Great Nigeria Insurance has assured retirees under its annuity scheme that all additional inflows due to them will be credited immediately once the funds reach the company.
The reassurance was given at the third GNI Retirees Experience Forum held in Lagos after participants raised concerns about the recent circular jointly issued by the National Pension Commission and the National Insurance Commission.
The regulators had clarified how Pension Fund Administrators and Retiree Life Annuity Providers should treat fresh deposits into the Retirement Savings Accounts of retirees already receiving annuity payments. Under the directive, PFAs must notify retirees of any new inflows. Deposits of one hundred thousand naira or less will be paid directly into retirees’ bank accounts. For higher amounts, retirees earning at least half of their final monthly salary may choose between receiving the money as a lump sum or applying it as additional annuity premium. Retirees earning below that threshold must first use the funds to raise their annuity to the required level before any balance can be taken as a lump sum or added as extra premium.
Responding to questions about the implementation, the Managing Director of GNI, Roselyne Ulaeto, said the company is fully prepared to act once the Federal Government releases the expected inflows.
She said the thirty two thousand naira referenced in the circular will be added as soon as the money reaches GNI, and that retirees will receive notifications by email or phone when their accounts are credited.
Ulaeto noted that although retirement is a milestone, it is increasingly complicated by the country’s economic situation. She said inflation, though easing, is still higher than desirable and continues to strain annuitants. She reaffirmed GNI’s commitment to keeping monthly payouts consistent and reliable, describing the company as a partner focused on ensuring a dignified and peaceful retirement.
The Head of the Inspectorate Department at the Lagos State Pension Commission, Olaseni Eze Okoroafor, commended GNI for what she described as consistent service delivery. She said the company has demonstrated dedication to retirees by maintaining timely payments and creating spaces for engagement such as the annual forum.
Several retirees used the event to seek clarification on the circular and the status of funds for state and federal pensioners. Some also appealed to Lagos State to review benefits under its contributory pension scheme, while others praised GNI staff for responsiveness and support.
The forum also featured a health talk delivered by Dr Bukola Atum, who encouraged retirees to adopt healthier habits, take medications as prescribed and keep up with their medical appointments.
