1 reviews | Active since Aug 2009
Sanlam Umbrella Pension Fund || Withdrawal not paid
Sanlam Umbrella Pension Fund I have a policy with Sanlam and after the 2 pot was introduced, I made a withdrawal from the saving pot on 5 September via the Mobile App and the system automatically generated a pop up message that the withdrawal will be processed within 10 working days. All was I good I thought, 10 days later, nothing from Sanlam but then I decided to wait a few more days and still nothing came. I then escalated to the fund administrators on 25 September requesting an update. Mind you, the money was no longer on the savings pot which means it was moved to a different account on the 05 of September. Come 27th September, I received confirmation that all stages have been completed and payment will reflect on my account within 5 working days. Today is the 11th of October and there is still no payment, all my follow up emails are being ignored. Either they moved the money to their own account to earn interest and delaying the process (even though they still charge an admin fee, around R300) or they just do not care and are not willing to payout.
From what I see, if they can give one so much runaround and still not pay while I still have the energy to chase them, what will stop this company from paying when I claim during retirement. Worst, what will prevent them from not paying the beneficiaries should one pass on. My advice, if you are looking for a company to administer your pension fund Sanlam might not be the best company as the risk of losing all your hard-earned money seems very high.
Sanlam Client Care
Sanlam Client Care
Regards
Sanlam Client Care
Regards
Sanlam Client Care
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VERY PATHETIC
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VERY PATHETIC
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Sanlam Client Care
Thank you for coming back to us.
We have relayed your message to Sanlam Corporate.
Regards
Sanlam Client Care
