Business News of 2013-12-06

GLICO dialogues with stakeholders

The Managing Director of the Gemini Life Insurance Company Limited (GLICO) Pensions Trust Fund, Dr Francis Sapara-Grant, has assured employers and workers of the security of their pension contributions if they subscribed to the GLICO Pensions Trust Fund.

He also expressed his outfit’s commitment to providing clients with details of their two-tier pension contributions.

Dr Sapara-Grant gave the assurance at the second stakeholders’ forum held in Accra to interact with stakeholders in the pension industry.

The forum also enabled management of GLICO Pensions Trust Fund to interact with their clients.

Improving the pensions trust fund

Dr Sapara-Grant told stakeholders that his outfit had toured the country to interact with prospective clients on the benefits of the GLICO Master Trust Schemes.

Such interactions, according to Dr Sapara-Grant, had led to an improved service delivery and relationship between GLICO Pensions Trust Fund and their clients.

He also stated that the GLICO Pensions Trust Fund had established a website which would be accessible to all clients, further assuring stakeholders of the confidentiality of their pension contributions.

The website, he said, provided monthly updates to clients on their monthly two-tier pension contributions.

“The website has injected transparency into our relationship with our clients and this has led to a lot of trust between the two parties,” he added.

Compliance to pension regulations

According to Dr Sapara-Grant, GLICO Pensions Trust Fund had followed all regulations as demanded by the National Pensions Act, 2008 (Act 766).

He also told stakeholders that his outfit had fulfilled all requirements as stipulated by the National Pensions Regulatory Authority (NPRA).

The role of the NPRA

The Legal Manager of the NPRA, Mrs Bright Naazie, who represented the Chief Executive Officer of the authority, said the role of the NPRA was to regulate the pensions industry, and as well supervise the development of the pensions industry.

She also stated that coverage for the pensions of workers in the informal sector was low, and encouraged the management of GLICO Pensions Trust Fund to adopt strategies that would enable them to permeate the informal sector.

She congratulated the GLICO Group of Companies for their investments in Ghana, and encouraged them to export their experience to other parts of the continent.