Old Mutual says most of its low-income clients plan one-off pension withdrawals

Old Mutual says more than two-thirds of its low-income retirement fund members want to access the 10% of their retirement savings they'll be eligible to cash in when the two-pot system comes into effect next year.

Old Mutual's retirement reform executive, Michelle Acton, says the company has conducted "some very high-level testing" on its retirement member base, with responses highly dependent on both their current income, as well as proximity to retirement.

"With the initial testing that we've done, over 70% of members in the lower (living standard measures) say they will come forward and claim," said Acton during a webinar addressing the changes.