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Continue your Old Mutual SuperFund membership even though you have left your employer.
The Old Mutual SuperFund Preserver facility is an easy and innovative way of protecting your retirement savings if you change jobs or leave your employer.
It allows you to keep your retirement fund savings in the same Old Mutual SuperFund retirement fund you had as part of your previous job, even if you don’t work for that employer anymore. This way your retirement savings stay invested and have the potential to continue to grow. Plus you enjoy investment choice and good service at a competitive rate.
For more detailed information on Old Mutual SuperFund Preserver membership, please read the Preserver Member Guide.
If you are a member of an Old Mutual SuperFund retirement fund, you have access to Old Mutual SuperFund Preserver. So, if you change jobs, resign, get retrenched, or even if you are dismissed, you can stay an Old Mutual SuperFund Preserver member, keep your retirement savings intact and enjoy the many benefits that the Old Mutual SuperFund Preserver offers such as:
Read the SuperFund Withdrawal Guide for an explanation of your options when leaving your SuperFund participating employer due to resignation, retrenchment or dismissal.
As an Old Mutual SuperFund Preserver member, you continue to enjoy the same service, choice and benefits that you had while you were with your previous employer. Old Mutual SuperFund Preserver is designed to give you all the options you need, when you need them, including:
As an Old Mutual SuperFund Preserver member, you can choose to retire at any age after you have reached your 55th birthday. This doesn’t mean you have to also retire your job at that time - you will only be retiring from the fund if you want to do so. Read more...
When you retire, and your Old Mutual SuperFund Preserver membership is:
When investing in a pension, your Old Mutual SuperFund Preserver retirement savings are paid over to an insurer of your choice, who will then pay you a regular retirement income. You can choose between different types of pensions depending on your individual circumstances and needs.
When deciding on a pension, you need to consider a number of factors, such as the amount of pension income you need, the capital available to buy a pension, whether your pension needs to increase in future, the extent of any such increase, whether your dependants should receive a benefit after your death, and whether you will be able to control your level of income after retirement. It’s best to speak to a Financial Adviser about the best pension option for you.
Remember that the capital used to purchase a pension is not taxed, but the income paid by the pension policy will be subject to tax.
If you become disabled during your Old Mutual SuperFund Preserver Membership, you can apply to have a disability benefit paid from your fund. Read more...
You will need to provide proof of your disability to the Trustees of the fund in order to qualify for this disability benefit. If your application is declined, you still have the option of withdrawing some or all of your savings from the fund.
If you die while you are an Old Mutual SuperFund Preserver member, Old Mutual SuperFund must use the balance of your Old Mutual SuperFund Preserver account as a death benefit. In terms of the Pension Funds Act, the Trustees of Old Mutual Superfund must allocate this benefit in a fair manner between your beneficiaries. Read more...
It's important to remember that this death benefit doesn't form part of your deceased estate, so it is not paid out according to what you've said in your Will. Making sure you have updated your list of beneficiaries with Old Mutual will help make this process fair and efficient. As an Old Mutual SuperFund Preserver member, you can change your beneficiary nominations at any time.
For more about death claims process please read the Preserver Member Guide.
As a member of Old Mutual SuperFund, you don't just have a solid retirement savings scheme, you also have access to other risk cover benefits. We know the last thing you need when you have to claim is a complicated process, so we offer a quick and simple one aimed at getting you the payout you deserve, when you need it. For full details on the claims processes, read the Member Guide on Secure Services or contact your financial adviser.
Watch the video about your benefits in SuperFund.
With Old Mutual SuperFund Preserver, you are allowed to access to your retirement savings at any time, either to withdraw them as cash, or transfer them to another retirement fund. Read more...
Transferring your retirement savings to another employer’s fund.
If you get another job that offers a retirement fund, you can keep your retirement savings invested, and have the potential to keep the investments growing for your future, by transferring the entire amount in Old Mutual SuperFund Preserver to that fund. This will protect the value of your savings because no tax will be charged on the transfer.
Transferring your retirement savings to another fund.
You can also choose to transfer your Old Mutual SuperFund Preserver account balance to a different retirement fund, such as a preservation fund or a retirement annuity. Doing this will also not result in your savings being taxed.
Withdrawing your retirement savings in cash.
If you are like most people, your retirement fund is the biggest retirement savings vehicle you have. This means it can be tempting to withdraw some, or all, of the cash in your Old Mutual SuperFund Preserver fund. However, this is not always the best idea - especially since it will leave you with less money for your retirement and it could mean you have to pay a lot of money in tax.
Remember that by not keeping your retirement savings invested, you lose out on the benefit of compound interest, which means you will need to start saving for your retirement all over again, and you might never manage to build up the same savings amount again.
Old Mutual SuperFund Preserver focuses on preserving your retirement when you retire, change jobs or even when you are dismissed. Some conditions apply to making further contributions to it, as well as certain fees. Read more...
While Old Mutual SuperFund Preserver will keep on growing the retirement savings you already have invested in it, you are not able to make additional contributions. If you’d like to invest more towards your retirement, you could consider making voluntary contributions to another retirement savings vehicle like a fund offered by your new employer or a retirement annuity. Speak to an Old Mutual financial adviser about your retirement savings options.
Transferring other retirement savings to Old Mutual SuperFund Preserver
You may consolidate all your retirement savings in Old Mutual SuperFund Preserver. You do this by transferring amounts from other pension, provident or preservation funds that you are a member of, when these amounts become available for transfer, into Old Mutual SuperFund Preserver.
Please note that all these fees are subject to change.
Before a benefit can be paid to you, or your family (in the event of your death), a Preserver Claim Form must be completed and emailed to the Old Mutual SuperFund Service Centre - superfund(at)oldmutual.com. Depending on the type of claim, additional documentation may be required. This is specified on the Preserver Claim Form and Preserver Member Guide. When you claim, you will exit Old Mutual SuperFund Preserver.