Pension

Annuity providers woo retirees despite embargo

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Chuks Udo Okonta

In spite the three month embargo placed on the sales of annuity business, Life insurance operators have continued to court retirees for possible patronage of their products.

The operators were seen given out fliers and collecting data of retirees at the 11th Retirement Benefit Documentation Seminar organised by the Lagos State Pension Commission (LASPEC) in Lagos.

While the annuity providers were handing out fliers and running after retirees’ contacts, their counterparts, Pension Fund Administrators (PFAs) who were a bit smarter, used the occasion to present Christmas gifts and food to the retirees.

The Director-General Lagos State Pension Commission (LASPEC) Folashade Onanuga, at the event, urged the retirees to presently go for programmed withdrawal due to the embargo on annuity.

She also encouraged the retirees to consider their certificates as passports to financial empowerment, stressing that the presentation of the certificates marks a turning point in their lives.

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