NASSIT

AT A GLANCE

Facts and Figures
As at end September 2007
(All figures are end period unless otherwise stated)

1

TOTAL INSURED MEMBERS

INSURED POPULATION

January

2007
March
June

September

2005

2006

114,503

126,749

127,559

129,694

134,420

135,383

68,069

72,767

72,802

73,780

75,282

75,402

46,434

53,982

54,757

55,914

59,138

59,981

o/w

Formal Public Sector
Formal Private Sector

ACTIVE MEMBERSHIP - FORMAL PUBLIC SECTOR BY CATEGORY
2007
2005

2006

January

March

June

September

25

53

54

55

59

61

63,843
15,691
27,267
19,925
960
4,226

67,548
16,593
30,818
19,337
9,055
10,282
800
5,219

66,816
16,548
30,783
19,485
9,378
10,107
800
5,186

68,564
16,516
31,682
19,566
9,382
10,184
800
5,216

69,998
16,743
32,992
20,263
9,360
10,103
800
5,284

70,157
16,740
33,082
20,335
9,300
10,237
798
5,245

1,732
2,221

2,310
2,168

2,243
2,137

2,281
2,112

2,267
2,139

2,282
2,124

109
164
68,069

107
323
311
72,767

104
391
311
72,802

96
420
307
73,780

90
493
295
75,282

89
455
295
75,402

Number of Institutions

Government
o Civil Servants
o Teachers
o Forces:
o
Police
o
Army
o Civilians in the Military
Government Assisted
o
o
o
o
o
TOTAL

Sub vented Institutions
Tertiary Institutions
Technical and Vocational
Institutions
Development Projects
Local Government

2

FORMAL PRIVATE SECTOR – NO OF REGISTERED ESTABLISHMENTS
Region

2005

West
North
East
South
TOTAL

2006

2007
March
June
2,192
2,262

1,647

2,109

January
2,139

September
2,286

213

254

254

272

295

306

131

200

200

210

215

217

235

308

310

324

351

355

2,226

2,871

2,903

2,998

3,123

3,164

REGISTERED MEMBERS – FORMAL PRIVATE SECTOR BY REGION
2007
Region

West

2005

Employees
Self-employed

East

Employees
Self-employed

North

Employees
Self-employed

South

Employees
Self-employed

TOTAL

2006

January

March

June

September

38,516

43,686

44,075

44,890

46,174

47,228

405

478

484

486

501

522

2,229

2,466

2,465

2,524

2,595

2,596

16

31

33

37

37

38

2,809

4,063

4,398

4,580

5,071

5,656

8

15

15

16

16

17

2,441

3,228

3,267

3,357

4,720

3,898

10
46,434

15
53,982

20
54,757

24
55,914

24
59,138

26
59,981

3

CONTRIBUTION AND OTHER INCOME (LE ‘000)

Contribution
Income

Formal Public
Sector

Formal Private
Sector
Total

Penalty & Interest

2005

2006

20,604,097

20,063,169
40,667,266

2007
January

March

22,924,249

2,126,413

6,416,528

25,113,820

2,218,299

48,038,069

4,344,712

June

September

12,697,431

19,613,568

6,718,408

14,108,740

13,134,936

26,806,171

40,600,823

7,105

-

66,206

921

3,206

15,679

-

1,534,387

1,500

-

-

Investment Income1

16,945,061

18,427,757

1,467,345

Other Income2

9,135,672

11,822,142

3,995

TOTAL INCOME

66,747,999

Purchase of Credit

1
2

79,888,481

4,176,658

5,818,473

8,663,295

20,987,255

14,214,531

3,176,576

6,021,428

7,826,066

20,513,876

41,506,573

62,648,525

Income from Short Term Fixed Income Assets only- comprises Call Deposits, Fixed Deposits, TBs and TBBs
Other Income includes income from Government for gratuity payment, pension-in-payment and pension administrative cost.

4

SOCIAL SECURITY INDEBTEDNESS BY TYPE OF ESTABLISHMENTS
2007
INDEBTEDNESS (Le 000)

2004

2005

2006

FORMAL PUBLIC SECTOR
Accountant General’s Department
Validation of past Service
Underpayment
Parastatals

6,686,666
4,515,317
4,515,317
583,671

7,539,499
4,515,317
4,515,317
1,150,078

10,331,849
4,809,941
4,515,317
294,624
2,146,960

January
10,893.08
4,850.25
4,515.32
334.93
2,778.96

March
12,057.14
4,929.46
4,515.32
414.15
3,419.05

June
11,857.11
5,035.94
4,531.45
504.49
2,925.77

September
12,338.99
5,077.01
4,531.45
545.56
3,361.49

Subvented Institutions
FORMAL PRIVATE SECTOR
West Region
North Region
South Region
East Region

1,587,678

1,874,104

3,374,948

2,921.18

3,363.43

3,552.94

3,900.49

2,400,598
1,943,479
42,827
402,786
11,506

1,948,645
1,524,376
76,440
305,375
42,454

2,565,235
1,957,215
225,019
305,235
77,765

2,850.37
2,222.93
198.92
357.89
70.63

4,497.32
3,734.39
420.13
282.81
59.99

5,381.87
4,269.87
442.36
435.71
233.93

4,182.99
3,122.02
498.61
425.94
136.42

TOTAL

9,087,264

9,488,144

12,897,084

13,743.45

16,554.46

17,238.98

16,867.26

5

RETURN ON SHORT TERM FIXED INCOME ASSETS
2007

Year

2005

Average Rate of
Return
23.37
GLOBAL SHARE OF INVESTMENT PORTFOLIO
Asset class

Call Deposit
Govt. Securities
Fixed Deposit
Corporate
Debenture
Equity
Construction in
Progress
Property
Total

2006

January

March

June

September

15.0

18.47

13.75

14.93

14.47

2006

2007
Share
(%)
63.18

January
Amount
(Le ‘000)
2,350,000.00
93,581,400.00

10.89

8,266,607.04
30,277,327.38
771,853.22
151,579,837.64

Amount
(Le ‘000)
95,764,050.00
16,500,000.00

Share
(%)
1.55
61.61

March
Amount
(Le ‘000)
2,005,008.39
93,665,400.00

Share
(%)
1.29
60.14

June
Amount
(Le ‘000)
0
93,633,800

Share
(%)
0
58.77

September
Amount
Share
(Le ‘000)
(%)
503,031.40
0.29
105,943,850.00
60.40

21,030,000.00

13.84

25,116,301.37

16.13

34,631,301.37

21.74

25,890,612.82

14.8

5.45
19.97

8,266,607.04
25,947,335.70

5.44
17.08

8,266,607.04
25,954,603.19

5.31
16.67

8,766,607.04
21,557,859.48

5.50
13.53

8,766,607.04
24,557,859.48

5.0
14.0

0.51
100

728,469.30
151,903,812.04

0.48
100

728,469.30
155,736,389.29

0.47
100

728,469.30
159,318,037.19

0.46
100

9,000,000.00
728,469.30
175,390,430.05

5.1
0.42
100.00

PORTFOLIO COMPANIES
Company
Sierrablock Concrete Products Ltd.
(SCPL)
Regimanuel Gray (SL) Ltd.
Guoji Property Development (SL) Ltd.
Ecobank Transnational (ETI)
Kimbima Hotel Ltd.
S.L Brewery Ltd
SN Alliance
TOTALS

No. of
Shares

COST
(Le’000)

Share Holding
(%)

% of Equity

7,110,000

7,110,000.0

60

28

640,000

6,000,000.0

40

23

0
1,500,000
640,000
40,000
2,000
10,230,000

110,523.8
3,033,917.2
5,296,414.5
7,004.0
3,000,000.00
25,947,603.7

60
50

0
12
20
0
-

6

NET ASSET STATEMENT (Le ‘000)
2007
2005

2006
January

March

June

September
27,824,337

Fixed Assets*

5,830,734

11,049,471

11,256,158

14,589,036

25,081,542

Long Term
Investment**

19,692,633

39,579,672

26,683,073

26,683,073

22,286,329

25,286,329

Current Assets

100,648,052

125,039,418

131,006,650

137,733,886

142,188,123

148,865,102

Corporate Debenture

-

8,266,607

8,266,607

8,266,607

8,766,607

8,766,607

Current Liabilities

7,818,711

6,582,055

5,958,053

5,560,299

6,308,304

Net Current Assets***

92,829,341

118,805,813

125,059,486

131,775,833

136,627,824

142,556,798

Net Asset****

118,352,708

169,086,506

171,265,324

181,314,549

192,262,302

204,434,071

REPRESENTED BY
Accumulated Surplus

118,352,708

169,086,506

171,265,324

181,314,549

192,262,302

204,434,071

5,947,164

*FIXED ASSETS ALSO INCLUDE CONSTRUCTION WORK–IN–PROGRESS AND PRE–INCORPORATION EXPENSES
**LONG TERM INVESTMENT INCLUDE ALL EQUITY INVESTMENT AND LAND ACQUISITION
*** NET CURRENT ASSETS IS CURRENT ASSETS LESS CURRENT LIABILITIES.
**** NET ASSET IS FIXED ASSETS PLUS LONG TERM INVESTMENT PLUS NET CURRENT ASSETS

7

SCHEME BENEFITS PROCESSED*
2007
2006
MARCH

JANUARY
CLAIMANTS
CLAIMANTS

(NO.)

TOTAL
O/W

RETIREMENT*

o
o
o

PENSIONS
GRATUITY

GRANT

SURVIVOR*
o
PENSIONS
o
GRATUITY
o
GRANT
INVALIDITY*
o
o
o

PENSIONS
GRATUITY

GRANT

REFUND OF
CONTRIBUTION

AMOUNT
(LE)

(NO.)

AMOUNT
LE)

CLAIMANTS

(NO.)

JUNE

AMOUNT
(LE)

SEPTEMBER

(NO.)

AMOUNT
(LE)

CLAIMANTS

AMOUNT
(LE)

CLAIMANTS

(NO.)

1000

1,989,750,381.36

37

167,819,970.01

265

814,481,273.80

540

1,845,824,146.10

774

3,066,426,227.47

700
206
388
312

1,338,282,178.62
393,994,172.25
529,351,511.11
414,936,495.26

25
232
21
4

133,331,910.66
59,890,655.54
66,687,450.24
6,753,804.88

192
316
171
21

559,733,347.10
218,274,350.03
295,896,656.96
45,562,340.11

375
494
331
44

1,437,144,685.30
617,302,573.55
608,745,019.01
211,097,092.80

507
721
443
64

2,337,267,685.48
1,233,307,334.02
798,606,102.35
305,354,249.11

265
25
86
179

526,106,490.10
20,539,760.74
111,326,275.75
394,240,453.61

11
8
8
3

33,616,290.41
21,820,281.87
8,299,277.323,
496,731.22

63
102
54
9

250,108,127.21
168,278,246.46
74,012,704.57
7,817,176.18

147
95
131
16

394,837,185.10
229,182,031.27
145,539,075.86
20,116,077.97

7
4
5
2

12,075,062.78
1,586,872.23
9,210,140.67
1,278,049.88

1
-

764,931.38
764,931.38
-

4
7
3
1

3,903,268.98
1,530,669.02
1,938,753.17
433,846.79

8
8
7
1

28

113,286,649.86

1

106,837.56

6

736,530.51

10

253
214
227
26

674,787,883.55
416,051,203.68
233,636,474.65
25,100,205.22

10,827,515.35
6,422,475.63
3,971,192.93
433,846.79

14
15
13
1

29,372,321.94
17,805,157.34
11,133,317.81
433,846.79

3,014,760.37

42

24,998,336.50

* Total figures constitute the sum of Gratuity and grant roll processed
*Amount inclusive of the value of the previous beneficiaries of Retirement Grant (Recomputed Amount)
*Amounts for Pensions include the value for current Pension paid and Pension Arrears

8

Scheme Pension in Payment
2006
Benefit
Roll
(No)
Type
Retirement 234
25
Survivor’s
4
Invalidity

Total

263

Amount
(Le 000)
385,700
14,959
7,083
407,742

2007
January
Roll
(No)

Amount
(Le 000)

222
3
225

33,710
383
34,093

March

June

Roll Amount
(No) (Le 000)
316
53
3
372

Roll
(No)

138,358
5,142
1,149
144,649

494
95
8
597

Monthly Average Retirement Pension as at end
Jan 2007 =
Le 151,524.40
Feb 2007 =
Le 116,489.97
Mar 2007 =
Le 126,901.00
Apr 2007 =
Le 126,359.00
May 2007 =
Le 160,478.43
June 2007 =
Le 130,144.33
July 2007 =
Le 122,329.27
Aug 2007 =
Le 157,899.65
Sept 2007 =
Le 96,719.92

9

Amount
(Le 000)
414,630
46,728
4,819
466,177

September
Roll
(No)
720
214
15
949

Amount
(Le 000)
751,859
152,392
7,361
911,612

GOVERNMENT PENSION-IN-PAYMENT
2007

2006

2005

January

Roll (No.)

Amount
(Le)

Roll
(No.)

Amount
(Le)

East Area
Office

580

171,877,184.53

639

222,478,192.13

537

15,779,285.47

655

North Area
Office

574

131,675,058.67

692

234,350,163.02

487

14,810,629.17

South Area
Office

1,425

425,050,005.35

1,447

561,684,834.38

1,162

West Area
Office

11,102

3,200,011,370.41

11,155

3,798,116,673.20

Payment by
Banks

2,439

1,810,979,177.61

3,147

K.I.A – Cash

1,439

263,939,601.45

K.I.A – Banks

16

17,575

Total

Roll
(No.)

March

Amount
(Le)

Amount
(Le)

September

Roll
(No.)

Amount
(Le)

62,903,924.81

651

120,600,130.11

663

178,406,085.06

702

66,592,333.14

729

133,853,779.15

736

197,366,989.70

38,279,218.01

1,446

140,470,270.76

1,454

280,806,980.72

1,444

418,266,547.16

8,800

285,106,651.23

11,024

1,152,740,650.47

11,326

2,223,676,591.86

11,054

3,246,793,094.43

2,490,165,401.96

3,191

217,453,477.35

3,200

678,902,073.20

3,233

1,374,713,927.68

3,251

2,079,034,415.25

1,486

315,808,826.77

1,486

26,317,205.15

1,485

78,913,775.45

1,485

157,808,631.30

1,485

236,703,486.75

2,843,375

19

3,702,515.00

19

318,092.50

19

966,106.50

19

1,938,121.50

6,006,375,773.22

18,585

7,626,306,606.46

15,682

598,064,558.88

18,531

2,181,489,134.33

18,897

4,293,398,162.32

10

Roll
(No.)

June
Roll
(No.)

19

18,652

Amount
(Le)

2,910,136.50

6,359,480,754.85

WORKFORCE (NO. OF EMPLOYEES)
2005

2006

Head Office

78

NDB Building, Freetown

Area Offices

West Region
North Region

East Region
South Region

Total

2007
January

March

June

September

75

76

83

85

81

20

41

42

43

46

41

74

61

62

66

62

19

20

21

23

22

22

14

13

14

15

15

14

15

17

18

18

18

18

220

227

231

249

248

249

73

ADMINISTRATIVE EXPENSES

Administrative Expenses*(Le Million)

2005

2006

14,487

15,016

2007

* INCLUDES DEPRECIATION COST

11

January

March

June

September

1,288

4,302

8,501

13,997

ACTUARIAL INDICATORS

Contribution Income (Le Million)
Admin. Expenses (Le Million)
Total Reserve Fund (Le Million)
GDP ( Le Billion)
Insurable Earnings ( Le Million)
Admin. Expenses/Contribution Income (%)
Admin. Expenses/Total Reserve Fund (%)
Admin. Expenses/Insurable Earnings (%)
Total Reserve Fund/GDP (%)
Average Return on Investments (%)
Reserve Ratio (%)

2005
Actuals
40,638

2006
Actuals
49,639

2007
Projections
52, 860

14,487

15,016

14, 820

118,353
3,338.7
270,918
35.65
12.24
5.35
3.54
19.71
12.8

169,491
4,294.8
330,924
30.25
8.86
4.54
3.95
15.0
9.96

194, 300
5,029.9
352, 400
28.04
7.6
4.2
3.86
12.0
9.76

12