SSNIT

nd to cater for the first tier of the contributory three-tier scheme. The primary responsibility is to replace part of lost income of Ghanaian workers or their dependents due to Old Age, Invalidity, or loss of life. The Pension Scheme as administered by SSNIT has a registered membership of approximately 1.2 million with over 140,000 pensioners who regularly receive their monthly pensions from SSNIT. The annual absolute growth of pensioners is over 7,000. The Trust was established in 1972 under NRCD 127 to administer the National Social Security Scheme. Prior to 1972, the Scheme was administered jointly by the then Department of Pensions and the State Insurance Corporation. Until 1991, the Trust administered a Provident Fund Scheme, and this was converted into a social insurance pension scheme which was reformed in January 2010 by an Act of Parliament, Act 766. The Act was however enacted on December 12, 2008 to replace the previous-Cap 30 and SSNIT Pension Schemes. Act 766 makes provision for a contributory 3-Tier Pension Scheme; the establishment of a National Pensions Regulatory Authority (NPRA) to oversee the administration and management of registered pension schemes and trustees of registered schemes. Under the Act, Social Security and National Insurance Trust is to manage the basic National Social Security Scheme referred to as the 1st Tier. The other Tiers of the National Pension Scheme are:

Tier 2 – A mandatory fully-funded and privately managed occupational scheme. Tier 3 – A voluntary fully-funded and privately managed provident Fund and Personal pension Plan.