Old Mutual
Rediculous Charges!!!

I took out a Retirement Annuity (Old mutual Max Investment) in December 2009 while I was in my final year of study, while going through my transaction statement this month I realised that I am being charged over 11% yes 11% in '"Plan Charges"!!!

I am currently paying R689.06 per month towards a retirement annuity and I am being charged R72.45 per month for "Plan Charge - Asset" this is over and above the Asset management charges that are also deducted on UT distribution payments!!

This is day light, how can there be such a product on the market where one can never actually build up ones RA with charges in excess of 11% per month on my monthly premiums??

How do I cancel/cede such a policy so that I dont get charges such rediculous charges?

Company: Old Mutual
Country: South Africa
City: Pinelands

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