The NSSF was established by the National Social Security Fund Act No. 28 of 1997 after the transformation of the National Provident Fund (NPF). Its functions are to register employers and employees, collect contributions, account for the money collected, invest and pay out benefits to members, according to the provisions of the Act.

In accordance with the Act, an actuarial evaluation is to be carried out every three years. The current project represents the actuarial valuation as of 30 June 2006.

To the main goals of the present actuarial evaluation belong among others:

• Project the demographic and financial development of the NSSF in the short-run and the long run for the period about 50 years consistent with the long-term macro-economic and demographic framework developed in the context of this project;
• Review the adequacy of the present contribution rate and the ceiling on contributions to ensure the short and long-term financial solvency of the Fund;
• Review the adequacy and sustainability of the level of benefits provided by the Fund;
• Review the method of indexation of benefits in payment and basic fixed amounts.

A report on the actuarial valuation is the output of the project.