Pension payments are not funded by reserves – SSNIT

The Social Security and National Insurance Trust (SSNIT) has said that the payment of pensions to members is 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 benefit payment obligations beyond 2036.

SSNIT, in several points, indicated that “pension payments are not funded by reserves. The SSNIT pension scheme, as set up by ACT 766, is a partially funded scheme, and 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 benefit payment obligations beyond 2036."