MZ
Mlu Z

1 reviews | Active since Aug 2009

11 Oct 2024, 13:27

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.

0
Replies (4)
Sanlam
Sanlam's reply11 Oct 2024, 13:35
Official
Good day Mlu  
 
We are sorry to hear of your poor client service experience. Please respond to our private message. 
 
Regards
Sanlam Client Care 
Sanlam
Sanlam's reply11 Oct 2024, 14:18
Official
Thank you for the information. We have escalated your complaint to Sanlam Corporate.

Regards
Sanlam Client Care 
MZ
Mlu Z's update15 Oct 2024, 17:40
Reviewer Update
So according to Sanlam this is the best response
--Q---"
We sincerely apologize for the delay in attending to your matter. With the implementation of the new two-pot system, we are seeing an influx of matters.
We promise to address your complaint as soon as possible to make sure you're satisfied. We have acknowledged receiving it. We sincerely regret any inconvenience that this issue may have caused you. Our office is presently reviewing your matter and giving it our full attention. We will provide you with feedback as soon as we can " ---UQ---

VERY PATHETIC
Sanlam
Sanlam's reply16 Oct 2024, 07:28
Official
Good morning Mlu

Thank you for coming back to us.

We have relayed your message to Sanlam Corporate.

Regards
Sanlam Client Care