Retirement Plan

The Old Mutual Retirement Plan offers you a vehicle for saving for retirement and to provide a cash lump sum and monthly pension in the event of death, disablement or reaching your retirement age. Having a company pension is just not enough to retire comfortably.

Key Features

  • Invest a minimum of N$200 a month for 10 years or more. This amount will increase annually to help your retirement fund to keep up with inflation.
  • Your money is invested in our Smooth Bonus Portfolio – aiming to provide inflation-beating returns.
  • An annual bonus is paid into your Plan, growing your money even more.
  • The investment term may terminate after the age of 55.
  • Assuming the tax structure remains unchanged, you can look forward to a 1/3 tax-free cash payout at the end of your investment term. The remainder 2/3 will have to be re-invested into a compulsory annuity.
  • Should the maturity value be N$50 000 or less then the full benefit payable is tax free.
  • You may opt to increase your monthly contributions, or keep them level for the investment period.
  • No medical examination is required.
  • No withdrawals are permitted.
  • With the Premium Holiday benefit, you can miss up to 6 monthly premiums without your policy being made paid-up. It is important that you speak to a client service consultant at one of our Client Service Centres if you need a Premium Holiday or are unable to continue paying your premiums.
  • You can nominate a beneficiary who will receive the money if you die before your plan matures.
  • A tax certificate will be issued by Old Mutual at the end of February each year.

Who can Invest?

  • You can invest if you’re a Namibian citizen or permanent resident over the age of 18.
  • You must be at least 10 years from your normal retirement age.