Retirees to receive extra inflows after approval, GNI assures

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.

The PUNCH reports 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.’