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FAQs
This page contains the Frequently Asked Questions (FAQs) and Answers about the NASSIT Scheme.
Table of Contents
Membership
- How does one become a member of NASSIT...?
- Where can one register as a member...?
- Do you have to register again if you change job or employer...?
Contribution Collections and Financing of the Scheme
- How is the scheme financed...?
- What are the contribution rates...?
- When should contributions be paid..?
- How are the contributions paid...?
- Can a member withdraw part of his contribution..?
- What happens to my contributions if I quit working...?
- What happen if I stop contributing...?
- Is it possible for a member to continue paying his or her contributions to NASSIT from abroad..?
- As a self-employed, is it possible to increase my contribution to NASSIT if I happen to be making profits at the end of every month ?
Updating of Members Personal Records
- Do you have to inform NASSIT if you change your name...?
- Do you have to inform NASSIT when you change your address ?
- Can one change his date of birth with NASSIT ?
- How often can a member change his beneficiaries ?
- How can I update my personal records ?
NASSIT Benefits and Qualifying Conditions
- What are the benefits under the NASSIT Pension Scheme?
- What are the qualifying conditions for Old age pension and gratuity ?
- How do you calculate the Full Old age pension ?
- continue on the next page...............
What is Social Security?
[Social Security is an organised programme that provides income protection for its members in the event of certain contingencies such as old age, invalidity and death.]
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What is the NASSIT Scheme?
[The National Social Security and Insurance Trust is a social insurance scheme in which members contribute periodically and receive benefit when a contingency occurs. The scheme is therefore contributory]
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What does NASSIT do ?
[The object of the Trust is to provide retirement and other benefits to meet the contingency needs of workers and their dependants.
To achieve this, the Trust undertakes the following specific duties:
a). Register all employers and issue them with individual Employment Registration Numbers
b). Register all members and issue each of them a Social Security Number
c). Collect contribution of members and compile relevant data relating to the contributions.
d). Maintain and update personal and financial records on members.
e). Process and pay benefit to members as they fall due.
f). Manage and invest the social security funds]
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Who is Eligible for Membership of Social Security ?
[Everyone can be a member. It is mandatory for employers to ensure that all workers in their employment are registered. Even if an organization employs one worker, that worker should be registered and contributions paid on his behalf. The only exceptions are:
i. UN employees
ii. Employees of Foreign Missions that are not Sierra Leoneans]
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How does one become a member of NASSIT ?
[To become of member of NASSIT you must be registered and given:
a). A Social Security Number
b). A Social Security Card]
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Where can one register as a member ?
[One can register as a member at any of the NASSIT Area Offices in the country. For your information please check.]
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Do you have to register again if you change job or employer...?
[No, you are expected to register only once. If you have registered and been given a social security card, as and when you change jobs, inform your new employer of your membership of the scheme and let him quote your social security in all transactions with NASSIT.]
How is the scheme financed...?
[The social security scheme is financed from the contributions of members and the returns on investment projects undertaken by the Trust]
What are the contribution rates...?
[The contribution rate per member is 15% of his monthly earnings. For members who are in the employment of organizations, their employers deduct 5% of their earnings and the employer adds 10%. This makes a total of 15%. However, if a member is self-employed, he or she will contribute a total of 15% of his declared income]
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When should contributions be paid..?
[Contributions should be paid on or before the 15th of the ensuing month. Contributions can also be paid in advance]
How are the contributions paid...?
[The contributions should be paid in cash or cheque at any NASSIT Area Office. They should be accompanied by a contribution schedule indicating the member (s) on whose behalf the payment is made, their social security numbers and the earnings on which the contribution is made]
Can a member withdraw part of his contribution..?
[No. A member cannot withdraw part of his contributions because it is not a savings scheme. The contributions have to be made over a period of time and invested to enable the scheme pay the benefits guaranteed under the scheme]
What happens to my contributions if I quit working...?
[When you are not employed, your social security account is frozen. It is re-activated whenever you begin to pay contributions]
What happens if I stop contributing...?
[You will owe Social Security arrears if you do not fill in a notification of termination when you stop your declared business, trade or profession]
Is it possible for a member to continue paying his or her contributions to NASSIT from abroad..?
[Normally, members only pay contributions to NASSIT when they are within Sierra Leone. A contributor can however continue to pay to NASSIT when he/she is out provided his/her employer is operating in Sierra Leone. Otherwise, NASSIT will expect its members to register with the Scheme in the country they are residing]
[Yes, that is possible. If a self-employed contributor wants to increase his contribution, he can contact any of the Area Offices]
Do you have to inform NASSIT if you change your name...?
[Yes. Any member who changes his/her name should contact the nearest Area Office for the change to be effected on his personal records]
Do you have to inform NASSIT when you change your address ?
[Yes. If you change your address please inform the nearest Area Office for the change to be effected on your personal records]
Can one change his date of birth with NASSIT ?
[No. This is because dates of birth do not change. However, if there is a genuine mistake in capturing a date of birth, a change could be effected]
How often can a member change his beneficiaries ?
[As often as possible]
How can I update my personal records ?
[You can update your personal records- change of name, change of address, change of beneficiaries by completing a Membership Update (SS1C) Form which could be obtained from the nearest Area Office.
The form should be endorsed by your employer and returned to NASSIT for the update to be made]
What are the benefits under the NASSIT Pension Scheme?
[Members of the NASSIT Scheme are entitled to a package of benefits as prescribed by the NASSIT Act of 2001 in the event of old age, Invalidity and Death. The Scheme provides the following benefits to its members:
a). Old Age gratuity and Old age pension
b). Reduced or Early Retirement pension
c). Retirement grant
d). Invalidity pension
e). Invalidity grant
f). Survivors' pension
g). Survivors' grant ]
What are the qualifying conditions for Old age pension and gratuity ?
[This is paid to a member who is 60 years old (which is the national retirement age), and has made a minimum contribution of 180 months in aggregate.
A minimum contribution or credit of 180 months gives a pension right of 30% of the average of five best years; and every additional year attracts an additional 2%]
How do you calculate the Full Old age pension ?
[To calculate your pension, we take an average of your best five years earnings and pay on a percentage that is determined by the number of years that you contributed to the scheme]