Old Mutual leads in boosting pension awareness levels in Malawi

Malawi’s leading financial services provider in Malawi, Old Mutual (Malawi), has expressed satisfaction with the strides made in “Kuitsata Pension Yanu” campaign launched in October 2022.

The campaign spearheaded by Old Mutual Pensions Services Company (OMPSC) and Old Mutual Malawi Life Assurance Company (OMMLAC) was launched with the intention of highlighting the significance of updating beneficiary nomination and pension claims procedures, among other things, and delving into some of the key provisions of the Pensions Act of 2011.

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Speaking in an interview, Old Mutual (Malawi) Limited Marketing and Corporate Affairs Manager, Patience Chatsika, expressed gratitude saying the company has become the first in the industry’s history to respond to the rising number of members without valid Beneficiary Nomination forms and observed obvious flaws in the claim processes by both employers and members on pension.

“As a responsible business that believes in helping individuals and organizations to be their exceptional best, Old Mutual decided to go all the way and run the campaign on TV, Radio, social media, Web, Print as well as Out of Home. The campaign has been a success and welcomed by the public. Some privately owned media stations have also decided to boost the messaging by offering additional media space to benefit Malawians,” she said.

According to Chatsika, the campaign has been extremely successful and insightful as people are now aware of their roles as members.

“Pensions are crucial because they give people a steady source of income throughout retirement. Despite their significance, a lot of individuals are unaware of all the advantages of pensions. This is the rationale for our initiative,” she said.

To ensure that every one reached, the campaign has been extended from the initial four months to eight months up to May 2023.

“We want to see informed customers who are aware of the importance of having current beneficiary nomination forms and aware of pension claim procedures including transfer of pension funds from one administrator to another when one changes jobs,” she said.

Old Mutual Malawi is also a leader in Financial Education, a programme created to provide individuals and communities with free advice on managing their finances.

The program covers a wide range of topics, including budgeting, saving, investing, debt management, and retirement planning.

The program is delivered through a variety of channels, including workshops, webinars, online resources, and most recent podcasts.

Old Mutual Life Assurance Company is a leader in the Life Insurance business offering both Corporate and Individual life products while Old Mutual Pension Services Company is a leader in the Pension Administration business in Malawi.