OLD Mutual Life Assurance Company Ltd (Omlac) last Friday launched its Emerald Pension Fund.
Omlac chief executive offi
cer Luke Ngwerume said the basic philosophy of the company was that products and services offered to the market must deliver value to clients.
“The products must satisfy the client’s expectations or they have no place in our stable,” he said.
The Emerald Fund was an approved and registered pension fund designed to help investors to enhance their pension values before retirement and then to control their capital after retirement.
“This is a unique product based on the underlying qualities of control, choice and cover,” Ngwerume said.
The Emerald Fund gives members control over their retirement capital.
Under this fund pensioners now own the retirement capital instead of the fund.
They can decide to vary the amounts they draw as a pension depending on investment returns and their needs at any point in time.
In addition, retirement benefits from any pension scheme can be transferred into the Emerald Fund at termination of employment.
Ngwerume said what made the Emerald Fund different from other traditional preservation schemes was that it allowed for additional ad-hoc lump sum contributions to enhance pension benefits at retirement.
He said the Emerald Fund gave the client a say on where their money was to be invested.
Both the Emerald Pure Preservation and Managed Pensions offer flexible investment choices.
“These may be market-linked or risk-free investment options to match the individual member’s risk appetite,” Ngwerume said. – Staff Writer.