What is the Old Mutual Retirement Plan?Ever feel that you're so busy getting by that you don't have the time or money to think about the future? We get it. That's what the Old Mutual Retirement Plan is for. It's an affordable, long-term savings plan that starts at just R265 a month and earns you inflation-beating returns over the long term. By starting as soon as possible, and consistently saving a bit, you can rest easy, knowing your later years are taken care of.
- Start saving today and benefit from the power of compound interest (interest earned on interest)
- Your contributions to the plan are tax-deductible to a certain limit
- No medical tests necessary
- The earliest you can retire is at age 55
With the increasing cost of living and the fact that we are living longer, a pension and provident fund may not be enough to support you when you stop working.
The premiums you pay to your Retirement Plan are tax deductible. This means that your premiums reduce the amount of tax you pay, subject to certain limits.
You need to disclose your contributions to the South African Revenue Services (SARS) when you complete your annual tax return. We will send you a tax certificate every year. You can also ask for your tax certificate at any branch.
The law does not allow you to make withdrawals from your Retirement Plan. This is to ensure that your savings are kept for retirement purposes.
There are some exceptions though. In some cases a court order or divorce order allows these funds to be shared or you can withdraw as a result of emigration.