The management of Social Security and National Insurance Trust (SSNIT) has said it was not using contributors’ money to ‘obstruct’ the implementation of Tier 2 nor was it against the implementation of the three-tier pension scheme.
The trust said it remained focused on ensuring that it fulfills fully, its obligations under the National Pensions Act, 2008, Act 766 and fully committed to implementing Act 766 and the agreement reached by all parties.
A statement issued in Accra yesterday and signed by the Director-General of SSNIT, Dr John Ofori-Tenkorang, said it would accurately and promptly pay all benefits due members effective January 1, 2020, but would always be guided by the long-term sustainability of the scheme.
It noted that “contrary to the claim by the chairman of the Forum for Public Sector Registered Pension Schemes (The FORUM), Mr Isaac Bampoe Addo, the press release by the management of the trust on September 12, 2019 is not misleading.”
According to the SSNIT statement, “the Trust maintains that, it has complied with the agreement on the computation of past credits as set out in the ‘Communiqué on the report of the Ministerial Committee on outstanding issues relating to Tier-two Pension Funds for Public Sector Workers” (MOU) reached by all parties comprising the Ministry of Employment and Labour Relations, the Ministry of Finance, NPRA, SSNIT and the FORUM.”
The management of SSNIT assured the general public, especially members of the scheme and pensioners that it would continue to compute and pay benefits in accordance with the law.
The SSNIT management stated that in the communique signed by the Minister for Finance and the Minister for Employment and Labour Relations on behalf of Government and Mr Isaac Bampoe Addo and Dr Justice Yankson on behalf of the FORUM, some recommendations among others regarding past credits were made.
These included the formula for computation (captured in the findings under Past Credits) as agreed between NPRA and SSNIT should be accepted by all parties, that effective January 1, 2010, the prevailing 91-day Treasury Bill rate should be used to compute interest on the Past Credits every quarter and same made available to the Member on his Statement of Accounts.
The statement said “from the aforementioned, it is clear that the recommendations/formula were accepted by all the parties, it is, therefore, surprising that the FORUM has come up with issues, which are alien to the MOU that was signed by all parties including the FORUM.”
BY TIMES REPORTER
