In 1997 I invested in an annuity called "Flexipension" from Old Mutual. According to the agent this product offered flexibility to increase/decrease contributions, as well as maturity dates.
Old Mutual decided in 2011 that this annuity matured in January 2012.. I requested that the term be extended for a further 5 years. However, I was not prepared to pay the exorbitant commission to extend the so called "Flexible" product. A consultant then suggested that it be extended annually to reduce the commission, however, I find this arrangement tedious and unnecessary.
The annual renewal letter arrived again, same story, R1, 440.00 commission for a 5 year extension. Numerous e mails and telephone calls to a totally hopeless call centre followed and I eventually asked for the proceeds to be transferred to Allan Gray for investment. The inefficient Old Mutual consultant dealing with my case now wants to pay out one third of the proceeds to me and the balance to Allan Gray.
I appeal to Old Mutual management to please read my instructions thoroughly, it is plain and simple, I wish to continue investing in an annuity for now.
Old Mutual, as flexible as a fossilised tree stump
0 comments