Great Nigeria Insurance has reassured retirees that any additional inflows due to them will be paid as soon as the funds reach the company.
The assurance was given at the third GNI Retirees Experience Forum held in Lagos, following questions about the regulator’s circular on the matter.
Reports indicate that both the National Pension Commission and the National Insurance Commission issued a joint statement on how Pension Fund Administrators and Retiree Life Annuity Providers should treat additional inflows into the Retirement Savings Accounts of retirees already on annuity.
PFAs are required to notify retirees of any new deposits and pay inflows of N100,000 or less directly into the retiree’s bank account.
For inflows above N100,000, retirees receiving at least 50 per cent of their final salary may choose to take the money as a lump sum or to use it to buy an additional annuity. Retirees earning below 50 per cent of their final salary must first use the inflow to raise their annuity to that level before taking any balance as a lump sum or applying it as an extra premium. The regulators directed full compliance with the new clarification.
Reassuring the retirees, the Managing Director of GNI, Mrs Roselyne Ulaeto, said, “I want to address the circular now. On that circular, just like you all saw it, we also got it. Be assured that once the inflows that the Federal Government promised come in, the N32,000 that was mentioned will be added once we receive it.
“We will make sure that once that is done, we will send messages, maybe via email or to your phone, to let you know, and you will receive the alert, because I know that is the most important thing; that’s what we are all looking forward to. So, as soon as the inflows get through the PFAs to us, we will ensure that your accounts, your RSAs, are credited immediately.”
Earlier in her opening remarks, Ulaeto recognised that while retirement is a milestone, it is often complicated, especially considering “the current economic realities”. She highlighted that though inflation is “gradually easing, it remains higher than what is desirable for the average Nigerian,” leading to a heavy “weight that many annuitants must carry.”
To mitigate these challenges, Ulaeto renewed GNI’s “unwavering commitment to ensuring the consistency and reliability of your monthly payouts,” vowing that a delay or disruption in benefits is not an option the company takes lightly. She reaffirmed GNI’s pledge to be a “trusted ally” committed to ensuring that the retirement journey is “dignified, peaceful, and meaningful.”
Also speaking at the event was the Head of the Inspectorate Department, Lagos State Pension Commission, Mrs Olaseni Eze-Okoroafor, who commended GNI for its dedication to annuitants.
She said, “At LASPEC, we value exceptional service delivery. You know you can sell any product and decide your aim is to make a profit, but with the mission and vision of Lagos State, as long as we spot exceptional service delivery, that is the work of a civil servant. So, we must also be there to tell them, ‘We see you, we appreciate you, and we will continue to support you.’
“One thing about the MD: we tell her, ‘We want you to do this,’ and she will take a pen and paper and start writing it down. It’s not easy with the inflation, and despite the fact that your monthly payout is coming in as soon as possible, they still decide, ‘Let’s gather these people, let’s celebrate them, let them network, let them understand that we are there for them.’”
Some retirees at the event raised issues requiring clarification and commended the company.
One of them, Mr Oladipupo Adebiyi, asked, “I want clarification. There is a circular from PenCom and NAICOM regarding additional inflow for retirees. I want to know whether it is applicable to state civil service retirees, too, or only the Federal Government.”
Another retiree, Mrs Florence Ayokunle, said, “I thank God that I joined GNI. I’ve not regretted it since I joined. So, I pray that God will continue to help them. My second question is the one Daddy here has already asked concerning the increment: they said the President of Nigeria has already released the money, and they are preparing federal workers for that money. But we have not heard anything from Lagos State, especially us who are on the Contributory Pension Scheme.
“We have worked tirelessly for Lagos with all our lives. So, it is now for them to appreciate us. Apart from the bond, they should increase as they are increasing all other schemes.”
Faniyi Olateju commended GNI, saying, “I like to criticise, and I like to praise. When the MD was concluding, she said that the GNI will make our journey dignified. I’m quoting you verbatim. It’s not a promise; it’s something they have been doing. And I want to praise you for this. One of your staff here, when you call her for any problem whatsoever, is ready to answer even at 12 midnight, as a woman full of concern. She is representing the good image of your organisation.”
Also speaking, Mr Adebambo Olanrewaju sought clarification about the additional inflows.
“I want the GNI, though I give it to them anyway. In all their areas, they have been trying for us for a long time. But I want GNI in particular to give us insight into what the Federal Government is doing, because I know I am going to be one of the beneficiaries of what they will do.”
The retiree forum also included a health talk from Dr Bukola Atum, who shared healthy tips with the retirees, including the need to adopt good habits.
“I want to tell you people that you don’t eat because you are hungry. You eat because your body needs food to grow and to function well,” she said.
