Don't solely rely on SSNIT for pension – Fund Manager advices young people

Young people have been advised to seek additional investments to complement their Social Security and National Insurance Trust (SSNIT) payments in order to secure their future during retirement.

This comes at a time when the SSNIT scheme is coming under a lot of scrutiny from several Ghanaians on social media, who have criticized the scheme for not paying enough money to retirees.

Speaking during a webinar on Wednesday, the executive Business Manager at Cal Asset Management Company Ltd, Anita Nadia Attah cautioned Ghanaians on the dangers of solely relying on SNNIT contribution for their pension.

“SSNIT is there to provide a monthly pension compensation, it should not be the only investment for your pension…”, she said.

She explained that while it is laudable to invest with SSNIT, it is becoming more and more apparent that SNNIT payments during pensions are becoming insufficient to cater for the needs of pensioners in their inactive years.

To be able to live comfortably while on pension, she advised active employees to find additional alternatives to invest in, towards their pensions.

For people who do not earn monthly salaries, the fund manager recommended putting aside a percentage of their annual profits, to be put in a pension investment account.

CAL Asset Management Company Limited (CAMCOL), a wholly owned subsidiary of CalBank PLC, is a leading manager of private wealth, specializing in the management of pension and other pooled funds.