GNI assures retirees that additional inflows will be paid immediately once funds arrive, following new regulatory guidelines on retirement benefits

Great Nigeria Insurance has reassured its retirees that all additional inflows due to them will be paid promptly once the funds are received, easing concerns sparked by a recent regulatory circular on the treatment of new deposits in Retirement Savings Accounts.

Also read: Lagos State Assures Prompt Pension Payment for Retirees

The assurance was delivered at the third GNI Retirees Experience Forum held in Lagos, where retirees sought clarification on the joint directive issued by the National Pension Commission and the National Insurance Commission.

The regulators’ circular outlined how Pension Fund Administrators and Retiree Life Annuity Providers must handle additional inflows for retirees already on annuity.

PFAs are required to notify retirees of any new deposits and, where the amount is N100,000 or less, credit the retiree’s bank account directly for inflows above N100,000, retirees earning at least 50 per cent of their final salary may choose a lump sum or additional annuity.

Those earning below the 50 per cent threshold must first allocate the funds to raise their annuity to that level before accessing any balance.

Speaking at the forum, GNI Managing Director, Mrs Roselyne Ulaeto, reassured retirees that the company would adhere strictly to the directive and credit their accounts promptly once the expected Federal Government-backed inflows reach the firm.

“Be assured that once the inflows the Federal Government promised come in—the N32,000 that was mentioned will be added once we receive it,” she said.

“We will send messages via email or phone once this is done, and you will receive the alert. As soon as the inflows get through the PFAs to us, we will ensure your RSAs are credited immediately.”

Ulaeto acknowledged that although retirement is a major milestone, it is often challenging—especially amid current economic pressures.

She noted that while inflation is gradually easing, it remains burdensome for many retirees relying on fixed annuity payments.

To cushion these challenges, she reaffirmed GNI’s “unwavering commitment to ensuring the consistency and reliability” of monthly payouts, adding that delays or disruptions are not options the company entertains.

The Head of the Inspectorate Department at the Lagos State Pension Commission, Mrs Olaseni Eze-Okoroafor, commended GNI for consistently prioritising retirees’ welfare and maintaining a high standard of service delivery.

“At LASPEC, we value exceptional service delivery,” she said. “Despite economic pressures, GNI still gathers retirees, celebrates them, and reassures them. That dedication is commendable.”

Several retirees also used the opportunity to seek clarifications and express concerns about the applicability of the circular, especially regarding state civil service retirees and those under the Lagos State Contributory Pension Scheme.

Mr Oladipupo Adebiyi asked whether the directive applied solely to federal retirees or extended to state pensioners.

Another retiree, Mrs Florence Ayokunle, raised concerns about Lagos State’s position on the announced increments:

“They said the President has released the money for federal workers, but we have not heard anything from Lagos State…

We worked tirelessly and deserve appreciation beyond the bond.”Others, like Faniyi Olateju, commended GNI for its support and responsiveness.

“When the MD said GNI will make our journey dignified, it wasn’t a promise—it is what they have been doing,” he said, praising the company’s staff for their consistent assistance.

Another retiree, Mr Adebambo Olanrewaju, called on GNI to provide clearer updates on expected Federal Government inflows, saying he anticipated being a beneficiary.

The forum also featured a health talk by Dr Bukola Atum, who reminded retirees to adopt intentional and healthy habits.

“You don’t eat because you’re hungry,” she said. “You eat because your body needs food to grow and function well.”

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The event underscored GNI’s effort to maintain transparency, strengthen retiree confidence, and reinforce its commitment to safeguarding the welfare of annuitants across the country.