Liberty Life
Refusing me to access funds

I signed for a retirement annuity with Liberty life in 1996. At the time, I could access my funds at maturity or borrow against the policy. I was retrenched from my job in September 2012, 3 years before my retirement. I ran into serious difficulties from June when I could not service my bond and my car. I approached Liberty Life to plead with them to withdraw some funds from the accumulated investment of about R300000 so that I can service my bond repayments and car installment which is owing R45000 from R475000. I was told that in 2006, the Retirement Annuity Fund laws changed such that beneficiaries have to be paid a monthly income instead of lumpsum. The law changed during the life of this policy and I was never given an option to get stuck in this law or withdraw all my money. The point is, I am about to lose my house, car and a monthly income of R2100 being paid is not sufficient to even pay for utilities. Should I lose my house/shelter which is a basic human right? How is the monthly income of R2100 going to help me when I am in the street? Surely, humanitarian rights should supersede the law that refuses people to access their money when in deep crisis

Company: Liberty Life
Country: South Africa
City: Braamfontein

  <     >