Great Nigeria Insurance (GNI) has assured retirees that all additional inflows due to them will be paid promptly once the funds are released to the company. The reassurance was given during the third GNI Retirees Experience Forum in Lagos, following concerns raised about a recent regulatory circular on the handling of such inflows.
According to The PUNCH, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) jointly issued guidelines on how Pension Fund Administrators (PFAs) and Retiree Life Annuity Providers should treat new deposits into the Retirement Savings Accounts of retirees already on annuity. Under the clarification, PFAs are required to notify retirees of any additional funds. Amounts of N100,000 or below are to be paid directly into retirees’ bank accounts. For deposits above N100,000, retirees receiving at least half of their final salary may either take the inflow as a lump sum or convert it into an additional annuity. Those earning below 50 per cent of their final salary must first use the inflow to raise their annuity to the required level before accessing any balance. PFAs and annuity providers were instructed to comply fully with these rules.
Addressing retirees at the forum, GNI’s Managing Director, Mrs. Roselyne Ulaeto, reaffirmed that the company would immediately credit retirees’ accounts once the Federal Government releases the promised funds, including the mentioned N32,000. She assured attendees that they would be notified via email or text message as soon as the payments are processed. She acknowledged that retirees are eagerly awaiting the inflows and emphasised GNI’s commitment to ensuring timely disbursements.
In her opening remarks, Ulaeto observed that retirement, though a significant milestone, can be challenging,especially given Nigeria’s economic realities. She noted that while inflation is easing, it remains higher than ideal, putting financial pressure on retirees. To cushion these challenges, she reiterated GNI’s pledge to maintain consistent and reliable monthly payouts, stressing that delays or disruptions are unacceptable. She assured retirees that the company remains a trusted partner dedicated to ensuring a dignified and meaningful retirement experience.
Mrs. Olaseni Eze-Okoroafor, Head of the Inspectorate Department at the Lagos State Pension Commission, commended GNI for its commitment to excellent service delivery. She highlighted the company’s responsiveness and its efforts to celebrate retirees, promote networking, and maintain supportive engagement despite economic pressures.
During the event, retirees raised questions and expressed concerns. Mr. Oladipupo Adebiyi sought clarification on whether the directive on additional inflows applied to state civil service retirees or only federal workers. Another retiree, Mrs. Florence Ayokunle, praised GNI for its service but appealed for Lagos State Government to increase payments for retirees under the Contributory Pension Scheme, noting that federal workers were already being prepared for their adjustments.
Others, like Faniyi Olateju, commended GNI’s dedication, describing the company’s staff as highly responsive and supportive. Mr. Adebambo Olanrewaju requested further explanation on the Federal Government’s actions regarding the inflows, expressing confidence that he would benefit from the initiative.
The forum also featured a health talk by Dr. Bukola Atum, who offered lifestyle guidance and encouraged retirees to adopt mindful eating habits, stressing that food should serve the body’s functional needs rather than simply satisfy hunger.
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