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The main function of the Trust is to efficiently deliver prompt and accurate benefits payments to our members, in an accordance with the NASSIT Act.
The Type of benfits proivided by the Trust are: Old Age Pension, Early Retirement or Reduce Pension, Retirement Grant, Invalidity Pension, Invalidity Grant, Suirvivor's Pension, Survivor's grant.
Old-age Pension: Age 60, with at least 15 years of insurance coverage
This is paid to a member who is 60 years old (National Retirement Age), and has made a minimum contributions of 180 months in aggregate. A minimum contribution or credit of 180 months gives a pension right of 30% and every additional year attracts an additional 2% per month.
An application for old age pension shall be made three months prior to the date of retirement of the member on the SS 5A Form. However, three months before the retirement age of 60, NASSIT will send a form to the member to confirm details on the database. The form must be endorsed and returned quickly so that payment is made on the 60th birthday of the member.
The pension is calculated on the basis of 30% of the insured's average earnings for the first 15 years of coverage, plus 2% of the insured's average earnings for each additional 12-month period. Periods of employment before the introduction o the scheme may be credited. The minimum pension is not less than 50% of the minimum wage. The maximum pension is 80% of the insured's average earnings.