Sixteen years had passed from the date that I resigned to my surplus payment date, yet I only received R2720.24. I think this is ridiculous since I have read numerous reports where people have received sums even more then their original payouts due to the accrual of compound interest.
I have sent Alexander Forbes numerous emails requesting a calculation breakdown to explain why I have received such a small amount after all these years and this was their response: - "... we do not send out full calculation break down letters unless... they (the member) can give us a detailed explanation, in writing advising why the member thinks the benefit should have been more..."
So what Alexander Forbes is saying is that, although they have ALL the information required to do the calculation such as the surplus amount at termination, the interest that accrued over this lengthy period, what the compound interest rates were, etc., they expect ME to give THEM an explanation!
I sent them another email on 22 January 2013 and I have received no response to date.
I believe that my Surplus Payout should have been more and that Alexander Forbes is obligated to explain how they calculated this payout.
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