Annuity - Life Pension

*Should children be their parents' retirement plan?*
I am so sick to my stomach!

*A 73-year old woman's statistics:*

She was a UNTH nurse and retired since 2007.

1. Widowed in 1999.
2. Gave birth to 6 children with 5 surviving *_(4 boys and a girl)_*
3. Her husband was a retired Principal
4. Her only daughter lives in Lagos *_( in a bad marriage since her husband doesn't allow her to bring her mum over)_*
5. Her three sons live abroad. The only son in Nigeria lives in Enugu and his wife pays her a visit on Sundays but stopped for reasons not revealed.
6. Her only sister, who is older than her but still strong in health, visited and found her in a bad state and decided to take her with her to her Umuahia home.

She had signs of dementia. She also suffers from diabetes and weak bladder. So, the urine smell complained by people is well understood.

Her only elder sister took care of her since her arrival till her sister's son had accident in Abuja and was left for neighbours to attend to her.
The sister's neighbour left her and travelled.

*_Mama was found dead close to an open fridge. Her co**se has been deposited in a morgue this morning._*

Her first son is a medical doctor in America, married to a Brazilian and only called once in a while after her mum was moved to Umuahia by her sister and kids.
___________
ANALYSIS::

Mama is not childless.

She raised all her kids and they're all professionals.

Money was not an issue. Her husband, though a principal, built a bungalow where Mama and her kids lived till her death.

Mama's sister said her only daughter has only called twice since she came to Enugu and picked her younger sister with her.

Mama's senior sister wants to bury her Junior sister on her own and mourn her quietly !!

*_Her kids are now back crying and saying they will give their mother a befitting burial._*

I wanted to call them out & curse them.

I am in pains.
___________

My heart is heavy.

*_A woman that raised five children should not have suffered like this._*

While you're popping kids, remember that one day......

- The bones and muscles will be WEAK..
- The eyes might lose their functions
- The bladder might be weak and you cannot control your urine.
- Cash flow will cease.
- Your legs won't be able to carry your weight.
- Your hands might not hold things due to parkinson or rheumatism or any of the other numerous infirmities
- Your mouth may be smelling because you cannot brush it well.
- Your brain might stop functioning.
- Dementia and loss of memory can set in.
- *_You may not even be able to take care of your personal hygiene..._*

It is called OLD AGE characteristics.

*_Life can be harsh and your children may be too busy with their lives that your care will be relegated to STRANGERS._*

*Children are NOT retirement benefits.*

*_Old age is a reality !_*
*Prepare for that time.*
*Take care of your health.*

*Be armed !*

*_Learn this big lesson Today !_*

Thank you.

Every Family Should OWN A LIFE INSURANCE 💯!
THIS IS THE BEST LOVE YOU CAN GIVE YOUR FAMILY!

Programmed withdrawal is a constant reduction of units (unit held) in the RSA. Meaning that for every payment the unit held is deducted. However, the fund will be increasing and show growth at the initial stage. This is as a result of the increase in the fund price. After the first 10 years, the fund ( fund value ) begins to reduce along side the unit. As soon as the units elapsed, the pensioner is out of this pension scheme.

Facts about Annuity life pension.
1. Annuity is a life pension payment for retirees.
2. Annuity is jointly regulated be the National Pension Commission...Pencom and National Insurance Commission... Naicom
3. Annuity is enshrined in the pension reform act 2004 and as amended 2014.
4. Annuity pays higher than programmed withdrawal up to 40% higher except in cases where a retiree has excess arrears.
5. Loan on Annuity life pension is guaranteed
6. Annuity has two guarantee period 10 year for the family and a life time pension payment till death for the retiree.
7. Annuity has 3 pay-out options for death applications.
8. All Annuity life pension application must go to PenCom for approval.
9. Annuity funds are domiciled with the Pension Custodian. Meaning that no fund is with the Insurance company.
10. Annuity is 100% safe.

The National Pension Commission (PenCom) has been applauded by stakeholders for heeding complaints of retirees and reverting to the old Programmed Withdrawal (PW) template.
PenCom had last week, directed all licensed Pension Fund Administrators (PFAs) to revert to the old programmed withdraw template in processing of retirement benefits under the Contributory Pension Scheme (CPS), after it was inundated with complaints from several quarters indicating concerns against the new template.
The Chairman, Trade Union Congress of Nigeria (TUCN), Francis Ogunyemi, told Inspenonline in telephone interview that the decision taken by the pension regulator was a welcomed development. He also urged the commission to always carry stakeholders along before taking key decisions that concern them.
According to him, the commission should endeavour to forestal anything that works against the interest of fund owners, stressing that fund owners should be considered while planing with their funds.
Director, Centre for Pension Right Advocacy, Ivor Takor, said the commission should be congratulated for listening to cries of stakeholders, noting that the whole issue of pension industry is for contributors and retirees.
Past President, Pension Funds Operators Association of Nigeria (PenOp), Longe Eguarekhide, gave kudos to the Acting Director General of PenCom, Mrs. Aisha Dahir-Umar, for the decision, adding that she has being forthright in dealing with issues promptly as they emerged.
Head, Corporate Communications PenCom, Peter Aghahowa, said the commission suspended the implementation of the template to pave way for consultations with stakeholders.
According to him, the commission had received complaints from stakeholders on the the new template, stressing that as a responsible organisation, the commission had to suspend its implementation for further consultations.
A circular issued by PenCom and sent to all licensed PFAs, which was obtain by this medium, stated that following the recent implementation of the revised template for programmed withdrawal as a mode of accessing retirement benefits under the CPS, the commission has received complaints from several quarters indicating concerns against the the new template.
PenCom in the circular, noted that it has embarked on extensive consultations with critical stakeholders on the implementation of the new template, which is meant to address the challenges of the old template and other complaints of retirees.
“Consequently, it has become necessary to suspend the implementation of the revised programmed withdrawal template pending the conclusion of the consultations with stakeholders and representatives of retirees.
“Accordingly, all licensed PFAs are hereby directed to revert to the old programmed withdrawal in processing of retirement benefits under the CPS until further notice,” it said.
PenCom maintained that all pending applications in its possession would be returned yo respective PFAs for reprocessing in line with the old programmed withdrawal template.
The suspended template reduced lump sum benefit from about 50 per cent to 20, a decision PenCom said was to enable retirees have improved monthly pension benefits. The template also mandated PFAs to use parts of their returns as enhanced monthly pension benefits.
PenCom boss said the commission initiated the Pension Enhancement Programme to enhance the monthly pension of retirees in the Contributory Pension Scheme.
She noted that it was discovered that the returns being generated by the PFAs on the balances of the Retirement Savings Accounts (RSAs) of majority of retirees could be used to enhance their monthly pensions, stressing that with that in mind, PenCom sought for and obtained the approval of the Secretary to the Government of the Federation to implement the pension enhancement.
This, she said, resulted in increased monthly pensions for most retirees receiving pension under the Programmed Withdrawal arrangement, with effect from December 2017.

The insurance industry is under going recapitalization. Tier (1) 15 billions Tier (2) 7.5 billions tier (3) 5 billions the current amount is 5 billion of which Leadway Assurance is in excess of 40 billion. For all composite insurance firm. Only companies in tier 1 can under write annuity. This will commence in January 2019.The annuity fund ( assets ) has been moved to the custodian just like the PFA's. Meaning that pension funds is not in the hands of pfa or assurance companies.

I will like to introduce annuity pension that pays for life. The 2004 pension reform act as amended in 2014 gives you two pension option. Programmed withdrawal and annuity for life. Features of annuity.(1) It pays for life (2) pension monthly payout is 15% - 35% higher than programmed withdrawal (3) You can take loan on your pension (4) The pension asset is kept with the pension fund custodian ie the fund is not held by assurance companies.5) It is not affected by market forces (gain/loss) (6) you can put more persons as your beneficiary (7) For death claims annuity is free but in programmed withdrawal you pay 10% as probate fee and legal charges e.g for every 1milloin you beneficiary pays #100,000.00 and claims is within 2 months to 1 year annuity death claims is within a week and is free. You can contact me for further enquiries

While programmed withdrawal reduces monthly on the units held until the pensioner is out of the scheme, ANNUITY for life pension dey kampe till death.