Old Mutual hosts financial education workshop for police officers nearing retirement

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As part of their efforts to increase financial education and literacy, Old Mutual Ghana, in partnership with the Police Counseling Unit (PCU) of the Ghana Police Service and the Ghana Psychological Association (GPA), organised a three-day workshop for police officers nearing retirement.

The purpose of the workshop was to equip members with the required financial knowledge before they retired from active service and to change the perception within the police community that retirement is a threat.

According to the current police database it is estimated that five hundred and sixty-five (565) police officers are approachingretirement between 2022 to 2024.

Head of Corporate Business at Old Mutual Ghana, Wisdom Kwabena Donor, who spoke at the workshop said financial literacy forms the foundation of an individual’s relationship with money and greatly improves their financial security.

He added that there is a great need to plan for retirement as it comes with some adjustment challenges. If not properly managed it can negatively affect the lifestyle, self-esteem and health of the retired officer.

“We want to help people select the right strategies before and during retirement, as this contributes significantly to being able to enjoy a fulfilling retirement, and that is something we need to strongly promote,” he said.

Old Mutual Retirement Salary Plan

Mr. Donor indicated that the Old Mutual Retirement Salary Plan as well as Annuities were some of the best ways for a police officer close to retirement to invest.

“It’s important to give people the flexibility to create a retirement income plan that best meets their needs,” he added.

The Old Mutual annuity option pays a regular income to a customer as long as they are alive. It is a Guaranteed’ or ‘Life’ Annuity, so an income is guaranteed for life. An income annuity has no capital value attached to it. In exchange for a lump sum payment upfront, Old Mutual Ghana pays the customer the income for life and these payments may increase annually over time. The customer can also select to add funeral cover as a benefit on the annuity.

Old Mutual Retirement Salary Plans have guaranteed terms – a minimum period can be selected by the customer when the annuity is purchased, for example 10 years, and the income is then guaranteed to be paid for this period, even if the customer dies during this time, in which case the payment will go to the nominated beneficiaries.

A donation to the Police Retirement Fund

Old Mutual also presented the Police Retirement Fund with an amount of GH¢20 000.

“At Old Mutual Ghana we are passionate about the society we operate in and the various institutions within that,concludedMr. Donor. “We saw the opportunity to work with the Police Force as a mandate to ensure that our valued security personnel are empowered to make the right financial decisions,” he said.

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