Old Mutual says it is ready for Two-Pot and all rules for funds to be administered have been approved by the Financial Sector Conduct Authority (FSCA).
“Old Mutual would like to inform all customers that its Two-Pot implementation process will take place in two phases. This will ensure the system can handle the large volumes of withdrawal applications that we anticipate as well as ensure that the applications process is safe and seamless with as few glitches as possible,” it says.
Most importantly, the company says it urges customers to use this time to speak to their financial advisers and update their personal details. Correct information will help them process applications swiftly and accurately and help prevent fraud.
“All Two-Pot transactions will be conducted via the Old Mutual channel on WhatsApp, which is safe and secure and equipped to handle the over 600 000 applications that we anticipate when the system opens for withdrawal submissions,” the group says.
Old Mutual Two-Pot withdrawal process
In the first phase, from September 2 to 22, Old Mutual customers will be able to view their Savings, Retirement and Vested Pot balances via the Old Mutual channel on WhatsApp. This means customers will be able to see exactly how much they have in each pot and what is available for withdrawal from the Savings Pot. The WhatsApp channel can also provide an estimated tax amount. However, to determine the exact tax payable Old Mutual will apply for a tax directive from Sars.
“The next phase starts on September 23, when the Old Mutual channel on WhatsApp will start accepting withdrawal applications. Once an application has been received, it will undergo a vetting process to ensure that the personal details supplied match the information in our system.
“We also want to remind customers that the process from application to receiving money in their bank account may take some time because of the large volumes we expect and to accommodate the SARS process to issue tax directives,” it says.
The group says customers can check their balances via the Old Mutual channel on WhatsApp on 0860 933 333. To check or update their personal details they can log onto the Old Mutual App or website or alternatively call our contact centre on 0860 60 60 60 and select option 1.
PERSONAL FINANCE