There have been some important updates to where Old Mutual SuperFund (“the Fund”) will operate in Southern Africa.

The Fund, in consultation with Old Mutual as sponsor, has taken a strategic decision to cease conducting pension fund business in Lesotho, Eswatini and Namibia (“the foreign territories”) due to, inter alia, the imposition of more onerous operating requirements in some of these territories.

This means that all citizens who are residing and working in these foreign territories may not be members of the Fund, and need to either exit the Fund and be paid their Fund withdrawal benefits or have their benefits transferred to a fund (which they are eligible to join and provided such fund is licenced to conduct business in such territory).

We are presently liaising with the relevant authorities and the Fund’s participating employers in this regard.

If you have any questions, please contact your dedicated Old Mutual Corporate Consultant.