Smart Money — Old Mutual’s Michelle Acton on whether the Two-Pot Savings system has been successful in South Africa

In this Smart Money with Alishia Seckam interview, Michelle Acton discusses the Two-Pot Saving system in South Africa and how it has transformed retirement savings.

Acton is the Chief Customer Officer at Old Mutual Corporate and one of South Africa’s most prominent experts on retirement financing.

She has worked in finance for nearly three decades, starting in 1999 as an Actuarial Manager at Discovery Health.

Acton worked at Discovery Health in this role for three years before going on to hold many other notable positions at various companies, including:

• Fifth Quadrant Actuaries and Consultants – Director
• Medscheme (Mtius) Limited – Head of Actuarial
• OUTsurance – Head of Client Care
• NBC Holdings – Divisional Manager of Actuarial and Investment Consulting Services
• Alexander Forbes – Principal Consultant and Senior Actuary

She would eventually join Old Mutual in 2012, beginning as the Head of Actuaries and Consultants for Old Mutual South Africa.

In 2020, Acton became the Principal Consultant for Innovation and Strategy at Old Mutual Limited, before returning to the Old Mutual South Africa business in 2021 as a Key Account Manager for Distribution Strategy.

Acton assumed her current role in 2024.

The interview

In this Smart Money interview, Acton discusses what Old Mutual Corporate’s research has revealed about how members are using the savings pot and why timing is an important consideration when members withdraw under financial pressure.

Acton notes how the Two-Pot system has changed the way employers and trustees treat their retirement investments, and outlines how to reduce timing risk for members who may need to access their savings pot during difficult market conditions.

She also touches on what employers and trustees should be asking their consultants or investment providers about.

Acton concludes the interview by sharing whether she believes the Two-Pot system has achieved its intended purpose or has exposed new risks in the industry.

Watch the interview with Michelle Acton below.