Business News of 2013-12-12

Legacy Pension Trust schools stakeholders on pensions

Legacy Pensions Trust Limited, a wholly owned Ghanaian company incorporated, which provides unrivalled, high quality pension fund management, has schooled stakeholders on the importance of pensions in Accra. The seminar is aimed at educating contributors and prospective contributors on the tier two and three products designed for formal workers.

There were presentations on the products and services being offered by Legacy Pension Trust to enable existing and new contributors make their choices. Some of the product under the Legacy Pension Trust includes the legacy pension plan, a mandatory tier 2 scheme aimed at preserving the defined contributions and capital, while working to achieve the best investment returns within the standards prescribed by the National Pensions Regulatory Authority (NPRA).

The Legacy Target Gold and General Life Fund is the tier 3 provident fund product designed for the formal sector. This scheme is also a master trust scheme, which pulls together schemes of a number of employers. It aims at preserving capital, while working to achieve the best golden investment returns.

The Legacy Secured Investment Life Fund also a tier 3 voluntary personal pension scheme is a Personal Savings and Retirement Account, where accumulated funds can be withdrawn after 10 years of continuous contribution (under the savings account) and a lump sum payment made to the contributor from the Retirement Account.

In an interview with Myjoyonline.com, Chief Executive Officer of Legacy Pension Trust, Bill Boglo-Hedo underscored the need for Ghanaians to secure their retirement income security. According to him, pensions have come to stay and that every citizen must take advantage and enjoy a retirement benefit in future. Mr. Boglo-Hedo said what distinguishes Legacy Pension Trust from others is its transparent and inclusive manner they relate with contributors. The CEO of Legacy Pension Trust indicated that monies from contributors are very safe with them because majority of their employees are competent retired professionals from the National Pensions Regulatory Authority (NPRA) and SSNIT, who have worked in the pensions industry for a period of time. “Contributors are safe because you don’t have a prone system where somebody is just managing your funds and investing it and decides to do anything with it”, he noted. He disclosed that Legacy will soon focus on the informal sectors and offer services to fishermen, farmers, market women and many others to also secure their future. Mr. Boglo-Hedo said Legacy Pension Trust will soon roll out awareness programmes to educate people on the importance of pension schemes.