LR
Lauren Rossouw.lauren

1 reviews | Active since Jan 2023

21 Jan 2025, 14:32

Withdrawal of funds - inefficient, slow and poor response

I resigned from my employer on 4 September 2024. On 10 September 2024, I submitted the required withdrawal documentation to Sygnia to transfer to my pension funds to another fund (new fund).

During December, I was contacted by my new fund to advise that Sygnia needed the withdrawal forms to be 're-sent to them' to proceed. Although not understanding this taking into account the time period and assuming my instruction should be in its final stages and, as all paper work should be on the electronic paper trail from my instruction, I still resent my initial withdrawal form to my new fund on 31 December 2024 to on-send to Sygnia.

On 17 January 2025, my new fund followed up on the transfer with Sygnia (as well as their email of 2 January 2025 with the re-sent forms).

At this point, I interjected in the email communication to enquire as to the delay (going on 5 months since my resignation). I was then advised by Ismail to complete new forms as I was provided with outdated forms for completion.

I queried, respectfully, why an internal process has been the delay for the transaction and why no one has mentioned this to be the issue until now, particularly when my new fund has continually been following up. I also requested contact details for a complaints department. Ismail responded to my email curtly advising that there was no delay from Sygnia as they received my documents from my broker on 17 January 2025 and require the new forms for auditing purposes. No information was received on their complaints department and I should add that I do not have a broker - I am not sure who Sygnia was corresponding with or if this is an oversight.

Whilst I absolutely appreciate the importance of proper paperwork as an attorney myself, I sent my correct and complete documents to Sygnia on 10 September 2024 as required at the time. I will not be completing further documentation to complete the transaction due to a delay or incompetence by Sygnia.

Interactions like this re-affirm my decision to transfer my funds to funds like my new fund - I mention them as a new fund, although I have been with them for years, because they understand customer service and are efficient.

I understand mistakes happen and paperwork may need to be re-completed, but that is where the tone and attitude of your staff make ALL the difference. Customers are not always right, but your staff should make sure they are not wrong before they make the customer out to be wrong..

I hope my transfer is finalsed soonest, otherwise I will be escalating to the Ombudsman.

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Replies (1)
Sygnia
Sygnia's reply21 Jan 2025, 16:01
Official
Hi Lauren

We’re truly sorry to hear about your recent experience with our service. This is not the level of support we strive to provide. We’d like to make it right. A member of our team will be in touch to address your concerns directly. Thank you for giving us the opportunity to improve.

Here to help, 
The Sygnia Team