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Old Mutual Retirement Salary
Old Mutual Retirement Salary pays a regular income to a customer as long as they are alive. It is a ‘Guaranteed’ or ‘Life’ Annuity – as payment of the income is guaranteed for life. An income annuity has no capital value attached to it. In exchange for a lump sum payment upfront, we will pay the customer (the annuitant) the income for life. These payments may also increase annually over time.
Guaranteed Income for Life: under the Annuity Product, the lump sum deposited is converted into portions to create a guaranteed, regular stream of monthly income. Annuitants are thus assured of a quick and secure monthly sum that is paid promptly at a scheduled time.
Joint Life Option: customers can add a second life to the annuity. This means that a regular income will continue to be paid until both the customer and the second life have died.
Funeral Cover: customers can select to add funeral cover as a benefit on the annuity. This benefit can be purchased on single and joint life policies. On the death of any of the lives covered on the annuity, a separate funeral benefit can then be paid out to separate beneficiaries. No waiting periods and no medical tests required. No additional money is needed to purchase the funeral benefits, but the starting regular annuity income will be lower.
Beneficiaries: although the regular annuity income will cease when the customer dies, a minimum period can be selected by the customer when the annuity is purchased (for example, 10 years) for which the income is guaranteed to be paid – even if the customer has died.
How does the regular Annuity Income increase over time?
This Old Mutual annuity is a ‘With-Profits’ Annuity. We will invest capital in underlying assets and achieve investment growth. This will enable us to declare bonuses (increases) on customers’ current income payments. These increases are then also guaranteed – just as their current income payments.
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