Wealth Service Centre reference ***: Unresolved case

Ref ongoing correspondence re Money Market Surplus Product: OLD MUTUAL WEALTH PRESERVATION (PENSION) INVESTMENT (PRP02) Contract Number: ***7 Product: OLD MUTUAL WEALTH PRESERVATION (PENSION) INVESTMENT (PRP02)

Why does it take you so long to respond to and resolve queries? I had this same hassle back in 2022 regarding options re Sars PAYE deductions

In light of your slow processing, I am now adding a further related issue:

1. I still await your confirmation that the 14 657.98 that I received in my bank account on 29 October with ref AJ0509 is the subject surplus pay out

2. In your original mail of 17 July you stated that an amount of 21 736.81 was due to me and:

"Cash Payments: It is important to note that the amount due to the client will be taxed at their marginal tax rate"

The difference between the above two amounts is 7 078.83 and this (if the first amount is indeed the actual pay out) represents, presumably, the tax deduction at my marginal rate

That marginal rate is 32.56%. This is not my marginal rate. As per my tax returns my marginal rate is 18% (and has been so for years and will still be so in the ’25 tax year) so why has the higher rate been app****?

Was this rate app**** by yourselves or was it dictated by you in the directive received from

Either way, I object and request that you effect the appropriate adjustment to reflect that marginal tax rate of 18% has been app**** and thus to be followed by a credit to my bank account of the difference, 3 198 .77

If you need proof of the applicability of the 18% marginal tax rate, I can send you extracts from or complete copies of some of my historical tax assessments

Please do not come back to me stating simply that this tax deduction was driven entirely by Sars (see further below). I expect that you will intervene with them on my behalf ( and – please! - don’t tell me that I should get the difference back via my next tax return/assessment in approx. July next year)

I am possibly not the only person involved in this surplus pay out that has been taxed at the incorrect marginal rate and I suggest that Old Mutual might - and should? – exhibit some empathy in the interests of it’s clients

But, if it is indeed the case that you cannot now intervene, then please provide me with all relevant detail and references – especially including a relevant Sars case reference - to enable me to address them in this matter

Thank you in anticipation of early action and resolution