Pensioner struggles to access his own funds

Arthritic, osteoporotic, divorced and then widowed, Malcolm Barclay is no stranger to hardships.

Through all privations though, the 64-year-old always counted on his pension nest egg to get him by. Clutching a stack of confirmation letters, statements and printouts, Mr Barclay feels his very way of life is at risk at the hands of people he accuses of stealing his earnings.

“Someone else is enjoying my pension now,” he lamented.

Throughout his working life, Mr Barclay saved up hundreds of thousands of Rand in a retirement annuity. While the total amount is shown to stand at just less than R790 000, it is in accessing enough of that money where the pensioner has seen an immeasurable struggle. At the beginning of June, statements show, the payout of the pension fund was slashed by about 50 per cent.

“I was informed the money was cut because it was ‘never measured’.”

With a vast number of debit orders coming out of his account monthly, Mr Barclay is into overdraft on his accounts, while the television and phone lines have been disconnected. On top of that, SARS is of the opinion the 64-year-old is actually deceased.

“I’m waiting for the power and water to get cut off now,” he shrugged. With the slash in his pension payout causing his medical aid service to be suspended, Mr Barclay can no longer afford to undergo a necessary hip replacement. He has contacted his bank and other bodies for assistance, but has no hope his situation will improve.

“It’s devastating because I have worked all my life for this money.” Mr Barclay concluded he was “just not ready for an old age home”, yet his financial woes may force him to take drastic measures.

A representative from the bank in question, explained what he knows of this situation. According to the representative, the reason Mr Barclay’s pension payout was cut was because of over-expenditure, a factor communicated to the pensioner more than once.

He added the income was halved due to a new resultant pension option. “In his case, he did know and he shouldn’t have expected otherwise.”

The bank representative said there was not much time for Mr Barclay to get his financial affairs in order, suggesting he drastically cut expenses or risk losing his house too.