Frequently Asked Questions - General

The beneficiaries will receive a onetime lump sum benefit from the Social Security and National Insurance Trust (SSNIT) in addition to any benefit accrued under the 2-tier mandatory occupational scheme.

If you join the new scheme the rules and regulations of the scheme applies to you automatically.  The lump sum would be paid from the occupational scheme and only your monthly pension from SSNIT compared to the former arrangement where you would have received both lump sum and monthly pension from SSNIT.

Under Section 63 (9) of the Pensions Act, a portion of the accrued benefits (comprising total contribution and returns on investments) would be used to purchase an annuity for life (the same as pensions) to provide monthly pensions.

Under the new pension scheme you cannot retire at age forty-five ( 45).  You can take an early retirement at age fifty-five (55).  However, under the 2-tier mandatory scheme, you can claim your accrued benefit at fifty (50) if you are unemployed.