Unable to withdraw Provident fund

SauRoNZA said:
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.
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I am well within the fund rules.

Its just that these guys are running clown show, literally ignoring me for more than 8 months with no feedback what so ever.
 
Tman* said:
I am well within the fund rules.

Its just that these guys are running clown show, literally ignoring me for more than 8 months with no feedback what so ever.
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It so happens that we know someone- more accurately friend of my wife- her boyfriend is an employee there. Arsehole yes, but here's the kicker, gets fatcat salary, but he hardly ever works, since he's always pomping the poor woman silly or taking her on "mini holidays"

Nonetheless we were busy with this shyte until 5pm today, there's another "system error" now. Now at least I can LOG INTO MY FUKKING PROFILE AND SEE MY INVESTMENTS... for the first time EVER!!!!!!!
They fixed one thing but fukked up another... this time with my tax reference number...
 
Complained to the Pension funds adjudicator.

Will update this thread if/when I have an update.
 
Tman* said:
Complained to the Pension funds adjudicator.

Will update this thread if/when I have an update.
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I have an update for you before they silence me here, so use this info as you see fit.
I have complained to the Pension Funds Adjudicator.
I have complained to the FSCA
I have an internal complaint ref with Sanlam.

None of that GOT ME ANYWHERE. These motherfukkas don't have money to pay out see- I found this out from other people similarly affected. Their years of schlentering and buying their CEO a new Maybach every year has come to bite.

Today I lost my patience and gave them a social media onslaught second to none. You might think it was just a pithy attempt, but believe me.. good old Scottulus Maximus got off lightly compared to Sanlam today. I made a LOT OF NOISE, so much so that half of Cape Town probably knows who I am tonight.

Next stop is their over-lavish Bellville office...
 
supersunbird said:
Another idea could be to initiate a transfer to another provider and then withdraw?
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Probably not a bad idea, Im getting the feeling the Umbrella provident fund's admin department is in complete disarray. I mean they dont even respond to queries or complaints.
 
PaulGherkin said:
I have an update for you before they silence me here, so use this info as you see fit.
I have complained to the Pension Funds Adjudicator.
I have complained to the FSCA
I have an internal complaint ref with Sanlam.

None of that GOT ME ANYWHERE. These motherfukkas don't have money to pay out see- I found this out from other people similarly affected. Their years of schlentering and buying their CEO a new Maybach every year has come to bite.

Today I lost my patience and gave them a social media onslaught second to none. You might think it was just a pithy attempt, but believe me.. good old Scottulus Maximus got off lightly compared to Sanlam today. I made a LOT OF NOISE, so much so that half of Cape Town probably knows who I am tonight.

Next stop is their over-lavish Bellville office...
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Doubt the cash is gone, its not like Sanlam ran a pyramid scheme.

If the financial intermediary, the pensions fund adjudicator and the FSCA is unable to assist, maybe its a story for @Jan to look into lol.
 
PFA can be pretty useless. There's a nasty rule in the dispute wording that they take your complaint, hear a rebuttal from the company and then make a ruling. No chance to rebut the rebut even if wrong, they tell you to then go the legal route which is kind of against the whole point of a adjudicator.
 
Kosmik said:
PFA can be pretty useless. There's a nasty rule in the dispute wording that they take your complaint, hear a rebuttal from the company and then make a ruling. No chance to rebut the rebut even if wrong, they tell you to then go the legal route which is kind of against the whole point of a adjudicator.
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sad state of reality.

Its bizarre to think you contribute to a registered provident fund but cant get your cash out when you are legitimately entitled to do so.
 
Tman* said:
sad state of reality.

Its bizarre to think you contribute to a registered provident fund but cant get your cash out when you are legitimately entitled to do so.
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or hold contributors accountable ie: proportional payments.
 
Kosmik said:
PFA can be pretty useless. There's a nasty rule in the dispute wording that they take your complaint, hear a rebuttal from the company and then make a ruling. No chance to rebut the rebut even if wrong, they tell you to then go the legal route which is kind of against the whole point of a adjudicator.
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PFA just as useless.

After following the official complaints procedure with Sanlam (and attaching proof) they now claim I did not do this, *sigh

So, Im going on 9 months now not getting my own cash I invested. At what point is it considered just theft lol
 
Quick update.

May 2025 will mark ONE YEAR trying to get my provident fund from Sanlam to no avail.

The PFA did eventually come to the party, but guess what Sanlam just ignored their requests for an update including the final notice lol.

With Sanlam ghosting the PFA I'm not really sure what weight a final ruling will have anyway. I suppose the next step is I will have to make a civil claim against Sanlam? Or maybe try make a complaint with the FCSA?
 
Wendy Knowler. I'm sure she'd love this.

If she can't help at least Sanlam will get bad publicity.
 
This is very disconcerting to hear, from a company as entrenched and big as Sanlam....
 
UPDATE: I got my full payout!

13 Months after filling out the required forms Sanlam finally paid out my provident fund.

What it took:

I phoned Sanlam about once a week for a year. Spent an average of 30min to 45min on the phone (combination of being on hold, being transferred or waiting to speak to someone).

I complained via the internal Sanlam channels as per my policy docs (no one ever bothered to reply).

I escalated to the PFA after being ghosted by Sanlam

To this day Sanlam never even bothered to respond to the PFA, but I did think it helped as the PFA was ready to make a binding ruling and kept reminding Sanlam to respond.

No reason was ever given for the delay other than "its being processed" and "we have escalated"

I was well within all rules for the fund and submitted all correct docs from the get to.

Conclusion:

Avoid Sanlam for the rest of my life. That is all.
 
Tman* said:
UPDATE: I got my full payout!

13 Months after filling out the required forms Sanlam finally paid out my provident fund.

What it took:

I phoned Sanlam about once a week for a year. Spent an average of 30min to 45min on the phone (combination of being on hold, being transferred or waiting to speak to someone).

I complained via the internal Sanlam channels as per my policy docs (no one ever bothered to reply).

I escalated to the PFA after being ghosted by Sanlam

To this day Sanlam never even bothered to respond to the PFA, but I did think it helped as the PFA was ready to make a binding ruling and kept reminding Sanlam to respond.

No reason was ever given for the delay other than "its being processed" and "we have escalated"

I was well within all rules for the fund and submitted all correct docs from the get to.

Conclusion:

Avoid Sanlam for the rest of my life. That is all.
Click to expand...

Companies selling “products” strike once again.
 
Tman* said:
UPDATE: I got my full payout!

13 Months after filling out the required forms Sanlam finally paid out my provident fund.

What it took:

I phoned Sanlam about once a week for a year. Spent an average of 30min to 45min on the phone (combination of being on hold, being transferred or waiting to speak to someone).

I complained via the internal Sanlam channels as per my policy docs (no one ever bothered to reply).

I escalated to the PFA after being ghosted by Sanlam

To this day Sanlam never even bothered to respond to the PFA, but I did think it helped as the PFA was ready to make a binding ruling and kept reminding Sanlam to respond.

No reason was ever given for the delay other than "its being processed" and "we have escalated"

I was well within all rules for the fund and submitted all correct docs from the get to.

Conclusion:

Avoid Sanlam for the rest of my life. That is all.
Click to expand...
Sadly, my work pension is with Sanlam. I did make the contribution the minimum allowed and I have my own RA with 10X, because I knew...

Avoid Liberty as well...I don't know how their payouts work, but their growth on your investment is APPALLING.
 
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