Metropolitan offers options to beleaguered TNMC workers
Ryder Gabathuse | Wednesday October 19, 2016 16:57
About 700 TNMC employees could soon find themselves jobless after the company was placed under provisional liquidation, with a report from liquidator Nigel Dixon-Warren next February expected to determine their fate.
Metropolitan relationships manager, Tebogo Toteng on Monday briefed investment and pension policy holders providing them with options that could sustain their investments even when they were not gainfully involved.
The meeting came in the wake of reports that worried miners had started cancelling their policies with Metropolitan and other companies for fear that once they fail to honour their obligations they could end up losing out.
Toteng told policy holders that there were generally cost implications in the cancellation of their policies. Instead, they were given options through which they could continue with their investments so that they will be rewarded at the proper maturity period.
“Cancellation of some of their policies could result in a nil value, which means no benefits.
“We advise you so that you can exercise certain options that could benefit you under the prevailing circumstances,” said Toteng adding that alternatively they could reduce their monthly premiums to affordable ones.
The miners were also encouraged to change amongst others their mode of payments ranging from deductions from their personal bank accounts to paying over the counter.
As for the pension policy, it was explained that it could be put on hold whilst the policy holder looks for further options to source funds as according to the Pensions Act, it can only be paid out upon its maturity when the holder reaches retirement age.
“Other options especially for some of you with spouses or so, you could remain the policy holder while your spouse is paying for the premiums until you get employed.”
Options provided to the policy holders ranged from premium bridging (six months), premium freezing, partial surrender (taking money before time), total surrender, cancellation of policy, paid up pension policy, annual premium payment, half-yearly premium payment, and flip (reduction of premium) amongst others.
An unidentified Tati Nickel Mining Company (TNMC) employee appreciated the brief meeting with the insurance company, saying it was an eye opener.
He appreciated that the meeting has given them more options and hope for continuity of their investments with Metropolitan. He said he had thought his investments with Metropolitan had gone up in smoke.