Fourth Quadriennial Congress of SSNIT Senior Staff Association opens

Sogakope (V/R), June 27, GNA - Reverend Kweku Osei Bimpong, Acting Director General, Social Security and National Insurance Trust (SSNIT) on Wednesday tasked the staff to endeavour to reduce human interventions to the barest minimum.

They should also work within its approved policies and regulations to build a stronger institution.

He said the pension industry was becoming competitive with the coming into play of the second and third tier manager and scheme operators and that called for new strategies for survival.

In addition, some firms had already set the tone by promising better services pointing out that those declarations should catch the attention of staff.

"We need a new orientation and attitude to take us to the next level and even do better. We have a strong brand that we can ride on to take us to higher level in pension administration."

Rev. Bimpong made the call when addressing the opening session of the Fourth Quadrennial Congress of SSNIT Senior Staff Association (SSA) at Sogakope in the Volta Region.

Participants mainly managers and supervisors are expected to formulate policies to guide the SSA.

The three-day conference is on the theme: "Two Decades (1991-2011) of National Pensions Administration in Ghana- Challenges of the Reform and Role of SSNIT SSA."

Rev. Bimpong said social security administration in Ghana had become a model for many African countries as people come and learn and understand its operations.

He noted that the conference had come at a time when SSNIT had no choice but to undergo a process of change with the promulgation of the new law on pensions, Act 766.

The Acting Director General explained that contribution income had reduced by 30 per cent while benefits had been improved and that had put further strains on the SSNIT fund.

However, he said notwithstanding the challenges, management had accepted to what was appropriate to keep the social security scheme healthy and by extension keep SSNIT intact.

Rev. Bimpong said SSNIT was therefore, keeping a close eye on contribution collected, benefits payments, and investment performance and to reduce administrative expenses.

He reminded the participants that the National Pensions Regulatory Authority (NPRA) had come out with list of firms licensed and registered as Corporate Trustees and Fund Managers.

“It should be clear to us that the new game had started. Let us work together to strengthen our position as the pioneer pension retirement benefits provider."

Rev. Bimpong said SSNIT would be the provider with reputation for efficiency, reliability and dependability.

However, this he said would not come by chance, saying it required a strong sense of commitment from all and sundry to make that a reality.

“Issues of real time productivity should engage our attention. We have to deepen a culture of performance and achievement, target setting, exceeding our targets and achieving results."

"Issues of delays in processing benefits have to be dealt with decisively. Excuses would not bring satisfaction to potential beneficiaries. What the contributors need from us is having the benefits in their accounts promptly."

On the theme, Rev. Bimpong noted that SSNIT had made significant strides over the past decade, adding that, management had been able to provide monthly contributions without fail and they had reviewed pensions annually.

He said the number of pensioners in the first year of the national pension was 971 but currently was over 115,000 on SSNIT pension payroll.

Mr Sam Pee Yalley, Chief Executive Officer, NPRA said SSNIT could perform better by commencing with registration of trustees for a fee under the second and third tier pension scheme.

He urged staff of SSNIT not be complacent but be innovative in their operations to maintain leadership in pension schemes.

Mr Yalley urged SSNIT to take up the mantle by establishing Pension Colleges similar to what existed in the banks and insurance industry.

GNA