Investec
Retirement Annuity withdrawel

Hi

I was working for a company who recently discontinued Provindent Funds from their benefits & subsequently set up Retirement Annuities with Investec leading the employees to be believe that this was similar to a Provident fund.

After 3 years I left the company & wanted to withdraw the monies I have been contributing towards the RA only to be told by Investec that the value is R9000 & I could only withdraw the money if the value was less than R7000. The Investec agent further shared with me that I will only be able to withdraw the money at the age of 55.

I went as far as asking the agent if I could forfeit R2000 & withdraw only R7000 as I don't intend to contribute to this RA in future entirely (cancel the investment), but to no avail.

To me this is grossly unfair as the value of the investment is quite small. I am currently unemployed & in a dire financial crisis. The failure on Investec's part to treat this as an exceptional circumstance infuriates me as I now have to wait 25 years to access R9000.

Please Investec, I beg you to please come to the the party for me.

Thank you.

Regards,
GUNIT

Company: Investec
Country: South Africa
City: Port Elizabeth

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