Unable to withdraw Provident fund

Tman*

Tman*

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I submitted a request to withdraw my provident fund with all supporting documentation & forms 8+ months ago.

Spend hours and hours on the phone with the insurer (one of the big ones) to get traction to no avail (all they keep saying is they will escalate and look into the matter).

I complained via the official channel, and although they acknowledged receipt of my complaint and said they will respond in 30 days, they didn't. According tot my policy docs I can escalate to the Pension Funds Adjudicator as the next step (im about to do this now).

Questions:

1. They made my life hell. How do I return the favour, will the Pension Funds Adjudicator be the best bet, or can I also complain to the FSCA?

2. Has anyone experienced these type of delays? What can a legitimate reason be for such a long delay?
 
PaulGherkin said:
Because I have had to take them all the way to the Pension Funds Adjudicator to get my money out. Something is seriously wrong at that place.
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Glad to hear I am not alone.

If you dont mind me asking, how long did it take once you complained to the Pension Funds Adjudicator?
 
Tman* said:
:cautious: eish.
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1. Internal complaints procedure yielded me sweet bugger-all. Never even got an acknowledgement until Christmas Eve
2. PFA has YET TO EVEN ACKNOWLEDGE RECEIPT OF MY COMPLAINT

These people run on African time, and like African culture, their phones ring unanswered.
Sanlam is as bad as the ANC and when this is over I will be dealing with them in my own special way, they will regret ever having had me as a client- that much is certain.
 
PaulGherkin said:
1. Internal complaints procedure yielded me sweet bugger-all. Never even got an acknowledgement until Christmas Eve
2. PFA has YET TO EVEN ACKNOWLEDGE RECEIPT OF MY COMPLAINT

These people run on African time, and like African culture, their phones ring unanswered.
Sanlam is as bad as the ANC and when this is over I will be dealing with them in my own special way, they will regret ever having had me as a client- that much is certain.
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hmmm, I think Ill also give the FSCA a ring. Surely unjust delays such as this is a breach of their obligations and terms of their financial licence?

Im beginning to think my money is gone haha
 
Tman* said:
hmmm, I think Ill also give the FSCA a ring. Surely unjust delays such as this is a breach of their obligations and terms of their financial licence?

Im beginning to think my money is gone haha
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Let me know which number you successfully use to speak to a human. I am being dead serious.
Their number also just rings, rings, rings, rings, rings, no answer
 
PaulGherkin said:
Let me know which number you successfully use to speak to a human. I am being dead serious.
Their number also just rings, rings, rings, rings, rings, no answer
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Ill get my docs and post later today, just heading out for lunch.

I think ive spend a couple of thousand of Rand on calls, to complicate matters even further I am phoning from the UK and it takes like 45min just to speak to someone.
 
Wow, things have really changed somewhat since I last dealt with them in 2014!

My experience has always been that they were the poster book for less hassle, efficiency and prompt service delivery. This relates to life-insurance AND my RA. In 2008 I suffered a stroke, and as I had Dreaded Disease cover, the payout took but a few months with the Rep keeping me informed every step of the way.

Perhaps having a long-term association with their rep had something to do with it (we were work colleagues in the late 1990's)? He is still there, ensuring that my RA is still properly managed (and promptly paid at the end of each month).
 
When you say withdraw do you mean before retirement age? There are various rules in place there with Provident Funds specifically.

Or are you trying to retire and get your money out? Or transfer it somewhere else in which case it's not a withdrawal.
 
@Tman* go the adjudicator route. As I type this they (Sanlam) suddenly phoned me and fixed the administrative issues in front of me. It's all done, now we wait for SARS. Its clear that the PFA doesn't take any schit from anyone.

As I type this I am on the phone with them to sort the SARS issue out..
 
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