NPRA starts transfer of tier-two pension funds

The National Pensions Regulatory Authority (NPRA) says, the transfer of workers’ tier-two pension funds held in a temporary account at the Bank of Ghana (BOG) to the appointed fund managers, has started.

Mr. Kofi Anokye Owusu-Darko, the acting Chief Executive Officer, said the expectation was that this should be completed by June, next year.

He announced this in a speech read for him at an outreach programme organized by the NPRA to educate and help deepen the understanding of employees in the formal sector of the new three tier pension scheme, in Kumasi.

It brought together representatives of various organizations, institutions, and scheme corporate trustees.

So far, all the 10 regional capitals had been covered under the outreach programme.

Mr. Owusu-Darko said the Authority was determined to effectively perform its regulatory functions by properly supervising the operations of the various scheme managers.

To encourage market discipline, it had introduced a sanctions regime to make sure that the right things were done, he added.

He again spoke of the NPRA’s decision to publish details on the performance of the service providers to keep contributors constantly updated on how their contributions were being managed.

Mr. Owusu-Darko urged the trade unions, employer associations and other stakeholders to assist educate employees on the new pension scheme.

Source: GNA