Old Mutual
Complete Rubbish

I have 2 policies with Old Mutual
I contacted the call centre a number of weeks ago as I wanted to make changes to the policies that I had. Both these policies are dormant policies and not doing much for financially. So, in order to maximize the existing balances, I wanted to consolidate both policies into 1 policy and start a contribution into the new fund. I since been told by Old Mutual that this is not possible to transfer both RA's into 1 RA - they have no facility for that.

I was forced to look outside of Mutual and found that the following companies out there can offer what I want.
Metropolitan, Liberty, Allan Gray, Discovery - to name a few.

I have now been told that if I transfer my funds outside of OM, then there are penalties that will be incurred. Those penalties are -R20 000. This is completely unacceptable since I have been forced to look outside of OM's products in order to get what I want.

Company: Old Mutual
Country: South Africa
City: Cape Town

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