What is the Anchor Retirement Plan?

The Achor Retirement Plan is a financial product designed to help you save and invest over time to provide income during your retirement years when income is minimal.

You can choose to have either an Ad hoc Contributions (paying as and when you can) or a Recurring Contributions policy (contributing every month consistently).

Recurring Contributions: A minimum monthly contribution of $50 each month until the day you claim or when you turn 70 years old. You may also make extra (ad hoc) payments into your recurring Contribution policy to boost your savings.

Ad hoc Contributions: As and when, with a minimum initial amount of $1,000 and $50 thereafter.

You can easily switch from one option to the other anytime upon notifying us; however, a charge will apply upon conversion.

The Ad hoc Contribution option recognizes that your income levels may be variable, e.g., if you run your own business, are a farmer, etc. It thus allows you the flexibility of paying as and when you can.

The Recurring Contribution option is suitable if your income levels are stable and regular e.g, if you are in formal employment. This option thus makes it easier for you to contribute towards your retirement consistently every month. However, please note that if no contribution is received for a period of 6 months, the policy is automatically converted to Ad hoc. A conversion charge will apply, so please be confident that you can meet the monthly contributions consistently.

Contributions may be paid through cash deposits, debit orders, salary deductions, electronic transfers and mobile money transfers. Remember to always quote your policy number when making contributions. Contribution payment frequency or payment method may be changed upon notifying Old Mutual.

You are encouraged to make consistent contributions towards your policy to improve your value upon retirement. For a Recurring Contributions policy, if a contribution is not received for six months, your policy is automatically converted into an Ad hoc Contribution policy, and a charge will apply. You can still make contributions later on, should you decide to.

Your total benefit will be subjected to investment and administration charges in force at the time of investment. The policy charges are not guaranteed and can be reviewed for existing and new policies.

Yes, you can cancel your policy within 30 days (the cooling-off period) from the issue date for a full refund. After this period, premiums will either be preserved until retirement or paid to you, subject to tax and withdrawal charges.

The premiums which have already fallen due will not be refunded. Only prepaid premiums due after the calendar month of cancellation will be refunded to the customer. Those that were already due before cancellation will be preserved until retirement. Alternatively, they can be paid to you, subject to tax and withdrawal charges.

Benefits are payable upon normal retirement, early retirement due to ill health, retrenchment, death, or transfer to an approved scheme. You may also choose to withdraw from the Retirement Plan, but you will be subject to tax and withdrawal charges. On claim, you can choose to receive up to one-third of your total benefit as a tax-free lump sum on normal retirement. The remaining benefit will then be used to purchase a pension that pays out sums of money to you, such as monthly payouts. If the remaining two-thirds is not adequate to purchase a minimum pension stipulated by IPEC from time to time, the whole benefit is paid out in cash.

The business continues to engage relevant authorities to hedge against currency changes. It is also continuously monitoring currency trends and forecasting potential changes to adjust strategies proactively and minimize value loss.

The business will continue to issue communications to inform policyholders of policy changes and their potential impact on their portfolio.

Furthermore, you will be allowed to withdraw from the Fund at any time, subject to tax and withdrawal charges.

Claim due to death: The original Policy contract, completed claim form, proof of marriage, Death Certificate, and claimant’s identity document. If it is not the spouse who is claiming, a letter of administration may be required.

Claim due to ill-health retirement: A certificate from the medical attendant, the original policy contract, the claim form, and the policyholder’s identity document.

Claim on normal retirement/Withdrawal: The original policy contract, claim form, and policyholder’s identity document.

To transfer the total benefit to another registered preservation fund: A letter from the preservation fund giving us the details of the fund (including the bank details), the original policy contract, a completed claim form, and the client’s identity document will be needed.

If you wish to contact us, you can visit any Old Mutual/CABS branch countrywide, call, or contact us on our various social media handles:

Physical Address
Old Mutual Life Assurance Company (Zimbabwe) Limited
100 The Chase (West)
Emerald Hill
Harare

Postal Address
Old Mutual Life Assurance Company (Zimbabwe) Limited
P.O. Box 70
Harare

Email: infomation@oldmutual.co.zw/ contactus@oldmutual.co.zw

Phone: +263 24 2308400/+2638677007487 Mondays to Fridays between 8:00 am and 4:30 pm.

All networks toll-free number: 433/466

WhatsApp: +263 719 433 433

Twitter: https://x.com/OldMutualZW

Facebook: https://www.facebook.com/OldMutualZW