The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme.
Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme. The Trust is currently the largest non-bank financial institution in Ghana.
The primary responsibility of the Trust is to replace part of lost income of workers in Ghana due to Old Age, Invalidity or Death of a member where dependants receive lump sum payment. It is also responsible for the payment of Emigration benefit to a non-Ghanaian member who is leaving Ghana permanently.
The Pension Scheme as administered by SSNIT has an active membership of over 1.6 million as at January, 2021 with over 226,000 pensioners who regularly receive their monthly pensions from SSNIT.
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.
The Trust administered the Social Security Scheme as a Provident Fund Scheme until 1991 when it was converted to a Social Insurance Pension Scheme then governed by the PNDC law 247.
The scheme in Ghana was reformed by an Act of Parliament, Act 766 of 2008 and was implemented in January 2010 to replace all pension schemes in Ghana including Cap 30. In 2014, the National Pensions (Amendment) Act 883 was passed to amend portions of Act 766.
“To be the model for the administration of Social Protection Schemes in Africa and beyond”.
“To provide income security for workers in Ghana through excellent business practices”.
THE CORE FUNCTIONS OF SSNIT
Register employers and workers
Manage records on members
Invest the funds of the Scheme
Process and pay benefits to eligible members and nominated dependants.
THE CORE VALUES OF SSNIT
4. Customer focus
THE BOARD OF TRUSTEES
The Board of Trustees are responsible for the policy direction of SSNIT. The Trustees are made up of representation from government, employers and workers. It is constituted as follows:
1. Two persons nominated by the President, at least one of whom is a woman
2. Two representatives of Employers’ Associations
3. Four representatives of Organized Labour
4. One representative of the Ministry responsible for Finance not below the rank of a Director
5. One representative of the Security Services who is not a member of the Ghana Armed Forces
6. One representative of the National Pensioners’ Association and
THE DIRECTOR GENERAL OF THE TRUST
The members of the Board of Trustees shall be appointed by the President in accordance with Article 70 of the 1992 Constitution.
The day-to-day administration of the Trust is headed by the Director General assisted by three (3) Deputy Director Generals (DDGs).
There are seven (7) General Managers in charge of Investment and Development (IDD), General Counsel (GC), Finance, Operations, Administration and Human Resources (ADMIN/HR), Management Information Systems (MIS) and Benefits. Other responsibilities under the Directorate include that of the Chief Actuary, the Chief Internal Auditor, the Company Secretary and the Corporate Affairs Manager.