Old Mutual to raise awareness on beneficiary nomination, pension claims procedures
In fulfilling its obligation as a purposeful and responsible business, Old Mutual Pensions Services Company (OMPSC) and Old Mutual Malawi Life Assurance Company (OMMLAC) are set to launch a mass campaign aimed raising awareness on beneficiary nomination and pension claims procedures, among others.
The campaign follows increasing cases of members without current beneficiary nomination forms and notable gaps in the claims making procedures by both employers and members.
Speaking in an interview, OMMLAC Managing Director Roy Punungwe said the campaign is expected to run for four months beginning October 2022 and will share with the public the requirements and procedures for claims, highlight the importance of filling the nomination forms and regularly updating beneficiary list.
According to Punungwe, the campaign will further expound the Pensions Act of 2011 that guides Group Life Assurance and pension administration.
He said the campaign will run through traditional media channels including electronic (radio and TV’s), print, social media and online just to mention a few.
“By the end of the campaign, the company is expecting to see informed customers who are aware of the importance of having current beneficiary nomination forms and pension claim procedures including transfer of pension funds from one administrator to another when one changes jobs. This campaign will in effect contribute to improved customer experience to pension customers as they will be aware of all the requirements, which should lead to swifter pay-outs,” Punungwe said.
Old Mutual Life Assurance Company is a leader in life insurance business offering both Corporate and Individual Life products. Corporate products include Group Life Assurance, Funeral, Credit Life and Annuities. Individual Life products include Tsogolo Savings Plan, Timba Family Plan, Timba Plus, Mlera Life Cover and Mthunzi Funeral Plan.
On the other hand, Old Mutual Pension Services Company is a leader in Pension administration business administering Unrestricted Preservation Funds, Unrestricted Pensions and Stand-Alone Pension Funds also known as Segregated Funds or Managed Funds.
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