It indicated that the findings in the 2020 external actuarial valuation report of the International Labour Organisation (ILO), which were not different from the findings in previous reports, must not be taken in isolation.

“The trust is committed to taking measures across board to ensure sustainability of the scheme through the implementation of measures to improve returns, being more cost effective and effectively engaging government on its indebtedness.”

“Contributions of members are safe with the trust. The trust has not defaulted, and will not default in paying benefits when they are due,” the Chief Actuary, Joseph Poku, said at a news conference in Accra yesterday.

 

The news conference was to comment on the ILO’s 2020 Actuarial Valuation Report, which, among other things, indicated that SSNIT would not be able to pay benefits beyond the next 12 years (2036) due to depleting reserves.

The report said the total income such as contributions, investment income and other incomes would not be sufficient to pay for annual expenditures like benefit payments to pensioners by 2029.

“Starting in 2029, total income — contributions, investment income and other income — is no longer sufficient to pay for annual expenditures. “The reserve starts to decrease. During the year 2036, the reserve drops to zero,” the report said.

Response

However, addressing the media on the ILO’s report, Mr Poku stated: “Let me correct something here; we are not here to debunk the report”, emphasising that the trust’s position was to respond to “the twists and the interpretation on the report that it would collapse in the next 12 years.”