The Vice presidential nominee of the opposition New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has warned that the current position of the Social Security and National Insurance Trust (SSNIT) leaves pensioners in a difficult situation.

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According to him, the World Bank in its 2016 report of governance of SSNIT, stated that “the actuarial valuation shows that the fund will become a cash flow negative in 2019 and all assets will be used up by 2031.”

“At this point, the benefits would have to match the inflows and will lead to very significant cuts in the benefit for current pensioners. This is the World Bank telling us that SSNIT is collapsing and that would result in a cut in pensions,” he said.

Dr Bawumia promised that the NPP, if voted into power, would ensure an immediate review of SSNIT investments and costs to ensure its financial sustainability.

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He added that “the funds of the National Pension’s Regulatory Authority will be applied solely for the purpose of the development of pensions and we will fully implement section 103 of the pension act which assigns pension benefits for housing of workers.”