SSNIT Responds to Reports of Depleting Reserves, Assures Continued Benefits Payment

Social Security and National Insurance Trust (SSNIT), has debunked claims regarding the depletion of reserves and it inability to pay benefits by 2036, and has assured the public that the pension scheme is financially stable.

“We, the Management of the Social Security and National Insurance Trust (SSNIT), respond to recent posts circulating on myjoyonline and other media outlets suggesting that SSNIT will be unable to pay benefits by 2036 as a result of depletion in reserves.”

In a statement signed by the Management of SSNIT, it has indicated that it currently receives contributions and possesses sufficient funds to fulfill accruing benefits owed to members.

“The SSNIT scheme presently receives contributions and has enough funds to pay accruing benefits due Members.”

The SSNIT pension scheme, governed by ACT 766, operates as a partially funded scheme, with pension payments funded from contributions and returns from investments.

“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 also added that investment income has been healthy and would offset any unexpected deficits.

Addressing concerns about the government’s contribution, SSNIT stated that the government is up-to-date with payments on behalf of its workers, with arrangements in place to service outstanding contributions.

SSNIT reassures the public that it has never missed a pension payment since the inception of the scheme in 1991 and pledges to continue prudent management of the Fund to meet benefit payment obligations beyond 2036.

“The Trust has never missed any pension payment since 1991, when the pension scheme was introduced. The Trust therefore assures all Members and the public that it will continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036.”

The statement comes amidst growing concerns about the sustainability of SSNIT’s pension payments, with some questioning the trust’s ability to fulfil its obligations in the long term.

Attached is the statement by SSNIT 

Media Release 26 April, 2024

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