Our Regulator for today is the the Social Security and National Insurance Trust (“SSNIT”). SSNIT is governed by the National Pensions Act 2008 (Act 766) as amended by the National Pensions (Amendment) Act 2014 (Act 833) and the National Pensions (Amendment) Act 2021 (the “Acts”) and it is a statutory public trust scheme responsible for the administration of the first tier of the Three-Tier Pension Scheme created by the Acts.
The Persons that are required to register with SSNIT are as follows:
- Employers;
- Employees of companies registered with SSNIT; and
- Self- employed persons (optional).
SSNIT is mandated by the Acts to register the above persons and all employers are mandated to pay 13.5% of their employees’ salaries as a tier one pension contribution on behalf of and for the benefit of their employees.
A person who fails to comply with the provisions of the Acts commits an offence punishable by a fine of at most GHS 30,000 or a term of imprisonment of not more than five years or both.
It is important to note that the minimum age at which a person may join SSNIT is fifteen years and the maximum age is forty-five years.
