Johannesburg - A Lesotho retired mine worker is accusing Metropolitan of trying to trap him in South Africa after the financial services firm allegedly “refused” to give him the rest of his savings.
Johannes Moleleki, 65, has been planning to go back to his home country for some time following his retirement in 2013. However, his money dispute with Metropolitan has kept him in SA.
He claims that Metropolitan is denying him access to his R250 000 pension money because “the South African law was against” his request to have all his money cashed out at once.
The man from Orange Farm, south of Joburg, came to South Africa in 1973 to look for greener pastures.
He opened a life cover policy with Metropolitan in 2013 and approached the company in 2018, after his retirement, and made a request to have all his money cashed out so he could move back home to Lesotho.
“I want to go home. I am tired of being here. I just want all my money so I can go home to my family,” said Moleleki.
Moleleki receives R1800 monthly of the remaining R250000 pension fund, which is deposited into his Absa bank account. He received a lump sum of R113000 in 2013.
“We don’t have Absa in Lesotho. That means I will have to come here every month to withdraw money and go back to Lesotho where am I going to get the money for transport?
“When I ask why they don’t want to give me my money, they tell me that South African law only allows them to pay me my money on a monthly basis because if they give me all of it, I will waste it.
“I am an African, not South African, so they must apply that (logic) to people from this country.”
However Metropolitan said it was still honouring its agreement with Moleleki to provide him with life insurance as well as an annuity income.
Metropolitan head of annuities, Ronita Basson, said: “Mr Moleleki purchased a compulsory annuity with funds that originated from his Transnet Retirement Fund. The objective of an annuity is to save for retirement and to receive a regular income once retired.
“By South African law, specifically the Pensions Fund Act and the Income Tax Act, only a third of money set aside for retirement may be paid out as a lump sum, while the rest of the funds must be paid out over time to provide the client with a regular income.
“Mr Moleleki already received a third of his retirement funds in a lump sum - paid out by Transnet to him before the remaining compulsory two-thirds were transferred to Metropolitan to provide him with a regular income. Metropolitan is therefore acting according to South African law and the agreed policy contract.”
Moleleki worked at mines between 1973 and 1997, and in 2013 started working as a bus driver. With his driving experience, he managed to get piece jobs until 2018, when he decided it was time to go home to his wife and children because he had “saved enough money”.