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I am writing to lodge a formal complaint regarding my recent provident fund withdrawal and the significantly reduced payout I received.

I contributed a total of R1,050 (R525 per month for two months) to my Liberty provident fund. Upon withdrawal, I was paid only R263, which appears to be substantially less than my total contributions.

According to the SARS withdrawal tax table, any withdrawal amount below R25,000 falls under the 0% tax rate, meaning no tax should have been deducted from my benefit. Therefore, I am concerned that my payment may have been incorrectly processed or that excessive fees were charged without proper disclosure.

I hereby request:

A full and detailed breakdown of my provident fund account, including:

Total member and employer contributions

Investment value

Administration and risk charges

Tax deductions (if any)

The calculation used to arrive at the R263 payout

A review of the withdrawal process to confirm whether any deductions were app**** in error.

If it is confirmed that I was incorrectly charged tax or fees, I request an immediate refund of the difference to my bank account.

In addition, please treat this as a formal complaint in terms of the FAIS Act and Liberty’s internal complaints procedure. I expect urgent attention to this matter as it took over 25 days to pay out this lousy ammount

Thank you for your attention to this matter. I look forward to your detailed response and the correction of this issue.

Yours sincerely,