UNACCEPTABLE HANDLING OF DOUBLE DEBIT ORDER & FAILURE TO PROCESS REFUND – RETIREMENT ANNUITY

At the end of November / beginning of December 2025, I completed and submitted all required documentation to add a new retirement annuity policy. I was advised that my existing retirement annuity would no longer be debited monthly, but that the funds already invested in that policy over the years would remain invested and be payable to me upon retirement. The first debit order for the new retirement annuity was scheduled for 15/16 January 2026. Because I have previously experienced double debit orders with other companies, I contacted my financial advisor shortly before the January debit date to confirm that everything had been processed correctly and that I would not be double debited. I was assured that everything was in order. Double Debit Order Despite the above, on 15 January 2026, Sanlam debited my account for both: the old retirement annuity, and the new retirement annuity. This double debit caused unnecessary financial strain and was entirely preventable. Sanlam’s Explanation After I complained and an investigation was conducted, I was informed that although my forms were submitted in December, they were not processed in time due to the festive season and skeleton staff. This explanation is unacceptable, as I submitted my documentation timeously, and I was assured that the process had been completed before the debit date. Paid-Up Process & Refund Delays I was then told I had to first make the old retirement annuity “paid up” and complete additional forms before a refund could be processed. I comp**** fully, and these forms were completed and submitted by 20/21 January 2026. Since then, I have followed up repeatedly, only to receive one excuse after another, including: waiting periods, forms needing to go back to the advisor, being told to wait 21 days, and references to a “K extension” waiting period allegedly required to see if the advisor could change my mind about “cancelling” the policy. This made no sense, as I did not cancel my old retirement annuity. It was made paid up, and the new retirement annuity was taken out on the advice of my financial advisor. New Information from the Contact Centre When I contacted the Sanlam Contact Centre myself earlier this week, I was advised that the old policy has already been marked as paid up on Sanlam’s system for some time, but no refund request has been logged. When i brought this to the attention of my advisor i was told that it was paid up from February and not January and that the agent made a mistake but that is not my fault and i fail to understand why i am inconvenienced by Sanlams incompetence. Had I not contacted Sanlam myself, I would not have known that: the policy status had already been updated, and no refund process had even been initiated. Complaint I am extremely frustrated by: Sanlam’s failure to process documentation submitted timeously the double debit order, despite confirmation that it would not happen the delays and inconsistent explanations provided the lack of transparency and communication the fact that, despite the policy being paid up, no refund request was submitted, and I was never informed of this This matter has dragged on unnecessarily and has caused significant inconvenience and distress. Resolution Required I request the following urgently: Immediate processing and payment of the refund for the incorrect debit order taken from my account on 15 January 2026 Written confirmation that the old retirement annuity is paid up and will remain invested until retirement, as originally explained A full written explanation as to why the refund request was not logged and why I was repeatedly given incorrect or misleading information Confirmation of the turnaround time for payment of my refund Confirmation of the steps Sanlam will take to prevent this from happening again Final Note This error was not caused by me. I completed and submitted all forms within the required timeframes and confirmed ahead of time to prevent exactly this situation. Sanlam’s internal delays and administrative failures should not result in financial loss or prolonged inconvenience to me.