Old Mutual - Om refuse to pay out benefits

i have to two annuities that have matured/ will mature in September and I indicated to OM how my benefits should be paid out. Despite filling out the required forms, making summersaults and jumping through hoops, OM refuse to pay out my benefits claiming that section 37 of the Pension Fund act require that I open a new bank account in my name (current nominated account is in the name of my wife, but I have full transactional and signing rights). No matter what, OM refuse to budge.

It would seem as if it is a concerted effort from OM to withhold payout because their claim that the account MUST be in my name is BOGUS as is the SO called court case that they are referring to!

Section 37 is meant to protect beneficiaries of retirement benefits. The basic principle (which by the way was also emphasized by the judge in the case that OM is holding in support, is to ensure that retirement benefits are utilised in order to provide retirement benefits for the member and/ or his/ her dependants:

To avoid contravention of Section 37 A:
1.The instruction to pay me (the member) to any nominated account came from me and not from any third party;
2. The instruction took the form of an ambiguous mandate to the fund, revocable at the election of the member (me); and
3. There is clear and indisputable written proof of the member’s instruction to the fund!

Despite the above, OM refuse to process payout until I open a new bank account. While I already referred the issue to the Pension Fund Adjudicatoe and the FSCA, OM is fully aware that resolution by these authorities takes very long and will NOT be completed by September when they are supposed to pay my benefits!

Old mutual undertook to respond within 5 days - IT IS NOW 8 DAYS AND I AM STILL WAITING FOR A RESPONSE!!!!