One of the most asked questions contributors of the Social Security and National Insurance Trust (SSNIT) ask is whether or not they can access part of their contribution.
This is because most of the private insurance schemes have added that feature to their products. The Social Security and National Insurance Trust has provided answers to the indicating that, contributors cannot access part of their contribution with a reason that is worth knowing.
According to SSNIT, the answer is a big “No”. They explained that a member cannot withdraw part of his contribution because again it is not a saving scheme. The contributions have to be made over a period of time and invested to enable the scheme pay out the benefits guaranteed under the scheme. In effect if part of the accumulated contributions is withdrawn, the assets of the scheme will be reduced and it will be impossible to provide the benefits promised.
Though most contributors might not like the idea as it is being done with most private companies, SSNIT is seeking to to protect their interest at the long run.
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