Top 5 Simple Steps to calculate SSNIT Pensioner Death Survivors’ Benefit in 2023

Ferdinand | EducationGhana | April 13| Top 5 Simple Steps to Calculate SSNIT Pensioner Death Survivors’ Benefit in 2023

The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme.

Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme. The Trust is currently the largest non-bank financial institution in Ghana.

The primary responsibility of the Trust is to replace part of the lost income of workers in Ghana due to Old Age, Invalidity or Death of a member where dependants receive lump sum payment.

It is also responsible for the payment of Emigration benefits to a non-Ghanaian member who is leaving Ghana permanently.

The Pension Scheme as administered by SSNIT has an active membership of over 1.6 million as of January 2021 with over 226,000 pensioners who regularly receive their monthly pensions from SSNIT.

RECOMMENDED:

1. How Ghana’s Richest Teachers make their Wealth in 2023
2. GESOPS board of trustees demand GHC5,865 before responding to RTI requests
3. How managers of the Second Tier Pension Scheme of GES Staff destroyed the Funds in the dark
4. Study Leave with pay for the 2023/2024 Academic Year is Out
5. Application for Teachers’ Assurance Letters to Districts for 2023/2024 Transfers Opens

Pensioner Death Survivors’ Benefit

The Pensioner Death Survivors Benefit is computed as the present value of the unexpired
pension of the deceased not exceeding 144 months under PNDCL 247 and 180 months under Act 766 using the prevailing Treasury bill rate or ten per cent, whichever is the lower.

Procedure for Computing Pensioner Death Survivors’ Benefit

Follow the five-step procedure to calculate the Monthly Pension

STEP 1: Determine the Age at Death of the Pensioner

Determine the age of the pensioner in complete years and months (rounded to the nearest
a whole month at the time of death

Age of Pensioner at Death = Date of Death – Date of Birth

STEP 2: Determine the Monthly Pension

The last Monthly Pension being paid to the Pensioner at the time of death is used.

STEP 3: Calculate the period of Unexpired Pension Payments

Calculate the number of months of Unexpired Pension Payments at the time of death of
the Pensioner.

a. If a Pensioner dies at any age up to 60 years (in the case of early retirement or invalidity pension) the Number of months of unexpired pension shall be given the value of 144 (under PNDCL 247 and 180 (under Act 766).

PNDCL 247: Number of Months of Unexpired Pension = 144
Act 766: Number of Months of Unexpired Pension = 180

b. PNDCL 247

If a Pensioner dies at any age above the exact age of 60 years but less than the
the exact age of 72

c. Act 766

If a Pensioner dies at any age above the exact age of 60 years but less than the
the exact age of 75

STEP 4: Compute the Survivors’ Benefit

The present value of the member’s pension for the unexpired period (in months), using the
prevailing Treasury bill rate at the time of death or ten per cent, whichever is the lower.

Survivors’ Benefit = Annuity Factor X Monthly Pension (at time of death)

STEP 5: Deduct Extra Pension Payments (if any)

Deduct EXTRA PENSION PAYMENTS made since the Death of the Pensioner from the
Survivors’ Benefit obtained in STEP 4, if any

You can also apply for the Survivors Benefit HERE

Check This Out Second Term Scheme of Learning for JHS 1 to 3

Check Out the 2023 Second Term Scheme of Learning for JHS 2

Check Out the 2023 Second Term Scheme of Learning for JHS 3

RECOMMENDED:

1. GESOPS board of trustees demand GHC5,865 before responding to RTI requests
2. How managers of the Second Tier Pension Scheme of GES Staff destroyed the Funds in the dark
3. Study Leave with pay for the 2023/2024 Academic Year is Out
4. Application for Teachers’ Assurance Letters to Districts for 2023/2024 Transfers Opens
5. Top List of Regional and District GNAT Secretaries Recruited and Reposted in 2023

Check This Out: Senior High School Selection Guidelines for 2022 BECE Candidates

Check Also:

How to write and Address a Letter of Sponsorship as a School in the GES HERE

How to write and address any form of Letter to the Ghana Education Service HERE

How to write and Address an Application for Car Maintenance Allowance as a Teacher HERE

Check This Out: Top 10 Steps to Register and write Exams in KATon Computing Training Workshop