STANBIC Bank Commends Pensions Regulatory Authority

Mr. William Sowah, Head of Investor Services, Stanbic Bank Ghana, has commended the National Pensions Regulatory Authority (NPRA), for taking concrete steps to fully enforce the National Pensions Reforms that has been passed into law.

He said the NPRA’s recent move is aimed at securing healthy retirement packages for Ghanaian workers.

The NPRA last Monday, announced the full implementation of the new 3-Tier Pension Scheme with the release of the provisional list of service providers for the scheme, including nine trustees, seven custodians and 29 fund managers.

Stanbic Bank’s Investor Services is one of the seven custodians announced by the NPRA, and they are to hold the pension contributions and assets in trust for members, and undertake transactions related to the administration of pension fund investments.

Mr. Sowah said: “Stanbic is pleased to be associated with the current dynamics in the local pensions industry, and highly commend the NPRA for taking such significant steps. We also encourage the authority to brace itself for the more challenging tasks that would accompany the full roll out of the pension reforms.”

Stanbic Bank, a leading provider of Custody Services in Ghana, has been acknowledged as a “Top” rated custodian bank by the esteemed Global Custodian magazine in the 2011 edition of its annual survey.

The bank has also earned “Best in Class” awards in seven service categories in the same survey conducted by the prestigious magazine and for three years running, the bank earned “Best in Class” awards in surveys run by the magazine.

Mr. Sowah said:“Our people, systems and brand enable us to provide a full range of cutting edge services. Our wealth of expertise over the years, allows us to align with the objective of pension’s reform which seeks to ensure retirement income security for Ghanaian workers. We have the resource to ensure that the funds we serve derive the best value for their contributors.

“The Standard Bank Group has been at the forefront of Pensions Reforms across Africa for years now. Our annual African Sovereign Pensions Summit, which brings together practitioners at the leading edge of the industry in Africa is testament to this. The summit creates a platform for industry players to dialogue and share ideas on the management and future direction of pensions in Africa.”**