ACTUARIAL VALUATION OF THE NATIONAL SOCIAL SECURITY AND INSURANCE TRUST

The National Social Security and Insurance Trust (NASSIT) is a statutory public trust charged with the responsibility of administering the Social Security in Sierra Leone. The scheme which was established by Act No. 5 of 20th July 2001, and commenced operations in January 2002 provides retirement and other benefits to meet the contingency needs of workers and their dependents, and to provide for other related risks. The scheme is a long-term defined benefit Social Insurance Scheme that covers all formal sector employers and employees on a mandatory basisand provides voluntary membership for the self-employed. Section 47(1) of the NASSIT Act No. 5 of 2001 requires that the scheme be actuarially assessed every three years in its first ten years of its existence, and every five years thereafter. Since its inception, four actuarial valuations have been conducted by the Quebec Pension Board and an external consulting firm. The last actuarial valuation was conducted in 2014. All actuarial valuation reports included a recommendation to improve the sufficiency and reliability of data to ensure better future valuations outcome. In that regard, the NASSIT have embarked on a comprehensive data cleaning exercise of its membership data as well as an overhauling of its ICT infrastructure. In compliance with Section 47(1) of the Act No. 5 of 2001, the NASSIT has requested the International Labour Office (ILO) to undertake the actuarial valuation of NASSIT.

Project symbol

SLE/22/01/SLE

Admin unit

SOCPRO

Start date

23/03/2023

End date

31/10/2024

Total allocation

138159

Total expenditure

Status

Active

138159

Development Partners

Sierra Leone, National Social Security and Insurance Trust

Country/Countries

Sierra Leone

Outcomes

Outcome 7: Universal social protection