With the introduction of the Two-Pot Retirement System and Anti-Money Laundering requirements, 2024 has brought significant changes to the South African retirement and employee benefits landscape.

So, with an eye on 2025 and beyond, the Old Mutual SuperFund is introducing several initiatives to enhance member outcomes, streamline employer experiences, and provide robust support for intermediaries, aligning with these changes and what they mean.

Here’s a look at our key strategic focus areas and what they’ll include.

Old Mutual SuperFund Living Annuity

A major milestone for 2025 is the rollout of the SuperFund Living Annuity in the first half of the year. Already in progress, this solution aims to provide members with accessible, cost-effective retirement income options within the safety of the SuperFund ecosystem. By leveraging economies of scale and integrating with existing SuperFund packages, the living annuity will provide members with a sustainable income option at highly competitive fees.

The SuperFund Living Annuity has also been built with intermediaries in mind, meaning that intermediaries can earn a commission for the advice they provide, and members have the option to work with salaried advisers or access Retirement Benefits Counsellors (RBCs) for additional guidance, helping them make better-informed choices.

Read more about the new Old Mutual SuperFund Living Annuity here.

Member for Life strategy

The Member for Life strategy is at the core of Old Mutual SuperFund’s vision, focusing on creating long-term relationships with members. This approach emphasises continuous engagement, helping members navigate life’s financial complexities even after they leave their employers.

Key elements of this strategy will include:

• Strengthening the Preserver and Deferred Retirement package propositions: With the introduction of the Two-Pot retirement reform, there is a likelihood that more retirement savings will be retained within the fund for longer. To benefit from that, efforts are underway to ensure these packages meet the needs of members, particularly as the value of funds retained across pots within the Two-Pot system grows over time.

• Advisory support: Having members and their savings in the fund for longer means advising and servicing them for longer. They will need a detailed financial plan and servicing strategy to keep track of all the savings across various pots. Members will have access to advice and tools that allow them to track their retirement goals, ensuring they remain engaged with their portfolios throughout their financial journey.

Growing, protecting and strengthening SuperFund

Growth is vital to maintaining SuperFund’s competitive edge, benefiting members, employers, and intermediaries alike. The larger the fund, the greater the economies of scale, enabling cost-sharing, reduced fees, and improved services.

Strategic initiatives to grow the fund in 2025 include:

• Investment enhancements: A focus on introducing new portfolios and refining existing ones, including the expansion of our retirement-driven investment (RDI) options. These enhancements will build on existing ones, ensuring optimal investment outcomes for members.
• Risk benefit research: Old Mutual is conducting research to reassess traditional death and disability benefits, considering whether new or adjusted options would better meet the evolving needs of employers and their employees.

Ease of entry to SuperFund and providing the best products, systems and services

Old Mutual recognises the importance of simplifying processes for employers and intermediaries when joining or recommending Old Mutual SuperFund, or onboarding new clients. Upcoming initiatives include:

• New business take-on process enhancements: Aimed at streamlining the onboarding process, these updates will make it easier for intermediaries and employers to navigate administrative requirements. Communication packs, administration manuals, and other tools are being developed to support this process.
• SuperFund Easy and SuperFund Choice package reviews: These packages are being evaluated to ensure they meet the needs of their target members. Adjustments may be made to improve alignment with member requirements while maintaining simplicity and flexibility.

Continued engagement with members

Engagement remains a top priority as informed members make better financial decisions. Some efforts to boost member engagement include:

• Financial literacy support: Addressing challenges such as debt and limited savings, SuperFund aims to equip members with the knowledge and tools needed to improve their financial wellbeing.

Enhancing the employer experience

Employers are vital stakeholders in the SuperFund ecosystem, and efforts to improve their experience are well underway. Planned enhancements include:

• New business quotes and requotes: Tools supporting this process are being refined to ensure seamless, user-friendly experiences for employers. While progress has been made in addressing past challenges, further refinements are planned for 2025.
• Annual rate and fee review process: After feedback on previous challenges, Old Mutual is committed to making this process smoother and more transparent. Enhancements are scheduled to address remaining pain points and improve employer satisfaction.
• HR911 support: Employers can access HR911, a service designed to guide them through processes such as disability claims, ensuring they manage benefits effectively and in a timely manner.

See more important information about SuperFund rate and date changes in this article.

Enhancing the intermediary experience

Intermediaries play a crucial role in the SuperFund value chain, and Old Mutual is committed to strengthening these partnerships by introducing:

• Remuneration flexibility: Planned for 2025 – 2027, this initiative will enable intermediaries to customise their remuneration structures within the SuperFund Choice package environment. This aligns with the broader goal of improving the intermediary value proposition allowing delivery of tailored solutions.
• Improved tools and processes: Enhancements to quoting, onboarding and servicing tools designed to simplify intermediaries’ workflows and improve client outcomes.

Old Mutual recognises that intermediaries, members and employers all play vital roles in the SuperFund ecosystem, and all of the fund’s objectives have been designed with these in mind.

While members may be the ultimate beneficiaries of the fund, intermediaries and employers are with them throughout their journey to retirement and are key components in adding value for those members.

SuperFund’s aim is to strengthen the interplay between all of those relationships in the year ahead.

If you’d like more news, views and insights for intermediaries, visit the For Intermediaries section of our content hub.