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The Social Security and National Insurance Trust (SSNIT) spends about GH�72 million monthly to pay pensioners in the country. The highest pension earner of SSNIT collects GH�22,000 a month and currently, there are 135,000 pensioners on the payroll of the Trust. The number increases by 1,100 monthly. The SSNIT scheme covered 46,271 establishments and 1,174,006 contributors as at September, 2014. Ernest Thompson, Director General of SSNIT, revealed this during the official opening of the 2014 Operations Conference held at Elmina in the Central Region last Tuesday. The three-day programme was under the theme. �Improving Operational Efficiency and Effectiveness through Innovation and Technology.� The annual event, which was attended by area and branch managers of SSNIT, afforded the participants the opportunity to evaluate their performance and establish how far they had improved their services. Mr. Thompson indicated that the scheme had gone through various transformations since its establishment in 1965 � all aimed at improving the well-being of contributors and the scheme�s operations. He noted that of all the transformations that the Trust had experienced, the implementation of the National Pensions Act (Act 766) from 2010 had become a watershed in the annals of the Trust�s operational history. �It has reduced contributions or income from 17.5 per cent to 15 per cent and increased benefit payments. Furthermore, the guaranteed period for pension benefits has been enhanced from 12 years to 15 years. �This means that SSNIT will pay more in respect of Survivors� Benefit for unexpected pensions. Combined with the misconceptions of all the 3-tiers in Act 766, these factors have conspired to place immense pressure on the long-term sustainability of the SSNIT scheme,� he added. Mr. Thompson noted that there were challenges with Act 766 but was hopeful that as the Act evolved into the future, there would be some interventions that would require tough discussions on bending the cost curve and introducing systems to make the various schemes better. He told the participants that the business of social security was 90 per cent data and 10 per cent cash, stressing that without accurate data, there would be no social security benefits. �As the Trust plunges into half a century, it can credit itself with the opening of 50 branches, investments in the financial services, industries, energy, office accommodation and real estate developments�, he added. Speaking on the �Successful Implementation of Act 766,� Laud Senanu, Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), indicated that the Act established a contributory three-pillar pension scheme. He said that the new Act was to replace the one operated under the Social Security Act 1991 (PNDCL 247). He explained that the National Pensions Act also introduced the element of regulation as a way of protecting the interests of workers and pensioners as well as supervising the private sector-led industry that would emerge with the passage of the Act. He pointed out that contributors to the new three-tier pension scheme were exempted from tax as well as the income accruing from investment of the Scheme Funds. �Early withdrawal of benefits is permitted if the contributor is unemployed at a minimum age of 50 or on the grounds of total and permanent disability�, he noted. He mentioned that registration and licensing of Corporate Trustees, Pension Fund Managers and Custodians began in April, 2012 and that total registered Corporate Trustees, Pension Fund Managers and Custodians were 25, 61 and 16 respectively. Stephen Asamoah, Takoradi Area Manager of SSNIT, disclosed that the Trust was poised to implement the Operational Business Suite (OBS) � an integrated software that would ensure superior service delivery to the stakeholders of SSNIT.