SuperFund Retirement – Near-Retiree Support

Things to consider as you get ready to retire

As a member of Old Mutual SuperFund, you’ve already taken meaningful steps toward preparing for retirement. Saving is only one half of any successful retirement journey. Equally important is making the right decision about where to invest your savings when you reach retirement. This section is dedicated as a guide as you navigate this exciting period of your life.

Your choices at retirement

Before you look at your options at retirement, it's important to note that you don't have to do this alone. Our retirement benefit counsellors (RBCs) are on hand to help you with your process. Your RBC will ask you questions to help you better understand your needs. They can explain your retirement options, how annuities work, and the tax implications of withdrawing cash at retirement, among other things. Best of all, their services are free.

As you approach retirement, you will need to decide which annuity to choose. Old Mutual offers you Fund Select Annuity, Max Income Living Annuity and SuperFund Living Annuity. Each annuity works slightly differently, but all are designed to give you the reliable pension income you need. Watch the video to learn more or download the brochure here.

What about the tax?

When you reach retirement you'll be able to withdraw one-third of your savings as cash. The remaining two-thirds will be used to purchase your annuity, which will provide you with a regular monthly income after you retire. If you choose to withdraw your one-third, you will be taxed.

Using the Retirement Fund Lump Sum Benefits tax table let's calculate how much tax you will pay if you chose to withdraw R1 550 000 (which is your one-third) on retirement.

Your tax would be R101 700. Here's how it's calculated:
R1 550 000 - R550 000 (tax free portion)
(R1 000 000 - R770 000) x 27% + R39 600 = R101 700 tax payable.

The above example doesn't take your Two-Pot Savings into account. Read more about Two-Pot here.

Update your beneficiaries

At this stage of your retirement savings journey, it’s important to make sure your beneficiaries (the people who will receive your benefits if you pass away) are up to date. It’s quick and easy to check or update them.

To update your beneficiaries, log in to the Old Mutual secure web. Not registered yet? Follow the steps here.
Once logged in:

Select MyOldMutual

Select Save & Invest

Select Old Mutual SuperFund

Select Transact on Old Mutual SuperFund

Go to Beneficiaries and update your beneficiaries

If you need help completing the Form, contact the SuperFund Customer Centre on 0860 20 30 40, and an agent will assist you.

Tools down - preparing for retirement

In this video, Fil, an Old Mutual SuperFund member, shares her experiences and the lessons she's learned along the way, as well as the choices that shaped her journey. From starting early to planning for life beyond work, her story highlights practical steps and insights that can help you think about your own future.