We have enough funds to pay accruing benefits; we’ve never missed pension payments since 1991 – SSNIT

The management of the Social Security and National Insurance Trust (SSNIT) says the scheme presently receives contributions and has enough funds to pay accruing benefits due members.

SSNIT in a statement dated Friday, April 26, 2024, responding to some media reports suggesting that SSNIT will be unable to pay benefits by 2036 as a result of depletion in reserves, indicated that the said media reports were untrue.

“The SSNIT pension scheme, as set up by ACT 766, is a partially funded scheme, and that pension payments are funded from contributions and returns from investments,” it stated, adding “The Trust has never missed any pension payment since 1991, when the pension scheme was introduced.”  

The statement further explained that the “pension payments are not funded by reserves” and that “there has been steady growth in contributions.”

For SSNIT, “This growth is well supported by the current demographics and the dedicated activities of our staff in getting new employers and contributors to join the scheme.”

In addition, it stated, that the “investment income has been healthy and would offset any unexpected deficits that may arise.” 

The statement also indicated that the government is current in the payment of contributions on behalf of its workers, stressing that “modalities are in place to service the outstanding contributions.”

It further assured all its contributors that it will continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036.