Teachers and other Contributors to the Social Security and National Insurance Trust shall be enrolled on to the New Tier 2 Pension Scheme.
The enrollment onto the new scheme is eligible to members who shall not go on pension before 2020.This means that any contributor who will go on pension between this year to 2020 is not qualified to be part of the new enrollment.This is because these workers will still be on the old pension scheme where SSNIT pays both the lump sum and the monthly retirement benefits.
TIER 2 Pension is part of the overall SSNIT contribution of which 5% of your BASIC SALARY is deducted and managed of a private entity (Pensions Alliance Trust LTD) towards your retirement.
Enrolment onto the scheme regularizes your membership for easy processing of your future Pension benefits. It also gives feedback on your investment and interest accrued over the period and knowing the lump sum to receive on retirement.
Contributors shall receive regular statements with regards to their investments via the Electronic Mail.Those without E-mail address are expected to create one in a matter of urgency and necessity. If your E-mail is not active please reactivate it for statement of the fund would be sent through it to members quarterly (every 3 months ) Statements would be sent every quarter (3 months) indicating your principal contribution and the interest accrued.
Teachers who may not be able to enroll onto the new scheme may have difficulties processing their Pension in the future,and will also not know what is happening with their 5% being deducted every month.
All teachers are to ENSURE THAT their DATES OF BIRTH ON THE FORM ARE EXACTLY THE SAME AS WITH SSNIT.
All teachers are expected to see their unions for easy access to the forms when they are available.