Great Nigeria Insurance has reassured retirees that any additional inflows to them would be paid as soon as it hit the coffers of the company.
The assurance was given at the third GNI Retirees Experience Forum held in Lagos following annuitant’s questions about the regulatory circular on payment of additional inflows.
The National Pension Commission(PenCom) and the National Insurance Commission(NAICOM) recently issued a joint statement on how Pension Fund Administrators(PFAs) and Retiree Life Annuity Providers should treat additional inflows into the Retirement Savings Account (RSA) of retirees already on annuity.
They said PFAs must 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 use it to buy additional annuity. Retirees earning below 50 per cent of their last salary threshold must first use the inflow to raise their annuity to that level before taking any balance as a lump sum or applying it as extra premium. The regulators directed full compliance with the new clarification.
Reassuring the retirees, the Managing Director of GNI, Roselyne Ulaeto, managing director, GNI said, “I want to address the circular now. On that circular, just like you all saw it, we also got it. Be rest 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, Olaseni Eze-Okoroafor, head of the Inspectorate Department, Lagos State Pension Commission commended GNI for their dedication to the annuitants.
She said, “At LASPEC, we value exceptional service delivery. You know you can sell any product and decide your aim is to make 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.
Oladipupo Adebiyi, one the retirees 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, Florence Ayokunle, said, “I thank God that I joined GNI. I’ve not regretted since I joined. So I pray that God will continue to help them. “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, she is ready to answer even at 12 midnight, as a woman full of concern. She is representing the good image of your organisation.”
