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WOMAN UNABLE TO ACCESS FUNDS
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NOZITHEMBISO Sitshona has become a beggar, yet she has R127 618 in an investment product she can’t access.
Sitshona, 53, of Pimville, Soweto, said when she took early retirement in February last year, she thought of investing her money wisely so that it would not get depleted quickly.
Sitshona said she took early retirement because she had a calling to become a traditional healer and this interfered with her employment.
She said that, with the help of her colleague, she shopped around for a registered financial adviser and eventually found Mando Monare-Majake, of SRM Financial Brokers.
“It took us three months to find her and I was happy as she offered to provide sound financial advice,” she said.
Sitshona said MonareMajake told her she could use a portion of her pension to renovate her house, and the balance would be invested so she could earn a monthly income.
Sitshona said she thought all was clearly communicated, but she did not get an income at the end of February 2016.
On inquiry, MonareMajake told her she would Tel: (011) 280-3086 or e-mail zungut@sowetan.co.za or write to PO Box 6663, Johannesburg 2000 only get her money in 2019 and there was nothing she could do to rectify this.
“I asked her to cancel it and she told me it was impossible, even though she did not follow my instructions or advise me properly.”
Sitshona said MonareMajake was dishonest, unfair and did not take her financial situation into account.
Sitshona said the policies she has serviced her whole life have also lapsed because she has no income.
“I am now a burden to my friends and family,” said the mother of five.
While financial institution Momentum said it acted within the law when they invested Sitshona’s money as per SRM’s request, SRM conceded they did not properly advise Sitshona.
Nicolette D’Arch, a dispute resolution officer at Momentum, said Sitshona was not eligible to retire from her employer’s pension fund and was thus compelled to transfer the full benefit to another approved fund, or pay the necessary tax and take the nett proceeds in cash.
D’Arch said Sitshona bought a preservation fund with Momentum as she had not reached retirement age in terms of pension law.
Sam Matjeke, managing director at SRM, conceded they did not advise Sitshoba properly. He said he would meet her today. “We would like to place on record that we consider the matter to be resolved.”