REFERENCE is made to the article “Pensioners’ payouts a pittance, please review”, (Independent, October 20).
Old Mutual complies with all regulations and rules pertaining to pension funds admi
nistration and payment of pensions.
In terms of the latest regulations effective September 1, pensions of $3 000 per month or less can be commuted for cash. Old Mutual has been paying cash commutations on requests from affected pensioners.
We advise the writer to approach Old Mutual with a request to have the pension commuted if they so wish.
In this hyper-inflationary environment, Old Mutual no longer offers level pensions.
Our products, pensions plus and managed pensions are inflation-sensitive and participate in the investment returns of Old Mutual.
Pensions Plus has increases granted twice a year at the discretion of Old Mutual, while the managed pensions allow the pensioner to elect the pace and level of increases within certain investment-related limits.
The pensioner should contact Old Mutual for further details.