No happy retirement for pensioners
Pensioners picket in Sandton for what they feel they’re owed.
Retirement is meant to be the most peaceful time in a human being’s existence, celebrated through long hours of watching television in between visiting local recreational clubs and eating at lovely places.
Yet, a cohort of pensioners gathered to protest outside Old Mutual and Alexander Forbes at the corner of West Street and Rivonia Road in Sandton – picketing their concern and dismay on a blisteringly hot November 23.
The group of pensioners convened to deliver two memorandum of demand letters to Alexander Forbes and Old Mutual respectively. Protesting pensioner Joseph Du Plessis said that their effort, which dates to 2013, is a result of protraction – and members of the protest being owed money.
“The calculations which we have done on our members’ retirement funds are not up to standard,” du Plessis lamented. “That’s something we can sit in a boardroom and sort out; but they don’t afford us that [courtesy] – they send us lawyers.” He expressed how being sent from pillar to post influenced the group’s decision to picket.
“Old Mutual has given the administration over to Liberty Life. If you go to Liberty Life talking about shares, then they send you back to Old Mutual,” said du Plessis.
“That is why we have come here; they have got all the answers. After Old Mutual, they send us to Alexander Forbes.”
Also picketing in protest was William Mokhaboli – who expressed solely wanting to give his children better lives as a pensioner.
“What I can say is that we’re concerned about our hard-earned money; they have our money,” Mokhaboli said. “The pension funds which they closed from making money with our money benefitted their children; while we struggle, and our children don’t eat or get to enjoy going to school.”
Sandton Chronicle contacted both Old Mutual and Alexander Forbes on November 23 for comment on the issue.
Alexander Forbes public and media relations senior manager Consi Kalamaras responded on November 24 stating that the company remained committed to treating their customers fairly, towards ensuring that the correct information is provided timeously.
“Salt employee benefits is a service provider unaffiliated with Alexander Forbes,” Kalamaras said. “A memorandum was received by Alexander Forbesand we are in the process of compiling our response.”
Old Mutual was yet to respond to the enquiry supplied to them at the time of going to print on November 27.
Memorandum of Demands to Alexander Forbes:
- To give members the correct record of pension values before the transfer of money
- Certificate of Handover from Alexander Forbes to Salt employee benefits administrators
- Demand that Alexander Forbes pay members of Phumula pension funds who have exited, and others their correct values.
Memorandum of demands to Old Mutual:
- Old Mutual to give members the correct record of pension values
- Demand that Old Mutual pay the corrected deficit money to all funds of 2000 [year] to all funds administrated by them from 1986
- Demand that old mutual pay the 200 plus members that were removed from the Soweto city council pension fund database
- Value of old mutual demutilization certificate, value of deficit correction certificate, certificate of handover from old mutual.
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