What is the Old Mutual Retirement Benefit?Retirement planning is important if you want to enjoy your retirement. Things to consider include how much you can currently afford to invest and how long you have until you reach retirement age. Old Mutual Malawi offers two options to help you save for your retirement. The Single Premium Retirement Benefit and the Regular Premium Retirement Benefit.
The Single Premium Retirement Benefit provides an investment vehicle that helps you grow your retirement capital, in the form of lump sum injections. Benefits may be used to purchase a guaranteed annuity from Old Mutual (in line with the laws of Malawi). The Regular Premium Retirement Benefit provides disciplined contractual savings for your retirement. Allows you to decide how much you want to invest.
No amount is too small to preserve and it is never too early (or too late) to start saving. In fact, Old Mutual estimates that one needs to save a minimum of 15% of your income over a period of 40 years if one wants to have any chance of ensuring that there will be sufficient savings to maintain one's standard of living. There are other ways to preserve retirement benefits, but a preservation fund has distinct features which one may want to consider.
Anyone from 15 years to 55 or 65 years is eligible, depending on the chosen benefits.
The return is a function of the investment performance which varies from time to time. The rate of return is therefore not guaranteed.
Yes, a policy can be used as security for loans applied for, especially with banks. The policy is ceded to the bank until the loan is repaid, after which, it is receded back to the policy holder.