The National Social Security and Insurance Trust (NASSIT) one of the few institutions that was established by an Act of Parliament, Act No. 5 of 2001, to “provide retirement and other benefits to meet the contingency needs of workers and their dependents” and is an invaluable asset developed by the country in post war Sierra Leone.
Thus, the Trust invest according to “its funds to enable it meet its present and future financial liabilities, i.e. payment of benefits” in particular. The main function of the Trust is to provide retirement and other benefits to meet the contingency needs of workers and their dependents. The benefits provided under the Scheme include: Old age pensions and gratuity, Retirement grants, Invalidity pensions, Invalidity grants, Survivors grants, Survivors Pension.
The NASSIT Pension Scheme, which has over the years benefited government pensioners, does not only serve ordinary retired citizens but also Senior Government Pensioners like Members of Parliament, Judges, Teachers etc. who have come to the realization that contributing to a pension scheme is something they often do simply because they have to and it is beneficial.
The national pension scheme administered by the National Social Security Authority is different from other pension funds. Membership is compulsory for all those in formal employment, other than domestic workers and it is taking steps to bring in the informal sector employers and employees.
NASSIT is on the verge to completing verification of informal sector workers
Into the scheme which would be a major beneficial move taken by NASSIT in the interest of informal sector workers.