Our reserves are not depleting – SSNIT

The Social Security and National Insurance Trust [SSNIT) has refuted claims suggesting that its reserves are depleting.

There have been reports suggesting that SSNIT will be unable to pay benefits by 2036 as a result of depletion in reserves.

It said it is a partially funded scheme, and that pension payments are funded from contributions and returns from investments.

“That pension payments are not funded by reserves.”

The Scheme indicated that investment income has been healthy and would offset any unexpected deficits that may arise.

“The Trust has never missed any pension payment since 1991, when the pension scheme was introduced,” it stated.

SSNIT therefore assured all members and the public that it will continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036.