Employers receive funds

The National Pensions Regulatory Authority (NPRA) has transferred GH? 95,136,386.99 from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to 767 establishments or employers in the private sector.

A statement from the NPRA copied to the Ghana News Agency said the beneficiaries included three establishments namely Electricity Company of Ghana, GOIL Ghana Limited and the Social Security and National Insurance Trust (SSNIT) which had registered ‘standalone’ Employer Sponsored Schemes.

The remaining beneficiaries include Petra Advantage Pension Scheme (for 336 Employers), Cedar Pension Scheme (for 188 Employers), Pensions Alliance Trust Fund (for 128 Employers) and Secure Pensions Occupational Master Trust Scheme (112 Employers) which were Master Trust Occupational Pension Schemes (Second Tier) administered by Corporate Trustees.

The statement said the amount transferred represented the total contributions and interest from January 2010 to December 2013, and that the amount hit the accounts of custodians of the beneficiary Schemes on Friday, December 11, 2015.

“All Trustees of beneficiary schemes are required to immediately distribute contribution statements to members through their employers,” the statement said.

The statement recalled that on Wednesday, November 4, 2015, the first batch of transfers were made to two registered schemes (Ecobank and Ghana Ports and Harbours Authority) making the latest transfer, a total of 769 employers who have received their TPFA Funds.

The current transfer was made after the beneficiaries satisfied all laid down conditions set by the Authority for the transfer namely; verification, validation and due diligence on compliance.

“Employers who have not registered their Mandatory Second Tier Occupational Pension Schemes are advised to comply with the ongoing compulsory enrolment, embarked upon by the Authority, in collaboration with Corporate Trustees in order to qualify to receive the TPFA Funds.”

The Authority assured workers, employers and service providers that funds would be transferred as soon as applicants met the necessary requirements.