1 reviews | Active since Jun 2016
Dont EVER invest in SANLAM
<p>So i took out a RA policy some years back, at the moment i am still young and want to cancel to save up for a home and every cent counts. So today i called the contact centre to find out the cancellation process and find out what i get back for my years of contribution...... today i am told well tough sh*t SANLAM KEEP YOUR MONEY EVEN IF YOU CANCEL THE STUPID RA!!!! Sorry sir, we can only pay you out at age 55?? *** SANLAM??? I must wait 25 years ???????? My measelly contributions will be equivalent of R10 then?? So you REAP the benefits in your ponzi scheme to make us invest and then you keep ALL our money to make your pool biger??? DO NOT INVEST IN THIS PONZI SCHEME... 25 years wait to get my money?????????????????????????????????? ... shove it. </p>
Dear JJT87
We acknowledge receipt of your complaint and will arrange for investigation.
Kind regards
Client Relation
Dear JJT87
We acknowledge receipt of your complaint and will arrange for investigation.
Kind regards
Client Relation
Dear Mr Trembath
I refer to your complaint of earlier with regards to Sanlam being a Ponzi scheme because you must wait 25 years to get your money back.
We just want to give some better perspective in this regard. You started with a retirement annuity policy in 2013 and the purpose of taking out a retirement annuity policy is to save for retirement. Retirement annuity policies are regarded as pension money and therefore it is subject to legislation. According to the Income Tax Act No.58 of 1962, the earliest date on which pension money/retirement annuities may become payable is at age 55. All other insurance companies must abide to the stipulations of the Income Tax Act. It is therefore because of legislation that you can only get the proceeds at retirement age (55) and not Sanlam's decision.
On your second statement, that the money that you have contributed will be worth the equivalent of R10 in 25 years' time, we can just confirm that the accumulated fund value up until now will still grow according to the funds that you invested in.
We trust that the above information will be clear and acceptable.
Kind regards
Amanda de Swardt
Client Relations
Dear Mr Trembath
I refer to your complaint of earlier with regards to Sanlam being a Ponzi scheme because you must wait 25 years to get your money back.
We just want to give some better perspective in this regard. You started with a retirement annuity policy in 2013 and the purpose of taking out a retirement annuity policy is to save for retirement. Retirement annuity policies are regarded as pension money and therefore it is subject to legislation. According to the Income Tax Act No.58 of 1962, the earliest date on which pension money/retirement annuities may become payable is at age 55. All other insurance companies must abide to the stipulations of the Income Tax Act. It is therefore because of legislation that you can only get the proceeds at retirement age (55) and not Sanlam's decision.
On your second statement, that the money that you have contributed will be worth the equivalent of R10 in 25 years' time, we can just confirm that the accumulated fund value up until now will still grow according to the funds that you invested in.
We trust that the above information will be clear and acceptable.
Kind regards
Amanda de Swardt
Client Relations
So instead of practicing a great client experience and turn around or even try to convince to stay... you post this jargon?! I just don't see how liberty gave me back my funds in March and you say this bull?? Regardless it means nothing to me and your customer service well cleary you couldn't be bothered to even call me..
So instead of practicing a great client experience and turn around or even try to convince to stay... you post this jargon?! I just don't see how liberty gave me back my funds in March and you say this bull?? Regardless it means nothing to me and your customer service well cleary you couldn't be bothered to even call me..
Dear Mr Trembath
I regret that you feel this way and I truly wish that it was possible to assist you in paying out your retirement annuity. I have tried to phone you, but I did not get answer. I am unfortunately not sure what product you had at Liberty and therefore I cannot comment on your statement. If it was a retirement annuity policy you had at Liberty, payment would not have been possible. The Income Tax Act's only exception for payment before the age of 55 is if the fund value is below R7000.00. In your case the Sanlam policy's fund value is above R7 000.00.
Even if we try to pay the money to you, we have to request a tax directive from SARS and they will immediately decline such a request. Not Sanlam or any other Insurance company can overrule legislation. If they do they will forfeit their license.
Kind regards
Client Relations
Dear Mr Trembath
I regret that you feel this way and I truly wish that it was possible to assist you in paying out your retirement annuity. I have tried to phone you, but I did not get answer. I am unfortunately not sure what product you had at Liberty and therefore I cannot comment on your statement. If it was a retirement annuity policy you had at Liberty, payment would not have been possible. The Income Tax Act's only exception for payment before the age of 55 is if the fund value is below R7000.00. In your case the Sanlam policy's fund value is above R7 000.00.
Even if we try to pay the money to you, we have to request a tax directive from SARS and they will immediately decline such a request. Not Sanlam or any other Insurance company can overrule legislation. If they do they will forfeit their license.
Kind regards
Client Relations
... you tried to call? Haha oldest excuse my friend.. no missed calls or even a txt from my SP to alert of an attempted call (yes I get those).... anyways I am just disappointed in how you have managed my complaint... IT was NEVER about the money let's get that clear.. its about principal, it's about feeling like a valued client, its about speaking to a HUMAN, it's about engaging in an open conversation and discussing an appropriate way forward and solve my issue... anyway clearly I tried to reach out to you and get some help and hey I was open to hear a retention pitch even but alas you don't care and now I don't either. Cheers.
... you tried to call? Haha oldest excuse my friend.. no missed calls or even a txt from my SP to alert of an attempted call (yes I get those).... anyways I am just disappointed in how you have managed my complaint... IT was NEVER about the money let's get that clear.. its about principal, it's about feeling like a valued client, its about speaking to a HUMAN, it's about engaging in an open conversation and discussing an appropriate way forward and solve my issue... anyway clearly I tried to reach out to you and get some help and hey I was open to hear a retention pitch even but alas you don't care and now I don't either. Cheers.
Dear Mr Trembath
I phoned you again this morning and again did not get answer. I left a message this time with my contact number. Should you wish to discuss the matter further you are more than welcome to contact me.
Regards
Amanda de Swardt
Dear Mr Trembath
I phoned you again this morning and again did not get answer. I left a message this time with my contact number. Should you wish to discuss the matter further you are more than welcome to contact me.
Regards
Amanda de Swardt