The Social Security and National Insurance Trust (SSNIT) says payment of pensions to members are not funded by its reserves as reported by some media houses.
This follows media reports that SSNIT reserves are being depleted.
In responding to the publications, SSNIT assured members that the fund can meet its benefits payment obligations beyond 2036.
SSNIT in several points indicated that “that pension payments are not funded by reserves. 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.
“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.”
Attached below is the full statement
