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earn a regular income when you retire.

What is Old Mutual Retirement Salary?

Want to earn a salary after retirement? The Old Mutual Retirement Salary pays you a regular income even after you retire, for as long as you're 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.
How does it work?

Your annuity increases over time because this Old Mutual annuity is a "with-profits" annuity. We will invest capital in underlying assets to achieve investment growth. This will enable us to declare bonuses (increases) on customers’ current income payments. These increases are then also guaranteed – just like your current income payments.

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What's in it for you?

Here's how you and your family can benefit from investing in Old Mutual Retirement Salary.

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.

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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.

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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 are required. No additional money is needed to purchase the funeral benefits, but the starting regular annuity income will be lower.

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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 to a beneficiary even if the customer has died.

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