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How SSNIT pays pension benefits

The pension that SSNIT pays to pensioners and contributors is a reflection of how much contributions they paid on their basic salary whilst in active service.

SSNIT pays pension benefits based on the following factors:

Age
Average of your three years’ best salaries
Earned pension right- number of months you have contributed to the scheme.
Over the guaranteed period, the pension paid to an individual is more than the total contribution he/she made. There is also an annual increment for every pensioner.
Social security schemes are set up to meet specific contingencies and they are regulated by law. SSNIT, as an institution, is also a creation of the law and is regulated by a bigger body, the National Pensions Regulatory Authority (NPRA).
SSNIT and the other scheme operators can only act on what the law says. Social Security is so important that it is considered essential for society to ensure that its members have it. The uncertainty of the future is real.

Please note that health insurance covers unexpected, high medical costs and offers other important benefits which supports our members in those unforeseen events.

Nonetheless, the law is subject to review and amendment, and as a citizen of Ghana, you can call for the amendment of the law through the appropriate channel.

SSNIT benefits for pension scheme members

The SSNIT Scheme is governed by an Act of Parliament, the National Pensions Act, 2008, Act 766 and regulated by the National Pensions Regulatory Authority (NPRA). This makes SSNIT a statutory body that provides pension and other related benefits to workers in Ghana and their dependants.

Under the SSNIT Pension Scheme, Members can enjoy the following benefits, depending on which contingency has occurred:

Superannuation Pension / Old Age Pension
Invalidity Pension
Survivors’ Lump sum
Emigration Benefit
Old Age Lump sum
Under Superannuation Pension / Old Age Pension, Members can enjoy:
Full Pension
You must be 60 years
You must have made a minimum contribution of 180 months in aggregate

Old age retirement benefits

To qualify for Reduced Pension:

(a) You must be between the ages of 55 and 59 years 11 months

(b) You must have made a minimum contribution of 180 months in aggregate.

Invalidity Pension: This is a monthly benefit paid to a Member of the Scheme who can no longer work due to an ailment or permanent disability.

To qualify for Invalidity Pension:

(a) the Member should have contributed to the Fund for not less than 12 months within the last 36 months before the occurrence of the invalidity; and

(b) a medical board must certify by that the Member is incapable of normal gainful employment because of the permanent physical or mental disability.

Once this is done, the Member, irrespective of age, enjoys full pension until death or is certified by a medical board to have fully recovered and capable of gainful employment (i.e. if the person has not attained the compulsory retirement age).

The Survivors’ Lump Sum: This is paid to nominated dependants of a Member under the following conditions:

(a) When a Member dies before retirement or

(b) When a pensioner dies before age 75

Emigration Benefits: This benefit is paid to foreigners who have contributed to the Scheme and are emigrating permanently from Ghana.
For contributors who are unable to make the minimum 180 months of contributions required to qualify for Old Age Pension, the Member is entitled to:

(a) a lump sum of money equal to the Member’s contribution as benefit; and

(b) an interest of seventy-five percent at the prevailing government treasury bill rate on the lump sum.

SSNIT Students Loan has since 2006/2007 academic year stopped granting loans to students.

This responsibility has been taken over by the Students Loan Trust Fund (SLTF) which is a separate Organization from SSNIT. You may reach them on their website: www.sltf.gov.gh for further assistance.