The Forum for Public Sector Registered Pension Schemes has served notice that; members would embark on strike from January 1, 2020 in solidarity with their retirees, if the Social Security and National Insurance Trust (SSNIT) fails to comply with National Pension Regulatory Authority (NPRA) on past credits.
According to the Forum, made up of about 14 public sector workers, they would stay at home in solidarity with the retired members, if SSNIT continued with wrong computation for retirees to receive paltry past credits as pensions.
The Chairman of the Forum, Isaac Bampoe Addo, made this known at a media briefing in Accra on Monday in response to SSNIT’s assertion that, it has complied with the NPRA directives with regards to the past credit for the public sector retirees.
He said SSNIT had not adhered to the directive of the NPRA, which directed that all past credits as determined must earn interest at 91-day government Treasury bill rate prevailing at the time the contribution was received.
Additionally, Mr Addo said the Board directed that the Treasury bill rate should be compounded quarterly from the year of contribution until the date of payment.
He said SSNIT as far back in September 2019, were informed that their current method of computation was way below the instructions given by the regulator, NPRA.
“SSNIT is aware that it used rates of 50 per cent of Treasury bill rate to calculate the past credits which was rejected by the forum,” he said.
Mr Addo said most Public Sector Occupational Pension Schemes (Tier 2) were performing well and earning above Treasury bill rates, thus, agreeing to the prevailing Treasury bill rates to be used was a compromise by the forum.
“In fact all Tier 2 funds, including past credits, should be in custody of custodians of the various trusts,” adding that agreeing to allow the past credits to remain with SSNIT on the grounds that immediate transfer of the funds would jeopardise the operations of SSNIT, was a lot of sacrifices by the forum.
BY TIMES REPORTER
