NASSIT Benefits for members
The National Social Security and Insurance Trust (NASSIT) was established by an Act of Parliament (Act No. 5 2001) to administer a Social Security Scheme that provides financial security to all employees in Sierra Leone in the form of Old Age, Invalidity and Survivors’ Benefits based on Social Insurance principles. There are six (6) types of benefits under the NASSIT scheme that members can enjoy depending on which contingency has occurred. The following benefits are payable under the Social Security Act No. 5 2001:
- Old-Age/Retirement Pension.
- Retirement Grant.
- Invalidity Pension.
- Invalidity Grant.
- Survivors Pension
- Survivors Grant.
The following benefits are payable under the Social Security Act No. 5 2001:
- The Primary Responsibility of NASSIT is the part replacement of Income lost as a result of the Contingencies of Old Age, Invalidity or Death. As a result, one of the Trust’s long term commitments is to considerably reduce the processing time for all Benefit Claims and to make sure the correct amount is paid to the right Claimant.
- The Trust is also committed to eliminate or minimize potentials for fraudulent Benefit Claims.
- We ensure that monthly Pensions payment are effected on or before the 25th of every month.
There are two types of Old Age Pension. These are:
- Full Pension
- Reduced Pension
Full PensionTo qualify for a full Pension, a member must satisfy the following conditions:
- Must have attained the age of 60 years.
- Must have contributed a minimum of 180 months (15 years) in aggregate to the Scheme.
- Should be between the ages of 55 – 59 years inclusive, and
- Should have contributed a minimum of 180 months (15 years) in aggregate to the Scheme. Pension Right for Full and Reduced Pensions At the minimum qualifying contributions of 180 months (or 15 years), payment of minimum Pension is based on 30% of the Average of the best 60 months earnings from which Contributions were made. For each additional twelve months of contributions made beyond the minimum of 180 months, an extra pension right of 2% is earned. The Pension Right ranges from a minimum of 30% to a maximum of 80% of the average of the best sixty months of contributions.
Reduced PensionTo qualify for a Reduced Pension, a member must satisfy the following conditions:
Old Age / Retirement GratuityA lump sum equal to twelve (12) months of initial pension is payable as Gratuity on the retirement of each member entitled to a full or reduced pension.
An Old Age or Retirement Grant is a one-off payment which is paid where a member is at least 55 years old but has contributed less than the minimum of 180 months. A lump sum payment equivalent to 1.5 times the average monthly earnings for every twelve (12) months paid or credited contributions, is paid as a Grant.
An invalidity pension is paid to a member who has been declared permanently and totally incapacitated and therefore incapable of any further employment, by the Scheme’s Medical Board and must have contributed for a minimum of 180 months. Qualifying Conditions
Full PensionTo qualify for an Invalidity Pension, a member:
- Must be less than 60 years
- Must have made a minimum contribution of 60 months in aggregate of which twelve (12) months’ contributions must have been paid during the thirty six (36) months preceding the commencement of Invalidity.
- Must have been declared permanently invalid and therefore incapable of any further employment by the Scheme’s Medical Board
- Must have contributed or earned credits for a minimum of 180 months
Invalidity GratuityA lump sum equivalent to twelve (12) months of initial pension is payable as gratuity to any member entitled to an Invalidity Pension.
This would be paid to a member who is permanently and totally incapable of further employment but who does not meet the qualifying conditions to be entitled to an Invalidity Pension. The Invalidity Grant would equal 1.5 times the member’s average monthly earnings for every 12 months of paid or earned contributions.
Survivors Pensions are payable to the widow or widower (40%) and NOMINATED dependant children (60%) of the deceased member. In the case of the widow/widower, the Pension will be paid until he/she dies or remarry. The dependant children will be paid until 18 years if not in formal education or 23 years if in formal education. Qualifying Conditions Survivor’s pension is payable to the dependants if, at the time of death, the deceased member was –
- In receipt of Old Age Pension or Invalidity Pension at the time of death, or
- Would have been entitled to an Old Age Pension at the time of death, or
- The deceased must have contributed for a minimum of sixty (60) months, twelve (12) of which must be within the last thirty-six (36) months preceding death.
Survivors GratuityA lump sum equal to twelve (12) months of initial pension is payable as gratuity to Survivors entitled to a Survivors Pension.
This will be paid to dependants if the deceased member must have contributed for at least 12 months for a Survivors Grant to be paid to the dependants