Overview:

Background

The Social Security Investment Fund (SSIF) (formerly the Investment Unit) was established in 2001 to manage investment of the Social Security Corporation (SSC) funds with the objective of realizing meaningful and sustainable returns on SSC investments while maintaining the real value of the assets and providing the liquidity needed to meet the SSC’s future obligations. The Fund started its operations in the beginning of 2003 after adoption of the investment strategies that govern its work. The Fund is subject to the provisions of the Social Security Law No. 1 of 2014, and its work is regulated in financial, technical and regulatory matters by bylaws and legislation, which are adopted by the Investment Board and the Board of Directors of the Social Security Corporation.

SSIF reviews its investment policy periodically in order to keep up-to-date with economic developments, seize investment opportunities, and maintain international best practices in the management of pension funds.  These reviews focus on two key perspectives:

• First: To invest SSC funds in ways that realize the returns needed to meet future obligations towards subscribers in the social security umbrella within acceptable risk levels.
• Second: A national perspective in which SSC contributes to economically feasible investments that realize meaningful returns and enhance economic growth.

Legal Framework

The SSIF exercises its functions in the context of a comprehensive legislative system based on the operative Social Security Law, the Social Security Investment Fund and Investment Board Bylaw, and instructions issued pursuant thereto.

Auditing the Fund’s activities

All the Fund’s activities are audited by the Social Security Corporation Board of Directors and the Investment Board, according to the Social Security Law, the Social Security Investment Fund and Investment Board Bylaw, and other operative legislation. It is also audited by a number of internal and external bodies according to legislation in force, namely:

• The Investment Fund Internal Audit Department,
• The Investment Board’s Audit Committee,
• The Social Security Corporation Board of Directors’ Audit Committee,
• The external auditor
• The Audit Bureau

The Investment Fund also submits periodic reports about its financial performance to the Council of Ministers, the Senate, and the Lower House of Parliament.