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Chuks Udo Okonta
African Alliance Insurance Plc, yesterday released fund for payment of August 2024 pension benefits to its annuitants.
This is as the firm has shutdown its annuity business in line with the mandate given by the National Insurance Commission (NAICOM) and National Pension Commission (PenCom).
A retiree who confirmed the payment, told Inspenonline that the fund has been released, but most annuitants are having challenges in accessing the fund from one of the banks having issues with its operations.
The August payment is the fouth month paid so far since the company ran into a storm and stopped paying annuitants, a development which raised a public outcry, forcing the insurance industry regulator – NAICOM to sack the management and appointed an interim management to oversee the affairs of the company.
Annuitants who are happy with the new development in the company, have expressed hope that the outstanding payments ranging from September to December 2024 would also be paid as soon as possible.
