The National Pensions Regulatory Authority (NPRA) was established by the National Pensions Act 2008, (Act 766) to regulate and monitor the operations of the three-tier pension scheme and ensure effective administration of all pensions in the country.
Mandate of the Authority
1.1 Objective of the Authority
The object of the Authority is to regulate and monitor the operation of the 3-Tier Pension Scheme and ensure the effective administration of pensions in the country.
1.2 Functions of the Authority
The functions of the Authority are spelt out in Section 7 of the National Pensions Act, 2008 (Act 766) as follows:
- Be responsible for ensuring compliance with this Act (Act 766);
- Register occupational pension schemes, provident funds and personal pension schemes;
- Issue guidelines for the investment of pension funds;
- Approve, regulate and monitor trustees, pension fund managers, custodians and other institutions that deal with pensions as the Authority may determine;
- Establish standards, rules and guidelines for the management of pension funds under this Act;
- Regulate the affairs and activities of approved trustees and ensure that the trustees administer the registered schemes;
- Regulate and monitor the implementation of the Basic National Social Security Scheme;
- Carry-out research and ensure the maintenance of a national data bank on pension matters;
- Sensitize the public on matters related to the various pension schemes;
- Receive and investigate complaints of impropriety in respect of the management of pension schemes;
- Promote and encourage the development of the pension scheme industry in the country;
- Receive, and investigate grievances from pensioners and provide for redress;
- Advise government on the general welfare of pensioners;
- Advise government on the overall policy on pensions in the country;
- Request information from any employer, trustee, pension fund manager or custodian, any other person or institution on matters related to retirement benefits;
- Charge and collect fees as the Authority may determine;
- Impose administrative sanctions or fines; and
- Perform any other functions that are ancillary to the object of the Authority.
Section 8 of the National Pensions Act, 2008 (Act 766), specifies a Governing Board of the Authority to consist of representatives of relevant institutions and stakeholders in the Ghanaian Pensions Industry.
Institutions represented are the Bank of Ghana, Securities and Exchange Commission,
Ministry of Finance and the Ministry of Justice and Attorney-General’s Department.
Associations represented are the Trades Union Congress (Organized Labour), Ghana Employers Association and the National Pensioners Association.
The Board comprises the Chairman, nine (9) non-executive members and one (1) executive member (the Chief Executive Officer of the Authority).