The future is closer than you think and so is retirement, it can creep in on you unexpectedly! Protect yourself against financial burden during the non-earning years.


Annuity is a contract between an individual and a life insurance company, whereby in return for a sum of money the company undertakes to provide a lifetime income for the individual at retirement.


The Pension Reform Act 2014 section 2 (2) and (3) made it mandatory for Private Sector employees who are in the employment of an organization in which there are 15 or more employees; employees of organizations with less than three (3) employees as well as self-employed persons to participate in a Contributory Pension Scheme with specific provisions for fund accumulation (savings) and disbursement (annuity).  Section 7 (1) & (1c) of the Pension Reform Act 2014 provides, inter alia, that: “A holder of a retirement savings account shall, upon retirement or attaining the age of 50 years, whichever is later, utilize the amount credited to his retirement savings account for...“Annuity for life purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments...”

Pensioners' Annuity

Annuity + Whole Life
– provides payment of a sum assured on the demise of the Annuitant.  The Annuitant has an option of choosing a proportion (70%, 50% or 30%) of the initial purchase (lump) sum as his desired sum assured.  The Annuitant receives income throughout life while the chosen sum assured becomes payable on his demise to named beneficiaries.


Guaranteed Annuity – provides income for the annuitant throughout life with a 5- or 10-year guaranteed payment period.  If the Annuitant passes on within the guaranteed period, the present value of the amount remaining outstanding from the time of demise to the end of the guaranteed period becomes payable as a lump sum to the estate of the Annuitant or the named beneficiary.  Further payment ceases where demise occurs after the guaranteed period


Annuity + Spouses Annuity – provides payment of annuity to a surviving spouse upon the demise of the primary Annuitant.  The surviving spouse earns, for life, 75% of the annuity paid to the primary Annuitant, subsequent upon his demise