SA Pension fund ruling

Old Mutual PLC
12 December 2005


                                 Old Mutual Plc

          Old Mutual to align transfer option within industry solution

Old Mutual plc ('Old Mutual') welcomes the announcement today by South Africa's
Finance Minister, Trevor Manuel, in respect of an industry wide solution to the
challenge of early termination values for retirement annuities and endowment
policies in South Africa. The industry has valued the cost of the solution at
between R2.5 billion and R3 billion. The additional net impact for Old Mutual is
expected to be in the region of £25 - £35 million, (R290m - R410m) following the
amount provided at the half year.

Jim Sutcliffe, Chief Executive said:

'We welcome this announcement as an equitable solution for all stakeholders. We
are pleased the industry now has clarity on this issue, which removes the
uncertainty around the process and means we can now move to improve policy
holder's benefits and bring the matter to a speedy conclusion'.

The announcement made by Old Mutual South Africa today is available at
www.oldmutual.com.


                                                                12 December 2005

Enquiries


Media:

Old Mutual plc South Africa
Nad Pillay:         00 27 82 553 7980

Investors:
Old Mutual plc South Africa
Deward Serfontein:  00 27 82 810 5672

Old Mutual plc UK
Malcolm Bell:       020 7002 7166

More information about Old Mutual can be found on www.oldmutual.com




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