I have been investing with momentum for a number of years now and recently enquired if I could reduce my monthly contribution in order to purchase property and substantially alleviate the compound interest that I will incur (which will save me more money than my annuity could ever amount to in the same amount of time).
BY REDUCING MY CURRENT CONTRIBUTION I AM CHARGED A SO-CALLED BROKER COMMISSION FEE THAT RESULTS IN ME LOSING 5% OF MY INVESTMENT putting exactly back to my initial contribution!!! % growth!!!
So the so-called growth of my fund is false?! Commission structures to brokers is not supposed to be taken from me the client - it should be taken from the broker. I was assured when I took out the policy that I am able to adjust my premium to ensure access to my monthly income if I needed it. I was to- this is!
When enquiring about this from momentum I had to wait 15 min to be helped and was told that this is system based and the amount cant be clarified to me. So I must just accept it.
This is a false operation. This was supposed to give me financial security - not my hard earned cash. People need to know about this. And they will...
(Supplier name changed from Momentum Retirement Administrators to Momentum by Hellopeter.com)
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