NPRA embarks on an outreach programme on the 3-tier pension scheme in Kumasi- Ashanti Region
The National Pensions Regulatory Authority as part of its educational and sensitization efforts of ensuring deep understanding of employers, employees, self-employed and the general public on the 3-Tier Pension Scheme and Registration of Schemes, has organized an outreach programme for the formal and informal sector workers in Kumasi and its environs. The fora took place on the 11th and 12th March, 2014 respectively.
The Ag. CEO of the Authority, Mr. A.K Senanu, who chaired both fora in his opening remarks took the participants through a brief history of the pension reforms from the Colonial era of CAP 30 to the current reforms of the 3-tier pension scheme.
The Mr. Senanu cautioned employers to register a 2nd-tier occupational pension scheme for their staff, as failure to do so is punishable under the National Pensions Act 2008 (Ac t 766). He assured all contributors that; the 5% second tier contributions deposited in the Temporary Pension Fund Account (TPFA) at the Bank of Ghana was intact and that they should dismiss any rumour of its non-existence. He however, emphasised that employees 5% second tier contributions accrued in the TPFA will only be transferred to registered schemes and urged all employers to ensure the registration of their schemes for the benefits of their employees.
He assured public sector workers that the issue regarding the registration of their 2nd-tier mandatory occupational pension scheme was being addressed in the interest all workers. He said the Authority will establish regional offices across the country to sustain its educational efforts and presence to allow effective interface.
Mrs. Rita A. Adzovie, the Director of Corporate Affairs who was the moderator at both programmes, facilitated at the Informal Sector Forum. During her presentation, she explained thoroughly on the two separate accounts designed for the self-employed which addresses the peculiar nature of their business and encouraged them to take advantage of the special pension scheme under the 3rd tier group/personal pension scheme, to save towards their old age. There was an excellent drama staged by “Anokye Play House” at the Centre for National Culture, after which she took questions from the participants and addressed their concerns. She applauded them for the display of enthusiasm during the programme and urged them to join and contribute towards to a group or personal pension scheme to secure a decent way of life during their old age.
Mr. Emmanuel A. Dagbanu, the Training and Education Manager took the participants at the Formal Sector Forum through a presentation on the 3-tier pension scheme, its implementation and the benefits of the scheme. He urged employees to impress upon their employers to register 2nd -tier mandatory occupational pension scheme in accordance with the National Pensions Act 2008, (Act 766) and to enjoy the full benefit of its investment.
The Ag. CEO together with the Director of Corporate Affairs took turns to respond to questions from participants at the two day fora. The fora saw about 600 participants from both formal and informal sectors. Corporate Trustees were invited by the Authority and those who attended, were given the opportunity to introduce their Trust Companies to the participants and to make the necessary contacts for possible registration of schemes.