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Old Mutual Programmed Withdraw is a flexible retirement income solution administered by Old Mutual Pension Company (OMPSC) Malawi that allows you to receive regular income payments directly from your accumulated pension fund. It enables you to benefit from potential investment growth while maintaining control over your income withdrawals.
The product is regulated by the Reserve Bank of Malawi (RBM) and managed by Trustees appointed to protect members’ interests.
How does it work?
- At retirement, you may invest part or all your pension savings into the Programmed Withdrawal Fund, subject to regulatory 50% maximum commutation of your pension benefits as per Malawi Pension Act 2023
- Funds are invested in the Old Mutual Market-Linked Fund managed by Old Mutual Investment Group
- OMPSC will recommend a drawdown income level (drawdown rate) based on your age and financial needs.
- You receive income payments at your chosen frequency into your nominated bank account.
- Upon death, the remaining balance is paid to your nominated beneficiaries or estate with respect to Trustees oversight.
Frequently Asked Questions
Ideal for clients who want to manage their income flow and are comfortable accepting some investment and longevity risk for potential growth. These will be pension fund members who have reached retirement, transferring a lump sum from a pre-retirement fund or preservation fund, who need regular income. (Per Pension Act 2023, exceptions for ill-health apply).
It depends on your age and drawdown rate at the time of joining. The Trustees and administrators will guide you with recommended rates.
Yes. You can review and adjust your drawdown amount periodically, subject to fund rules and regulatory limits.
No. Withdrawals must comply with pension regulations to ensure your income lasts through retirement. Only transfers to another retirement plan is permitted.
Yes. You can transfer your remaining balance to another approved retirement income product or a guaranteed annuity.
Your remaining fund balance is paid to your nominated beneficiaries or estate after Trustee approval.
Email: info@oldmutual.co.mw
Call centre (tollfree): 329
Visit our offices
- Old Mutual Building, 30 Glyn Jones Road, Blantyre
- Old Mutual Building, Robert Mugabe Cresent, City Centre
- Old Mutual Building, Lunthu Arcade
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