by Old Mutual. This blatant error necessitated repeated communications with your offices.

I was then informed that the funds would be disbursed upon my reaching the age of 55 in August 2024, despite me having supp**** all documents to follow the emigration process. This commitment was not honored. Despite resubmitting all required documentation in August 2024, under the same case worker, Ms. Gail Williams, no action was taken. During my visit to South Africa in November/December 2024, I received assurances that the matter would be resolved within days. These assurances proved to be false. It is now February 2025, nearly a year later. Ms. Williams has now made the request for me to again resubmit all emigration documentation, a process I completed nearly a year ago. This is unacceptable and demonstrates a shocking level of incompetence and disregard for my time and financial well-being. I demand the immediate transfer of the full amount owed to me, including the original balance, accrued growth, and interest earned during the period my funds were incorrectly held in Old Mutual’s internal account. This amount must be deposited directly into my designated bank account, details of which have been previously provided. I expect a full response and resolution of this matter. Failure to comply will compel me to escalate this complaint to the Ombudsman for Long-Term Insurance and pursue all other available avenues, including legal action and engagement with media outlets, to protect my financial interests and hold Old Mutual accountable for its failures. My contact us +***