Expert Urges Workers to Adopt Annuity for Retirement Benefit Planning

Ebere Nwoji

The Nigeria Insurers Association (NIA) in collaboration with the Lagos State

Ministry of Finance, organised a one day retirement planning workshop for the state government workers during which  the workers were advised to adopt

annuity plan as their chosen way of receiving their retirement benefits.

The workshop, tagged: ‘Retirement Readiness Workshop’ took place at the Lagos

State Secretariat Alausa Ikeja.

Speaking at the workshop, one of the speakers and Managing Director Heirs Life

Assurance, Mr Niyi Onifade charged employees of the Lagos State Government to

adopt Annuity Plan as a means of receiving their retirement benefits saying it is a

pension-regulated option that paid a stream of regular income throughout one’s

retirement life.

He charged the workers in this direction while delivering a paper titled Annuities:

‘What They Are, The Types, How They Work’.  

Onifade emphasised the significance of subscribing to a holistic retirement

planning that provides financial backing throughout life for peace of mind and a comfortable future. He also stressed the necessity of being prepared for retirement, while sharing Annuity options available to retirees.  

“At Heirs Life Assurance, we recognise the need for individuals to secure their financial future and we believe that our Heirs Life Annuity Plan offers a robust solution that aligns with your retirement goals,” he said.

According to him, the Heirs Life Annuity Plan is designed to provide individuals with a steady stream of income during retirement, ensuring financial security and peace of mind. 

He said with flexible options tailored to meet diverse needs, the plan offered a reliable solution for retirees seeking financial stability in their post-working years. 

He defined Annuity as a stream of regular income retirement planning purchased by a retiree with a life insurance company using retirement savings account income as premium.