Social Security: Annual%20Report FINAL FINAL

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NASSIT Annual Report 2004 Old Age National National Social Social Security and Security and Insurance Insurance Trust Trust Survivors Invalidity Annual Report and Accounts 2004 1 NASSIT Annual Report 2004 TABLE OF CONTENTS SUBMISSION LETTER……………..…………………………………………………………….……...2 MESSAGE BY THE CHAIRMAN, BOARD OF TRUSTEES…………………………………………….3 MESSAGE BY THE DIRECTOR GENERAL…………………………………………………………….5 BOARD OF TRUSTEES……………………………………………………………………………….…6 MANAGEMENT TEAM - 2004……………………………..……………………
    NASSIT Annual Report 2004 NationalSocialSecurity andInsuranceTrust SurvivorsOld AgeInvalidity     NationalSocialSecurity andInsuranceTrust Annual Report andAccounts   2004   1    NASSIT Annual Report 2004 TABLE OF CONTENTS SUBMISSION LETTER……………..…………………………………………………………….……...2MESSAGE BY THE CHAIRMAN, BOARD OF TRUSTEES…………………………………………….3MESSAGE BY THE DIRECTOR GENERAL…………………………………………………………….5BOARD OF TRUSTEES……………………………………………………………………………….…6MANAGEMENT TEAM - 2004……………………………..………………………………………...7SUMMARY OF OPERATIONS…………………………………………………………………………8FINANCIAL PERFORMANCE………………………………………………………………………...9INVESTMENT PERFORMANCE………………………………………………………………………10HUMAN RESOURCES………………………………………………………………………………..11AWARENESS CAMPAIGN…………………………………………………………………………..12GOVERNMENT PENSIONS………………………………………………………………………….12CHALLENGES FACING THE TRUST…………………………………………………………………13LOOKING TO THE YEAR AHEAD (2005)………………………………………………………….14KEY PERFORMANCE TARGETS FOR 2005………………………………………………………..15REPORT OF THE BOARD OF TRUSTEES………………....…………………………………………16REPORT OF THE AUDITORS…………….…………………………………………………………...18FINANCIAL STATEMENT YEAR ENDED 31 DECEMBER, 2004……………………………..……19NOTES TO THE FINANCIAL STATEMENTS…………………………………………………….…...22NASSIT ORGANOGRAM…………………………………………………………………………....28 2    NASSIT Annual Report 2004 SUBMISSIOM LETTER Hon. Alpha O. TimboMinister of Labour, Social Security and Industrial RelationsMinistry of Labour, Social Security and Industrial RelationsNew England VilleFreetownHonourable Minister, RE: ANNUAL REPORT OF THE NATIONAL SOCIAL SECURITY AND INSURANCETRUST FOR YEAR 2004 As required by Section 16(1) of the NASSIT Act No. 5 of 2001, I herebysubmit the Annual Report and Accounts of the National Social Securityand Insurance Trust for the year 2004.The 2004 Report summarises:a.   The Trust’s operational report for the Financial Year 2004b.   The Trust’s Financial Accounts for the Financial Year 2004(as audited by the external auditors).Yours faithfully, Dr. Joseph A. L. KamaraCHAIRMAN, BOARD OF TRUSTEES. 3    NASSIT Annual Report 2004 MESSAGE BY THE CHAIRMAN, BOARD OF TRUSTEES Dear board members, staff and members of the National Social Securityand Insurance Trust (NASSIT). Let me take this opportunity to thank HisExcellency the President, Alhaji Dr. Ahmad Tejan Kabbah and hisGovernment for their relentless support to the National Social SecurityScheme.It is now three (3) years since the scheme was established. Substantialprogress has been made not only in setting up the offices in the WesternArea and the provinces, but also in recruiting and training of staff inorder to manage the scheme properly. The establishment of the officesin the Western Area and the provinces has taken the scheme closer tomembers and has facilitated faster registration of new members anddelivery of services. As a result, the Trust has made good progress.Membership has increased from 95,391 in 2003 to 103,438 in 2004.The Strategic Plan for the period 2005-2007 has been prepared and soalso is the Investment Policy Statement and Investment Strategy Paper.The second actuarial report is expected to be completed by July 2005.In May 2004, there was a cabinet conclusion and approval from theMinistry of Finance that the National Social Security and Insurance Trust(NASSIT) should take over the exercise of payment of GovernmentPensions. Until this date, the Accountant General’s Department of theMinistry of Finance was responsible for payment of GovernmentPensions. A total of Le 4.6 Billion was received from the AccountantGenerals’ Department for the period May to December 2004. A total ofLe 3.7 Billion was paid in respect of Government Pensions-in-payment forthe same period. The cumulative total of Le 900 Million has beenunclaimed for the same period above. From all indications, as per ourverification exercise, all fictitious and deceased persons will be deletedand all unclaimed persons investigated. This will form savings for theGovernment in the area of pension payment.Apart from the above progress and successes, the trust has been facingproblems with the registration of its members. We hope, however, toovercome this very tedious and unreliable manual exercise, as soon as aBiometric Registration system has been installed.There are challenges in the future. First, there are challenges to invest thefunds. This is indeed a very tricky area, but we believe that very shortly,members of the scheme will start to see physical evidences that the fundhas been managed judiciously. Secondly, our focus is also on theInformal Sector. Research shall be undertaken during 2005 to exploreopportunities in this sector, in the areas of membership, type of schemesand contingencies to be considered. 4
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