Old Mutual
Etirement policy not well maintained

I received an email in late 2012 stating that my retirement annuity is paid up. I went to Lydenburg branch for clarity and the consultant who helped me suggested that I sign for a stop order, that was done and from October 2012 premiums were debited from my salary. October 2013 I received an email again still stating that the said policy is paid up. I went again to Lydenburg branch and Big boy indicated that I should call their head office. I called and Thabiat said that there are no premiums received and that I should fax all my payslips as proof that money was debited. I then spoke to an independent consultant who after checking with head office said that the policy cannot be reinstated instead old mutual will refund the premiums in suspense and that I should start a new retirement policy. 1. I wonder how long is old mutual going to take to resolve this matter, 2. how did they authorise a stop order on a paid up policy and 3. is the money in their suspense account generating any interest and if yes for who?

Company: Old Mutual
Country: South Africa
City: Head office/customer care

  <     >