Have you been saving with a Pension Fund Administrator (PFA) or about to receive a gratuity payment or retirement benefit?

Are you retired and not satisfied with your current pension plan?

Are you about to retire from work or about to attain age 50 and you are looking at planning your retirement?

Do you still desire a form of a ‘salary’ or regular source of income even after you have stopped working?

Our flexible annuity product has the answers; regardless of whether you are an employee or self-employed.

With at least 75% of the accumulated savings with your Pension Fund Administrator (PFA) or some part of your gratuity payment or any lump sum from you, GTAssur will determine how much you will be paid on any desired regular basis and for life.

Here are some of the merits of choosing GTAssur’s annuity plan:

• Guarantees income for life; regular payment is as long you live!
• You can choose a regular payment that grows at a certain percentage;
• You can also choose that a certain amount be paid to your spouse, children or other dependants  even after death; and
• We would guarantee regular payment for at least 10 years!

Live your retirement life to the fullest; work or no work.

Annuity

Annuity is a lifetime source of steady income that is purchased by transferring your accumulated funds from your Retirement Savings Account (RSA) or proceed of the other savings plan. It serves as a means of receiving payments throughout the life of the annuitant.  

Annuity Product Offering

Pensioners’ Annuity

The Pension Reform Act 2004 made it mandatory for employers of 5 or more persons to put in place a Contributory Pension Scheme with specific provisions for fund accumulation (savings) and disbursement (annuity).  Section 4 (1b) & (1c) of the Pension Reform Act 2004 provides, inter alia, that: “A holder of a retirement savings account upon retirement or attaining the age of 50 years, whichever is later, shall utilize the balance standing to the credit of 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”

GTAssur Personal Annuity

Guaranty Trust Assurance plc, in addition, has developed hybrid products with optional death covers and distinct features as an add-on to the mandatory scheme and for persons to whom the Act does not apply.

• Annuity + Whole Life has an option of choosing a desired sum assured, which is a proportion (70%, 50% or 30%) of the initial purchase sum.  The annuitant receives income throughout life while the chosen sum assured becomes payable on his death to named beneficiaries.

• 5 Year Guaranteed Annuity provides income for the annuitant throughout life with a 5-year payment guarantee period.  In other words, if the annuitant dies within the first 5 years, the outstanding series of income between the time of death up to year 5 becomes payable to the named beneficiaries.  In addition, the annuitant has an option of choosing a level annuity or annuity escalating at 5% per annum.

• Annuity + Spouses Annuity chooses between a level income and income escalating at 5% per annum, which is paid to the principal annuitant throughout life.  Anytime death occurs, the spouse of the principal annuitant continues to receive 75% of the annuity throughout life.

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