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FAQ:
This page contains the Frequently Asked Questions (FAQs) and Answers about the NASSIT Scheme. Previous
Table of Contents cont'd
- How do you calculate the Old age gratuity...?
- What are the qualifying conditions for Reduced or Early Retirement Pension...?
- How do you calculate Reduced or Early Retirement Pension...?
- What are the qualifying conditions for a Retirement Grant...?
- What are the qualifying conditions for Invalidity Pension...?
- What are the qualifying conditions for Invalidity grant...?
- How do you calculate the Invalidity Grant..?
- Who is a dependant/survivor..?
- What are the qualifying conditions for a Survivor's Pension...?
- How much does a survivor receive as pension...?
- What are the qualifying conditions for a Survivors' Grant...?
- How long will dependant children enjoy the survivors' benefit..?
- How long will a spouse enjoy survivor's benefit...?
- What happens to the benefit that NASSIT stops giving to the spouse (s)..?
- What happens to the benefit of a member who dies with no dependants....?
- What determines the size of benefit..?
- Is there any provision for appeal against the decision of NASSIT regarding the payment of benefits..?
General
- Does NASSIT provide any other benefit apart from the benefits of Old age, Invalidity and Survivors..?
- Can a worker apply for his social security benefits when he is declared redundant...?
- If the scheme becomes insolvent, who will be responsible for payment of social security benefits...?
- Will Government interfere in the operations of the scheme...?
- What happens if I lose my Social Security Card...?
How do you calculate the Old age gratuity ?
[A Lump sum equal to 12 months of initial pension is payable as gratuity on the 60th birthday of the member.]
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What are the qualifying conditions for Reduced or Early Retirement Pension ?
[Reduced or Early retirement pension is paid to a contributor who retires before the National Retirement Age. However, the following conditions must be met before any payment is made:
a) You must be 55 years and above but below 60 years]
b) You must have made a minimum contribution or earned credit of 180 months]
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How do you calculate Reduced or Early Retirement Pension...?
[The pension right will be reduced by 4% for every year below age 60.]
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What are the qualifying conditions for a Retirement Grant...?
[Retirement grant is paid to a member who has reached the retirement age but has not made the minimum contribution period of 180 months.
Those who cannot make up the minimum contributory period can make up for the shortfall in the number of years by purchasing credits based on the number of years needed to make the minimum qualifying period. However, if you do not wish to purchase credit, you will be entitled to a lump sum payment]
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What are the qualifying conditions for Invalidity Pension...?
[For a member to qualify for an invalidity Pension, the following conditions must be met:
a) You must have contributed for a minimum period of 60 months (5 years)
b) You must have been declared permanently and totally incapable of further employment by a qualified and recognized medical
Officer and certified by the Medical Board]
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What are the qualifying conditions for Invalidity grant...?
[This is a situation when a member does not meet the minimum contribution requirement of 60 months before becoming invalid. The member must have contributed for at least twelve months]
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How do you calculate the Invalidity Grant..?
[A lump sum which is 1.5 times the average monthly earnings times the number of years contributed, is paid as invalidity grant.]
Who is a dependant/survivor..?
[A dependant/survivor is either a spouse, a dependant child under 18 if not in formal education, or 23 if in formal education. However, a dependant's name must have been listed as such on the registration form or on an update form before the death of the member]
What are the qualifying conditions for a Survivor's Pension...?
[The Survivor's pension is paid to the eligible dependants/survivors of a deceased who must have been in receipt of, or entitled to an old age or invalidity pension, or must have contributed for at least 60 months]
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How much does a survivor receive as pension...?
[A survivor/dependant shall receive pension during the following periods of time:
a) The spouse or spouses shall receive 40% of the deceased's pension (distributed equally) until death or until cohabitation or
remarriage.
b) The child/children shall receive 60% of the deceased's pension until 18 years, if not in formal education or 23 years, if in formal
education.
c) An invalid dependant child shall receive the pension until death, or according to the Act governing the Scheme, he is no longer invalid]
What are the qualifying conditions for a Survivors' Grant...?
[This is a lump sum paid to survivors when the deceased member did not meet the qualifying conditions for the payment of a pension. The deceased member must have contributed for at least twelve months before death]
How long will dependant children enjoy the survivors' benefit..?
[The dependant children will enjoy survivors' until they are 18 years if not in formal education or 23 years if they are in formal educational establishments . An invalid dependant child will receive survivor's benefit till death]
How long will a spouse enjoy survivor's benefit...?
[The spouse or spouses will continue to enjoy survivor's benefit until death or upon cohabitation with another partner]
What happens to the benefit that NASSIT stops giving to the spouse (s)..?
[When NASSIT stops paying the 40% to the spouse (s), that amount is added to the 60% enjoyed by the dependant child or children]
What happens to the benefit of a member who dies with no dependants....?
[In such a situation, twelve months pension will be given to a surviving parent if he/she is working or on a pension. Twenty-four months pension will given to the deceased's surviving parent that is not working or not on pension]
What determines the size of benefit..?
[The size of the benefit NASSIT pays a beneficiary is contingent on two factors: the amount of contributions paid, and the length of time contributions are paid]
[Yes. Contributors who feel aggrieved can appeal against a NASSIT decision within 15 days to the Social Security Appellate Tribunal]
[The Scheme is too young to provide additional benefits at the moment. However, with the planned investment programmes, members may enjoy indirect benefits such as housing and employment opportunities].
Can a worker apply for his social security benefits when he is declared redundant...?
[No. A member can only apply for a social security benefit when a contingency occurs. The scheme does not pay redundancy or unemployment benefit]
If the scheme becomes insolvent, who will be responsible for payment of social security benefits...?
[If for any reason the scheme becomes insolvent, all social security benefits due will be paid by the Government]
Will Government interfere in the operations of the scheme...?
[No. The scheme is an autonomous body established by an Act of Parliament. Act No. 5 of 2001. The governing body is a tripartite Board of Trustees comprising representatives from government, employers and employees. The composition of the Board of Trustees will certainly not allow any undue interference by government]
What happens if I lose my Social Security Card...?
[ If you lose your Social Security card, report to the nearest NASSIT Area Office with a police report on the loss of the card. You will complete a Members Update (SS1C) form after the payment of a fee of two thousand leones (Le2,000). This fee will however be reviewed from time to time.]