NPRA injects cash into private pension funds

The National Pensions Regulatory Authority (NPRA) has transferred a total of GHS 193,116,008.95 to Licensed Trustees administering mandatory 2nd Tier Occupational Pension Schemes.

The amount represents total funds transferred to Trustees in 2015. The Authority commenced the transfers in November this year after applicants (Licensed Trustees) had successfully gone through validation of data and due diligence on compliance processes put in place by the Authority.

So far, 12 Occupational Pension Schemes and 1,918 employers have benefited from the exercise.

These beneficiaries include Schemes and Employers in the private sector as well as other state organisations.

They include Enterprise Tier 2 Occupational Pension Scheme (for 779 Employers), Metropolitan Master Occupational Pension Scheme (for 369 Employers), 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).

The rest include ECG Tier 2 Pension Scheme (for one Employer), GOIL Occupational Pension Scheme (for one Employer), SSNIT Second Tier Occupational Pension Scheme (for one Employer), Newmont Ghana Occupational Pension Scheme (for one Employer) Ecobank Ghana Limited Tier 2 Pension Fund (for one Employer) and GPHA Tier 2 Pension Scheme (for one Employer).

The Authority will resume the transfers after the Christmas and New Year break.

In the first half of 2016, the Authority will also commence transfers to schemes in the public sector on the payroll of Controller and Accountant General’s Department, once such schemes have been duly registered by the Authority.

Employers who have not registered their Mandatory 2nd Tier Occupational Schemes are advised to comply with the ongoing compulsory enrolment, embarked upon by the Authority, in collaboration with Licensed Corporate Trustees in order to qualify to receive the TPFA Funds.