NPRA constitutes a working group to review existing investment guidelines for SSNIT
The National Pensions Regulatory Authority (NPRA) has constituted an Investment Guidelines Working Group to review the Investment Policy Statement of the Basic National Social Security Scheme managed by Social Security and National Insurance Trust. (SSNIT)
Over the years, SSNIT has been operating with an Investment Policy, per Act 766. This has to be reviewed periodically. In view of this, the Working Group has been put together to review the draft policy submitted to the NPRA by SSNIT and make recommendations to the Board for consideration.
Section 67(2) of the National Pensions Act, 2008 (Act 766), requires that in preparing or revising a Statement of Investment Policy, the Board of Trustees shall comply with guidelines issued by the Authority in consultation with the Board of Trustees.
Inaugurating the working group, the Chairman of the Board of Directors of the NPRA, Mr Paul Simon Koranteng urged members to reflect on the financial sustainability of the Scheme by carefully reviewing the various asset classes and their performances over the years to make strong recommendations for the Board’s consideration.
He noted that investment decisions are critical in pensions administration and called on members to have the growth and sustainability of the industry as their primary focus.
He expressed the need for fair returns for pension contributors in the country adding that such to a large extent will depend on investment decisions which are hinged on a policy that would back it.
The 17-member working group has the Director-General of the Security and Exchange Commission and a Board Member of the NPRA, Reverend Daniel Ogbarmey Tetteh as its Chairman. He pledged on behalf of the members to work hard to produce guidelines that would help in promoting the growth of the pension industry.