The Social Security and National Insurance Trust, is an agency of the government of Ghana. Its job description, according to its website, is to administrate the National Pension Scheme. In so doing, the trust owns major amounts of stock in Ghana's principal companies.[1]
History
The Trust was founded in 1972 according to NRCD 127, with the purpose of managing the National Social Security Scheme. Before 1972, the Scheme was jointly managed by the Department of Pensions and the State Insurance Corporation.[1] The Trust used to manage the Social Security Scheme as a Provident Fund Scheme until 1991. After that, it changed to a Social Insurance Pension Scheme, which was governed by the PNDC law 247.[1] In Ghana, there were changes made to the pension system by a law called Act 766 of 2008.[1] This new system was put into action in January 2010, replacing all existing pension schemes in Ghana, including Cap 30. Later, in 2014, the National Pensions (Amendment) Act 883 was passed to modify some parts of Act 766.[1]
The Trust's vision is “to be the model for the administration of Social Protection Schemes in Africa and beyond” and its mission is “to provide income security for workers in Ghana through excellent business practices”.[1]
From 1 January 2020 all workers who attain the age of 60 years would not receive the lump sum payment anymore as was stated in PNDC Law 247. The lump sum payments had been transferred to the second tier fund managers.[4]
