Bad service from Sanlam Withdrawal Claim

Update on Pension Fund Withdrawal Claim Process with Sanlam

I wanted to provide an update regarding my ongoing claim with Sanlam, which has been quite frustrating and disappointing thus far.

As of today, I have received a message acknowledging the receipt of my claim; however, it is important to note that this claim has been sitting in their office since January 13th. I cannot help but wonder what actions were taken (or not taken) during this prolonged period.

I have recently learned that the claims process involves six steps before the funds can be disbursed. My claim is only on second step which is bank verification, which took two full working days. Unfortunately, I still have four more steps to navigate before I can receive my funds. This morning, I was informed that Sanlam still needs to apply for tax directives, which is a process that can take an additional 2-3 working days for SARS to respond. It is frustrating to realize that they have not even initiated this application until I inquired about it, which means more waiting time for me.

What is particularly concerning is that the 30 working day timeframe for processing claims has long since passed, and it seems that only now is Sanlam starting to process my claim. They have attributed the delays to the introduction of the two-pot system and the complexities that come with it. However, this system has been in place for over six months, and it is unacceptable that clients are experiencing these ongoing delays.

I believe it is crucial for Sanlam to improve their processes and to treat their clients with the respect and transparency they deserve. Furthermore, I urge employers to consider these challenges when selecting service providers for their employees. Employees should be given options that ensure timely and efficient service.

At this point, I can confidently say that I would not willingly choose Sanlam as a provider again in the future. As it stands, my withdrawal claim has yet to reach my bank account, and the lack of communication and urgency from Sanlam has only added to my frustration.

I hope to see improvements in the future, both for myself and for others who may find themselves in similar situations.