The Africa Centre for Retirement Research (ACRR), a research institute with focus retirement and pension, has called on Parliament, policymakers and stakeholders to take steps to address the “imbalance” in the finances of the Social Security and National Insurance Trust (SSNIT).

It said that must be done through parametric and legislative reforms to safeguard SSNIT, claiming the Trust might not be able to pay full scheduled benefits on a timely basis by 2037 if nothing was done.

ACRR said the examination of the SSNIT Scheme Fund ratios and cash flow measures, including income rates, cost rates and resulting annual balances, according to the last two actuarial evaluations of the SSNIT Scheme, proved that the Basic National Social Security was facing medium to long-term sustainability dangers.

It said the last two Actuarial Valuation Reports of SSNIT certified that the SSNIT Scheme was not financially sustainable, giving an indication that funds on, which the Trust relied to pay benefits had been running low.

Section 53 of the National Pensions Act, 2008 (ACT 766) stipulates that an external actuarial valuation of the SSNIT Scheme is carried out every three years, necessitating the conduct of two actuarial valuation exercises for the period ending December 31, 2014 and December 31, 2017 by the International Labour Organisation (ILO) and the Actuarial Department of SSNIT.

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