Sanlam
Inflated fees - PPS / Sanlam Retirement Annuities

I have held a PPS / Sanlam retirement annuity for more than 10 years. For the entire period both PPS and Sanlam have never reported back to me on the RA performance and when i requested these numbers they provided complex info that conveniently hides the real performance and the effect of their cost stuctures.
I have finally decided to transfer out because the fee structures are ridiculous even after 10 years when all costs should have been recovered. The final nail in the coffin is when Sanlam nform me that the transfer fee will be R72 927! I understand that some fee is payable but R72 927 is a rip off. Please be careful before you use Sanlam or PPS for your RA.

Company: Sanlam
Country: South Africa
City: National

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