We stay committed to paying Past Credit – SSNIT refutes “reluctance” accusations

The Social Security and National Insurance Trust (SSNIT) has dispelled accusations by the Forum for Public Sector Registered Pension Scheme suggesting that it (SSNIT) is deliberately delaying the implementation of the modalities for the Past Credit, ABC News can report.

The Past Credit refers to the contribution of workers to SSNIT preceding the Act 766, which brought forth the three-tier pension scheme.

At a presser in Accra Monday to register their discontent, the Forum indicated that SSNIT was hesitant in coming out “with modalities for the calculation on Past Credit earned as of December 2009, based on a 100 per cent treasury bill rate compounded quarterly, and the issuance of statements to each contributor”.

“The FORUM sees the stance of SSNIT as a tactical move to sabotage the smooth implementation of the three-tier pension scheme, which is scheduled to be fully operational with effect from January 1, 2029,” the Hedge Master of the Trust Occupational Pension Scheme, Mr. Isaac Bampoe Addo added.

But in a quick rebuttal, the Management of SSNIT dismissed completely all claims by the Forum, indicating that it is dedicated to making all payments based on earlier agreements.

It said contrary to the statement by the Forum, SSNIT does not intend to shy away from the full implementation of the three-tier pension scheme, stressing “that is why the Trust has continuously engaged the parties on the subject matter.”

“There have been series of meetings involving the Ministry of Employment and Labour Relations, National Pensions Regulatory Authority (NPRA), SSNIT and representatives of the FORUM on the implementation of Past Credit.

“The Trust, as a statutory body, is fully committed to paying all Past Credit based on the agreement reached by the Ministry of Employment and Labour Relations, Ministry of Finance, NPRA, SSNIT and the representatives of the FORUM,” SSNIT noted in a statement dated November 12 and issued by its Office of Corporate Affairs.

It averred that SSNIT has recomputed the Past Credit of Members using 100% Treasury Bill rate accumulated every quarter in accordance with the “agreement,” adding that “the result of this Past Credit computation is currently shown on Members’ Statements of Account.”

SSNIT intimated that it has provided full disclosure of how it calculates the Past Credit to the NPRA as well as how payment of Past Credit will be implemented from January, 2020.

“That the Trust, as operator of the First Tier Pension Scheme, is fully implementing the provisions of the National Pensions Act (Act 766) relating to the First Tier and effective January 1, 2020, all Members who qualify for pension will be processed and paid under the National Pensions Act.

“The Trust wishes to assure all SSNIT Members that it is committed and ready to pay all benefits with SSNIT when they fall due, in accordance with the National Pensions Act, 2008 (Act 766 as amended by Act 883,” the statement said.

Source: ABCNewsgh.com