The National Pensions Regulatory Authority (NPRA) as part of efforts to ensure smooth take off of Public Sector Schemes has organised an oreintation on roles and responsiblitites of Board of Trustess of the four Public Sector Schemes at GNAT Hall in Accra. The schemes includes Ghana Education Service Occupational Pension Scheme, Health Sector Occupational Pension Scheme, Hedge Master Trust Occupational Pension Scheme for members of Civil Servants Association and Judicial Service Occupational Pension Scheme for Staff of Judicial Service.
The orientation, according to the Chief Executive Offficer of NPRA, Mr. Kofi Anokye Owusu-Darko, was to give the Board of Trustees some basic knowledge and skills in the management of pension schemes. He indicated that, in recognition of the fact that they have been appointed as Board of Trustees of these important schemes, it is imperative that they are given this orientation to enable them perform their work effectively.
The Chief Executive Officer, encouraged them to seek further training from institutions approved by the Authority to offer training for trustees under the National Pensions Act, 2008 (Act 766) as amended. This he said will improve their capacity to effectively administer the public sector pension schemes to ensure retirement income security of their members. He charged them to take up the responsibilities placed on them as Board of Trustees with all seriousness as workers will be looking up to them to earn better living during retirement.
He also assured them of the Authority’s support and encouraged Board of Trustees to engage the Authority on issues of concern on the management of the schemes. He however caution them to work within the parameters set by the National Pensions Act, 2008 (Act 766) and it regulations and guidelines to avoid sanctions.
About 40 members of the Board of Trustees including the chairpersons of the four Public Sector Schemes participated in the orientation. They were taken through; The Ghana’s Pension Reforms, Functions of The Trustee, Trustee’s General Duties with respect to Scheme Administration, Eligibility and Appointment of Individual Trustees, Trustees Knowledge and Understanding, Fees and Expenses on the Scheme Funds, Non-Compliance Issues, Penalties/Sanctions and others topics key to the administration of pension schemes.
The participants expressed their appreciation to the Authority for the orientation package as it will go a long way to help them in their work as Board of Trustees of the Public Sector Schemes.