Old Mutual unveils two user friendly products
Published on April 22, 2026 at 6:46 PM by Robert Ngwira
As one way of ensuring that formal and informal employed individuals save for retirement, Old Mutual Malawi has unveiled two user friendly product dubbed ‘Old Mutual Programmed Withdrawal retirement and ‘Voluntary Pension Product.’
Speaking in an interview with the press after unveiling the two products, Old Mutual Pension Services Company Manager Taonga Manda said the two products gives flexibility to customers in planning for retirement.
“These products have been introduced following the amendment made to the Pension Law in 2023. We have aligned the product to the regulatory changes and the evolving market needs.
“Both the Voluntary Pension and Programmed Withdraw Pension products reflect our unwavering commitment to empowering individuals with the freedom to save for the retirement with products that suits their unique circumstances,” said Manda.
When asked on how the products are different from the other products like Sogolo Savings Plan Manda said: “These products are specifically for retirement planning and the taxes are on the lower side which is 15 percent while traditional ones is 30 percent.”
Manda further explained that on Voluntary Pension arrangement, individuals can choose how much to contribute for retirement and the time frame.
He also said that up to 40 percent of the contribution can be accessed after 5 years of saving, while the remaining 60 percent is preserved for retirement benefits.
“This structure provides a balanced approach-offering both short-term access to funds and long-term retirement security,” he said.
Manda further explained that Programmed withdraw Pension is idea for members who are retiring and look for options on how to access their retirement money.
