There is a product in insurance called the annuity plan for retired people. It will involve moving their pension plan from their respective pension fund administrators to a recognized insurance company in Nigeria for an income monthly for life (called annuity).
About the annuity plan:
Annuity is a series of payments to a person at agreed regular intervals for a period of time or for the duration of his/her life. The Annuity Plan is an annuity policy which is good for every class of person- workers retiring under the Pension Reform Act 2004, private individuals who desire a regular future income stream or additional regular income for old age.
Under the Pension Reform Act 2004, every retiring employee must subscribe to a Programmed Withdrawal Plan based on an assumed life expectancy offered by a Pension Fund Administrator or an Annuity Plan (Retiree Life Annuity) by a life insurance company duly licensed by the National Insurance Commission. The Annuity plan provides every retiring employee and others (including self-employed persons) a personalized annuity plan that fits the needs of each person for his actual lifetime. Your income is paid until death, no matter how long you live.
Beyond the Retiree Life Annuity which is specifically tailored to the requirements of the Pension Reform Act, 2004 and the regulations thereof, the Annuity Plan covers other types of annuities designed to meet the needs of different classes of people and life styles. Thus, every person on the annuity plan (an annuitant) can elect to build into the plan a minimum guaranteed payment. This ensures that, in the unfortunate event that the annuitant dies prematurely, his heirs, widow(er), children or any nominated beneficiary will be paid the balance of the guaranteed annuities either in lump sum or as a continuation of the annuitant’s original plan.
This policy also affords you the opportunity to have a flexible annuity plan that accords with your chosen retirement lifestyle and other income sources. Hence, for those retiring into an income-earning life, they may want in the early years little or no income and a stepped- up payment later in life.
You can choose when the payment should commence (immediately upon retirement, two years after, five years after) and when it commences, the frequency of payment you want: weekly, monthly or quarterly.
Finally, no matter where you choose to live in retirement, in Nigeria or anywhere in the world; subject to subsisting foreign Exchange regulations, THE ANNUITY PLAN will deliver your income to YOU. Unlike pension fund administrators which offer limited pension payment for between 10 to 15 years. This plan pays pensioners 4 life.
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