Contrary to what certain media outlets have stated, the Social Security and National Insurance Trust (SSNIT) states that member pension payments are not financed by its reserves.
This comes after news outlets reported that SSNIT funds are running low.
SSNIT gave members reassurance in response to the articles that the fund will be able to fulfill its commitments to pay payouts after 2036.
The SSNIT said that reserves are not used to fund pension payments on multiple occasions. The SSNIT pension plan established by ACT 766 is a partially funded plan, with contributions and investment returns used to pay pension benefits.
In order to meet its benefit payment commitments after 2036, “the Trust hereby assures all Members and the public that it will continue to ensure prudent management of the Fund.”
