Chief Actuary with the Social Security and National Insurance Trust (SSNIT), Mr. Joseph Poku has proposed an upward review of contributions to the scheme.
The increment in contributions according to him is important to ensure the sustainability of the scheme.
He said this when he addressed the 2022 Pensions conference in Accra under the theme: Sustainability of Ghana’s Pensions through reforms and effective management. The event was organized by Penguard solutions.
Mr. Joseph Poku said his outfit considers it imperative to constantly undertake reforms to ensure the sustainability of the scheme so that it can continue to perform its social function as a state scheme.
“Life expectancy or aging is on the rise where people are now staying longer before they die which hitherto have lifelong effect on the scheme as it pays claims to beneficiaries as long as they live,” Joseph Poku noted.
As part of the reforms, he disclosed that the scheme introduced the “legitimate Pension” program which focused on authenticating pensioners who are 72 years and above before they are paid their benefits.
Mr. Poku said the program as at June 2022 had saved the scheme 327 Million cedis.
Joseph POKU also noted that SSNIT paid the most generous benefits in the insurance industry as retiree benefits are assured for the rest of the life of contributors on retirement.
These benefits, he said are usually extended it to the dependents of contributors when these clients of the Trust die prematurely.
SSNIT’s Chief Actuary also revealed that his outfit is embarking on various sensitization drives to encourage the informal sector to contribute to the scheme as part of measures to reach out to the self-employed.
Compliance Manager at the National Pensions Regulatory Authority, Kofi Aware Abrokwah in a zoom interaction noted that the NPRA for the past ten years ensured that players in the tier 1, 2 and 3 pension schemes adhere to the regulatory guidelines.
He further indicated that his outfit has put in place measures to ensure that fixed income portfolio for both scheme managers and consumers do not fizzle out as a result of inflation and other challenges that threaten invested resources.
Story by: Joseph Atarika/Radiogoldlive.com
