Old Mutual sensitises clients on Pensions Act
05/04/2011

Old Mutual Life Assurance Company on 04 April 2011 soriented its existing arid potential clients to the new Pensions Act at a seminar held in Blantyre.

"We believe that as Old Mutual, we owe it to the society that we operate in to [sensitise] them. It is not just about selling pension schemes, but also making sure people are aware of their rights and obligations under this new law," said Chris Kapanga, Old Mutual managing director.

Kapanga said Old Mutual has products that are tailor-made to the new law's requirements. "Pension schemes will no longer be the same after die Act, so we are coming up with products that will cater for umbrella funds. [These] funds will allow people with a small number of employees such as small and medium enterprises [SMEs] to join a fund without them having to set up their own fund.

"We are also able to offer unrestricted funds, because the new Act will allow people to walk away from one employer to another with whatever has accumulated in their pension fund. People will, therefore, have a choice to join a pension scheme that is offered by their next employer or just join unrestricted fund offered by Old Mutual," he said. The seminars will be held across the country. The next one will be in Lilongwe and another in Mzuzu.

Mtendeweka Mhango, a law professor at the University of Witwatersrand in South Africa, unpacked the Pensions Act for the more than 100 people that gathered at the seminar.

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