Kindly leave a comment and share
Chuks Udo Okonta
Life has being a bit choking for annuitants who bought Retirement Life Annuity (RLA) from African Alliance Insurance Plc, as they have not been paid pension benefits since May 2024, which is 4 months and still counting.
According to one of the annuitants, Gbadebo Olatokunbo, life has being difficult for these group of retirees, especially now that the economy is going through major challenges.
He called on the National Insurance Commission (NAICOM) to show regulatory leadership by ensuring that the retirees who are mostly senior citizens are not kept in perpetual hardship.
He said the retirees were happy when NAICOM came up with a directive on the underwriting firm, stating that instead of things getting better after the directives, reverse is now the case.
Gbadebo also called on the government to look into their challenge, stressing that the aim of the Contributory Pension Scheme (CPS) is being undermined with what African Alliance Insurance Plc is doing to annuitants.
Inspenonline gathered that NAICOM has being monitoring the affairs of the firm to ensure the challenge is effectively addressed.
The African Alliance Insurance Plc annuity payment challenge, has laid credence to the advocate being made by the Promoter of Pensioners Council/Publisher of Inspenonline Chuks Udo Okonta, that people should endeavour to adopt both retirement life annuity and programmed withdrawal as retirement benefits payment channels.
According to Chuks, people looking towards retirement should adopt other personal saving portfolio such as, deferred annuity, endowment amongst others to accumulate funds which should be used to buy retirement life annuity at retirement while the retirement savings account balance should be deployed to programmed withdrawal.
He also canvassed the need to deploy pension lump sum into buying retirement life annuity, while the retirement savings account balance is used for programmed withdrawal.
3 Comments