SSNIT is only one piece of the pension puzzle – Director General

Dr John Ofori Tenkorang
Dr John Ofori Tenkorang

The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr John Ofori- Tenkorang, says pension in Ghana has become only synonymous to SSNIT, which should not be the case.

He said SSNIT was only one piece of the pension puzzle and cited the National Pension Act 2008 Act 766, which introduced the three-tier pension scheme as other avenues workers could use to better their pensions.

He said SSNIT managed only the First Tier of the three-tier scheme, which is the first part of the puzzle, while the Tier two and Tier three schemes make up the full pension puzzle and are managed by Corporate Trustees.

Dr. Ofori-Tenkorang made this known during an interview with the media on the sidelines of stakeholders’ consultation meeting on pension issues in Wa.

He said the SSNIT Scheme was very generous and urged workers to take full advantage of the three-tier pension scheme, which provides tax exemption to enable them to receive enhanced benefits when they retire.

Mr Joshua Ansah, the Deputy Secretary-General of the TUC, commended the management of SSNIT for the continuous engagements with stakeholders.

He said SSNIT was previously perceived to be shrouded in secrecy but through continuous engagements with stakeholders, workers were gradually becoming more informed about the scheme.

He said the conversation about low pensions would soon become a thing of the past because the higher the basic salaries, the more enhanced pensions would be.

The TUC’s Deputy Secretary–General urged workers to find out who their Corporate Trustees were and make follow up on their contributions and check their statements regularly.

He entreated workers to take full advantage of the engagements to help educate more workers.

Mr Ibrahim Wemah, the Upper West Regional Chairman of the TUC, in an address, urged the participants to ask questions to gain better understanding and clarity of the scheme.

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