Old Mutual Investment Group says internal data and insights point to a looming influx of withdrawal claims from clients who will likely cash out their savings when the two-pot retirement system officially kicks in March next year. Moneyweb Pension
Old Mutual’s fund management arm, Old Mutual Investment Group, has said internal data and insights point to a looming influx of withdrawal claims from clients who are likely to cash out their savings when the two-pot retirement system officially kicks in March next year. Last month, the government published proposed legislation that outlines how the new two-pot retirement system, which will take effect on 1 March 2024, will be regulated.
Those on the eve of their retirement showed a lower probability of making a withdrawal, as did high income earner clients. The latter are discouraged by the marginal tax rate they would accrue upon claiming. “We are seeing that a very high proportion of our lower and middle-income individuals that have said they would definitely come and withdraw their assets,” said Acton.
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