wrapper

The National Pension Scheme is the second social insurance scheme launched  eight(8) years subsequent to the coming into force of the Employee Injury Scheme (EIS). The National Pension Scheme is concerned with the retirement pension, Invalidity Pension and Survivor's Pension. Employees in the employer in Liberia employing five (5) or more persons are to be covered by the National Pension Scheme.

Benefits Under the National Pension Scheme

1. Retirement Pension (RP) - one shall be entitled to RP if

  • he/she has attained age 60 and retires from work or age 65 whether employed or not;
  • he/she retires from his employment and
  • he/she has paid 100 monthly contributions which is 25% of employee contribution.

If a person fails to make the 100 monthly contributions but paid at least 12 monthly contributions, he/she is entitled to Retirement Grant (RG) in lump sum of his contributions also with an interest based on a rate specified in the Regulations. For every additional 10 months over the initial 100 monthly contributions the rate or Retirement Pension is increased by 1%. If qualifying conditions are not met a lump sum is given as Retirement Grant along with an interest which will be based on a predetermined rate.

2. Invalidity Pension (IP) - if an individual covered under this scheme is permanently incapable of work because of some disease or disablement that is not job-related even before age 60. The individual will get a specified percentage of their average earnings for life provided he/she satisfies the following:

  • He/She proves to the satisfaction of the medial Board and
  • He/She has paid 50 monthly contributions during the last 60 months prior to stopping work r must have paid at least two-third contributions from the data he/she joined the scheme.

For every additional 10 months over the initial 50 monthly contributions the rate of Invalidity Pension is increased by 1%. If qualifying conditions are not met a lump sum is given as Invalidity Grant along with an interest which will be based on a predetermined rate.

3. Survivor Pension (SP) - this will be paid to dependents once the deceased has paid at least 50 monthly contributions. A widow or widower receives for life or till remarriage 50%, each child (up to maximum of 5 till age 18 or 21, if continuing education) would receive 10% of what the deceased would have received before he/she died. Survivor Pension is 100%; widow/widower receives 50% and children receives 50%. If qualifying conditions are not met a lump sum is given as Survivor Grant along with an interest which will be based on a predetermined rate.

Procedure in Filing Cases

All pension cases are reported to the respective Regional Offices or the employers of the employees who then submit every relevant document and records for retirement within a period of three (3) months beginning with the month of retirement. This is the same as with Survivor Pension. The following procedures should be observed for filing cases under the National Pension Scheme (NPS):

Retirement Pension

  1. Insured employee/employer formally communicates his/her retirement,
  2. Insured employee sits an interview with the Regional Office
  3. Insured Employer completes Form C-1, presents two passport size photos.

After successfully going through the above processes, a case file will be opened for further processing by the Corporation.

Survivor Pension

  1. The employer or survivors of the insured deceased formally communicates the situation to the Regional Office.
  2. The employer presents to the Regional Office Form-C1, the insured deceased death and marriage (if applicable) certificates and group pictures of the survivors.
  3. The survivors are schedule for and sit an interview.

After successfully going through the above processes, a case file will be opened for further processing by the Corporation.

Invalidity Pension

  1. The insured employee or the employer in behalf of the employee formally communicates the situation to the Regional Office.
  2. The employer submits Form C-1, two color passport size photos and a medical report from a recognized medical practitioner/facility

After successfully going through the above processes, a case file will be opened for further processing by the Corporation.

 

 

 

Mission & Vision

Our mission is to provide future financial security for those under the schemes - employees of both the public and private sectors of Liberia in the event of occupational injury, old age, invalidity or death.

As a vision we will strive at all times for corporate excellence in providing quality social protection services through the following: quality staff, sound financial management, high yield and viable short-medium term investments, effective and efficient monitoring and evaluation system.

Guides To NASSCORP Schemes

Each one of us works to earn an income. In fact, ...
The 1975 Act establishing the National Social ...