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FL
Francisco L

1 reviews | Active since Nov 2021

06 Dec 2022, 22:17

Sanlam Retirement Annuity Transfer Process is Terrible!!!

SANLAM is really terrible in responding back to enquiry emails on transferring my previous retirement annuity from UCT to a newly opened Retirement Annuity from SANLAM. I've never heard back from them sooner than 5 days, and it's already been 7 days now. This whole transfer process started back in July 2022, and is still not finalised. And here I thought moving a Sanlam RA to a new Sanlam RA would be straightforward. I having been losing out on benefits and fund growth for more than 5 months now, because my transferred retirement fund money has been in limbo for so long now.

0
Replies (12)
Sanlam
Sanlam's reply07 Dec 2022, 10:19
Official
Good day Francisco

We apologise for your negative service experience.  Your complaint has been escalated to the relevant team to assist you.

Regards
Sanlam Client
Sanlam
Sanlam's reply07 Dec 2022, 13:44
Official
Hi again

We have received confirmation that you have been contacted.

Regards
Sanlam Client Care
FL
Francisco L's update08 Dec 2022, 16:20
Reviewer Update
Yes, contacted about "being aware of my situation". Nothing has been resolved yet.
Sanlam
Sanlam's reply09 Dec 2022, 08:44
Official
Good day Francisco

They are investigating your complaint and have provided you a turnaround time as well in their feedback.

Regards
Sanlam Client Care
FL
Francisco L's update09 Dec 2022, 09:48
Reviewer Update
Yes, that is today, which already seems faster than the minimum 5 days of an email reply, over the course of 5 months. The replies in those cases were usually non-committal and oh so vague.
Excuse me for not being a believer in Sanlam suddenly sorting this out in record, or even normal time.
Sanlam
Sanlam's reply09 Dec 2022, 11:37
Official
Thanks Francisco

We take note of your feedback.

Regards
Sanlam Client Care
FL
Francisco L's update09 Dec 2022, 11:49
Reviewer Update
So I just received a phone call to belabor the point that SARS had to tax my RA transfer.
But on closer inspection it appears that SARS is under the impression that I was being paid out the full amount from my previous RA.
They now want me to make contact with SARS regarding this, but this is NOT my problem to fix!
SANLAM, please work on your communication skills.
Sanlam
Sanlam's reply13 Dec 2022, 13:32
Official
Good day Francisco

We have received confirmation that you have been contacted and provided with feedback.

Regards
Sanlam Client Care
FL
Francisco L's update14 Dec 2022, 19:46
Reviewer Update
I was contacted via email on the 9th of December via email.
I went back to my tax returns, and rep**** 2 days ago.

Still waiting for an answer and hopefully the transfer of my funds into my new RA on this side of 2022.
There's literally no more reason to cause any holdup. Both sides are finally on the same page.
Next time it would really benefit the client if deductions are explained before just sending statements, without any communication to clarify.
Also, make an effort to diligently reply to follow up questions, especially on emails.
I've been trying to call Sanlam representatives since July 2022, but it seems that the numbers provided are not manned by humans, since I never got through to speak to anyone. I literally had to wait to be called.
Sanlam
Sanlam's reply15 Dec 2022, 08:43
Official
Good day Francisco

Thank you, we take note of your valuable feedback.

Regards
Sanlam Client Care
FL
Francisco L's update31 Dec 2022, 12:07
Reviewer Update
Just an update: funds transfer has been completed yesterday, so still this side of 2022.

Thank you Sanlam.
Sanlam
Sanlam's reply03 Jan 2023, 08:43
Official
Good day Francisco

We thank you for your feedback.

Regards
Sanlam Client Care