SSNIT to cease lump sum pension payments from 2020

July 3, 2019

From 2020 all pensioners on the new pension scheme will access their lump sum payments from the managers of pension schemes other than the Social Security and National Insurance Trust (SSNIT).

By this, the state pension’s manager, SSNIT will only be mandated to pay monthly benefits to pensioners.

Employment and Labour Relations Minister, Ignatius Baffour Awuah who announced this indicated that the move is in fulfillment of the 10-year payment date spelled out in the laws establishing the three-tier pension scheme.

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