By Nina Ama
Some Annuity pensioners have urged the National Insurance Commission (NAICOM) to intervene and make African Alliance Insurance (AAI) pay them.
The protect team leader, Prof. Daniel Oguche, said this during a peaceful protect at the NAICOM in Abuja, on Monday.
He said that from September to date they had not received any pension and times are hard for them.
”They promised us in January to pay all the arrears but till date nothing have been done.
”We have exhausted our patience waiting for unfulfilled promises from AAI, many of us have died, many sick on their beds lying hopeless and yet no pension to buy drugs.
”We are seriously hungry for food yet no money to buy it and some of us need to pay our house rent and pay school fees, we can not take care of our families again,” Oguche said.
He said that their colleagues in other insurance companies receive their money monthly.
”We cannot continue with this inhuman treatment, more so this is our hard earned investment which would have been effectively and efficiently managed for us,” Oguche said.
Mrs Christiana Ubah, who retired in 2015 from the Federal Ministry of Budget and National Planning, said she had not been paid for the past six months by African Alliance.
Ubah urged the Federal Government to come to their aid, saying: “today I can’t feed myself, see how my face is, its hunger.
Also, Mr Moses Uzor, said they are suffering and are not treated nicely.
”The Federal Government should look into this matter, and authorities to probe their account for transparency.
”As it is now we do not know how they invested our money that things are this bad for them to pay us,” he said.
Earlier, Dr Talmis Usman Director Legal, Compliance and Enforcement, said that NAICOM was fully aware of their plight and has engaged management of African Alliance Insurance on the matter.
He said that AAI has agreed to sell some of its assets to generate funds and pay the pensioners.
Usman said that assets are very lucrative so getting buyers would not be a difficult issue and as soon as that is done, the retirees will be paid their entitlements
At the point of retirement, the pensioners would pick either programmed withdrawal or annuity.
Programmed withdrawal is usually managed by PFAs and annuity is managed by insurance companies.
Programmed Withdrawal is a retirement plan offered by Pension Fund Administrators for monthly/quarterly payments to a retiree for a lifetime.
Annuity is a retirement plan purchased from an approved life insurance company that provides monthly or quarterly income to the retiree during his/her lifetime.
