Staff Writer
Old Mutual Zimbabwe has advised the termination of the Pensions Plus product saying the product has ceased to be on offer effective 31 December 2024.
In a notice to pensioners who acquired the product, Old Mutual Zimbabwe said regulatory approval was sought and granted for this change to be put into effect.
“Old Mutual Zimbabwe wishes to advise its valued pensioners who acquired a Pensions Plus pension from Old Mutual Zimbabwe of changes that are taking place relating to this pension product.
“The change has been necessitated to allow pensioners to participate in an Income Draw Down arrangement which offers the flexibility that is needed in the prevailing economic conditions.
“As such we need to inform you of the benefits of this change and to offer you the option to convert to the income Draw Down arrangement or else to continue under the Pension Plus arrangement,” reads the notice.
Old Mutual says all pensioners in receipt of a Pension Plus pension will receive emails containing personalized letters with more information on the benefits of this change, and forms which they must complete and return to by 31 December 2024.
“For those who do not have email addresses or those who do not receive an email from us by 20 November 2024, you may approach Old Mutual and CABS branches countrywide where you will be provided with the documents and if need be, assisted in completing the forms If you require any further clarity,” the statement reads further.
