I had a Retirement Annuity which matured on 1 December 2012. I made contact with their call centre and then a financial advisor. I was advised to commute the policy to a Flexible Annuity. I was emailed the required documentation to complete and sign. Which included a quotation of how the funds were to be paid out and the threshold of R75000. I duly completed the forms and returned them. On 11 December I received the first payment as quoted. This is where it all goes wrong. I was due to receive the 2nd pmt on 14 December it took me until 7 Jan. to make contact with the agent. Only to be told that the legislation had changed and the value of my policy exceeds the new amount of R50000. I sent an email of complaint and asked for a senior person to handle the case. I keep getting automated responses. To date no one has bothered to call to resolve this issue. Liberty dropped the ball on this one and I am out of pocket. I am shocked and dismayed that as an investment company their agents and personnel are so cavalier with peoples money. I expect the terms of the quotation to be honoured.
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