Old Mutual
No cash out on annuity

I am very disgusted with the service I had with old mutual. I just cancelled my annuity 30 minutes prior writing this complaint. In 2009 I I took out this annuity since we as government officials were warned that with our pension fund wont be of much value and needs adittional money. The person I took the annuity out never explained the pro"s and cons about the policy. At the beginning of this year I enquired about increasing my premium with R100 and was told I could not do that and should take out another one in stead. So today I went to cancel it it was told that I wont be receiving any money now, only at the age of 55 . While sitting there at the branch office the value decreased from R8200 to R7800 . I mean this is my money!

Company: Old Mutual
Country: South Africa
City: Worcester

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