Frequently Asked Questions - General

Contributors who are 55 years and above who opted to join the new scheme in its implementation will have to contribute 18.5%. Those still on the old scheme will continue to contribute at 17.5%.

Those who are due for pension are presumed to be above age 55, and would therefore remain under the old scheme and receive both their lump sum and monthly pension from SSNIT.

The current trustees will have to conform and comply to the standards set in the law.

Under Section 55 (1) of the Pensions Act, the administrative expenses of SSNIT would be subject to a maximum limit.  The Authority would effectively monitor SSNIT  to ensure that its expenses are within the prescribed limit.

The Fund Manager should be licensed by SEC (Securities and Exchange Commission) and registered by the Authority

The National Pensions Regulatory Authority (NPRA) would set its benchmark for assessing a Pension Fund Manager.

The person would have taken a Life Insurance cover to secure the mortgage and this should leave untouched his benefits for his/her survivors.

Yes.  Work on this will begin immediately.

Yes.  He/she would be paid a monthly pension at the same level as he/she was receiving at age 75 and indexed annually according to the law till he/she dies.