Insurance agents are lapping onto the lope hole in the pension Act that allow pensioners to collect only 25 per cent of their saving, leaving the rest at the whims of administrators to pay the 75 per cent at their leisure.
Investigation by Blueprint revealed that, many pensioners who dreamt of using the savings for one project or the other are met with shock, when the finally realize that, they can only get 25 per cent, while the remainder 75 per cent will be distributed over a period of time.
But the insurance agents, according to investigations, now hang around pension offices to convince pensioners to do annuity with insurance companies so that they could have salaries for life.
According to the agents, the pension administrators would invest the pensioner’s 75 per cent remainder money to make profit, while it will be paying the pensioner paltry amount of money for a specified numbers of years, thereafter, the pensioner will be at the mercy of or her children and others.
Those that Blueprint met during investigations lamented that, they had hope to use their savings to embark on projects like building a house or investing in business that will take care of them in their old age.
