1 reviews | Active since Jan 2022
Yes please
Good day. I wonder if you will be able to assist me please? I went on Pension at the end of January 2020 and I have contacted Old Mutual for the purpose of transferring my money from Alexander Forbes to Old Mutual for investment. The amount transferred were about R800 000-00. The people from Alexander Forbes told me that if I withdraw any amount below R500 000-00 in cash, there will be no tax deduction on that. I requested that they pay out an amount of R300 000-00 in cash into my personal account. The rest of the money, R500 000-00 Old Mutual must invest for my for a lifetime interest payout every month, which came to R2179-00. But the money that Old Mutual payed out the amount of R178 800-00 into my personal account, plus the another amount of R100 000-00 which I transferred to the Broker to put in to unit trusts for me. I sent letters to Old Mutual requesting a explanation of what happened to the rest of the money that was supposed to be paid out in cash to me, which was round about R61 000-00. They kept on ignoring my complaints/requests and eventually they said they deducted tax which I queried and asked how they calculated that and again, they ignored me. I also requested the Broker to assist me but in vail. Can you please make an suggestion what I can do in this situation please? I have been battling with Old Mutual from the start, they made mistakes on the forms and submitted the wrong forms, submitted the forms late and so I can carry on. Hope to hear from you soon. Old Mutual Client BA6819/3
