NPRA educates workers on the 3-Tier Pension Scheme at an outreach programme in Ho.

The National Pensions Regulatory Authority (NPRA) has sensitize workers in both the formal and informal sectors on the 3-tier pension scheme at an outreach programme at Ho in the Volta Region. The fora which took place on 2nd and 3rd April respectively was part of NPRA’s  educational and sensitization  effort of ensuring deep understating of employers, employees, self-employed and the general public on the new pension scheme. The programme attracted participants from Ho West, Kadjebi, Hohoe, Kpando, Sogakope, Ho Municipal, Adaklu, Kpetoe Ziope and Jasikan.

The Ag. CEO Mr. Laud A.K. Senanu who chaired the formal sector forum, in his opening remarks gave a brief background to the introduction of the 3-tier pension scheme as a result of workers agitation on disparity in payment of lump sum benefits to CAP 30 and SSNIT Members. He said these agitations later led to the introduction of the contributory 3-tier pension scheme, a re-structured SSNIT to manage the mandatory 1st tier pension scheme, private service providers to manage the mandatory 2nd tier and voluntary 3rd tier pension scheme and the NPRA as a Regulator of the pensions industry in the country.

Mr. Senanu assured the participants that the contributions lodged in the Temporary Pension Fund Account (TPFA) at the Bank of Ghana is intact and cautioned employers to either register or join a 2nd Tier Occupational Pension Scheme to facilitate the transfer of funds from the TPFA into their respective schemes. He informed participants that the issue of Mandatory 2nd Tier Occupational Pension schemes with over-lapping membership will be resolved very soon in the interest of all public sector workers.

The Director of Corporate Affairs, Mrs. Rita Afua Adzovie who moderated both fora and chaired the Informal Sector Forum urged workers in the formal sector to take advantage of the voluntary 3rd tier scheme to enhance their retirement benefit. She reiterated at the informal sector forum, the essence of planning towards retirement in order to secure a decent standard of living. She also emphasized that the Authority has intensified its educational efforts to improve coverage of scheme participation, through such outreach programmes, institutional engagements and other media platforms.

The Education and Training Manager, Mr. Emmanuel Awuku Dagbanu took the formal sector workers through a presentation on the 3-Tier Pension Scheme such as the relevance of pensions, the 3-tier pension scheme, the benefit of the new scheme, the role of employers, employees, service providers and the NPRA among others. He explained the 3rd Tier Voluntary Group/ Personal Pension Scheme to the participants at the informal sector forum and urged them to take advantage of the specially designed scheme provided for them, in order to ensure their retirement security.

Asorgli Unity and Love Cultural Group put up a splendid performance to illustrate the informal sector participation in the 3rd Tier Pension Scheme and the essence of planning towards their retirement.

The two fora recorded about 620 participants and Licensed Corporate Trustees who were also present were given the opportunity to market their services to the participants.

The next outreach programme will be held in Cape Coast, Central Region in June.