The National Pensions Regulatory Authority (NPRA) on the 2nd and 3rd December, 2015 educated formal and informal sector workers at its second round of an outreach programme in Kumasi Metropolis and its environs on the 3-tier pension scheme which saw over 400 workers and employers participating in both fora.
In a speech read on behalf of the Ag. CEO of NPRA, the Director of Regulation said public education and awareness was one of the key responsibilities of the Authority which he intends to sustain. “Financial literacy in general, and pension planning in particular has been recognized as an important life skill for the individual” he said.
He encouraged the Trade Unions, Employers’ Association, and other such stakeholders to contribute to pension education programmes, given their important role in employees’ retirement benefit planning.The statement continued that, since life-long earnings are highly uncertain from the perspective of any one individual, a pension system can provide some insurance against the consequences of low earnings in retirement.He pointed out that the complexity of pension products, particularly private pensions and their administration, places enormous responsibilities on the Regulator to protect scheme members, and to come up with measures that would uplift the Pensions Industry and help to positively change scheme members’ decision making process.
He gave the assurance that the Authority will live up to this task.The Director, Corporate Affairs, Mrs. Rita Adzovie who moderated and co-chaired the forum informed participants of the importance the Authority attaches to the education and sensitization of the 3-tier pension scheme to the citizenry. She gave a background to the educational programmes organized by the Authority across the country.
She cautioned informal sector workers particularly to be watchful of those who will come to them as trustees and urged them to confirm with the Authority if they are in doubt about their credibility.The Education and Training Manager took the participants through the 3-tier pension scheme, the new amendment to the National Pensions Act, registration of schemes currently embarked upon by Corporate Trustees under Employers without Schemes (EWS) and urged employers to cooperate in this regard.