Posted: Tuesday 13th May 2014 at 16:36 pm

GLICO pensions sets standards in pensions management


Glico Pensions Trustee established in 2010 to provide the pension solutions in line with the National Pensions Act, 2008 (Act 766), is setting high standards for pensions management in the industry.

Glico Pensions commence operations in 2012 with a vision of becoming the pre-eminent corporate trustee in the country. And after barely two years of operations, the company has become the pace-setter in providing cutting-edge pension management services in the country, which has been made possible through huge investments in state-of-the-art ICT infrastructure to aid in the efficient administration and management of schemes.

 Currently, the company has registered over 1,300 establishments with staff strength totaling in excess of 25,000; and all registered clients can access and view their statements of contributions on-line via the Glico Pensions website anytime.

In an interview with Dr. Francis Sapara –Grant, the General Manager of Glico Pensions, he indicated that the company places high premium on its core values of transparency and integrity. These, he described as very essential pre-requisites for engendering confidence among the membership of pension schemes who are required by law to save until the retirement age.

He added that Glico Pensions member’s ability to access statements on-line to see how their pension funds are growing by the day, provides the needed ‘cushion’ for a comfortable retirement.

Dr. Sapara- Grant  declared   that, “at Glico Pensions, we pride ourselves in excellence as we provide professional services in line with international best practices through a highly skilled and well-motivated team. Therefore, our clients should have confidence in us to ‘cushion them for life”.

Explaining the steps to access a member’s benefit statement online, Ms. Leticia Amoah, the Senior Marketing Officer of Glico Pensions, indicated that the process is a simply one and that clients should call or visit the GLICO website for easy step by step directions or call at any of  our offices or customer service centre for assistance.

Ms. Amoah further entreated all employers to entrust the management of their employees’ pensions’ contributions to a trustee that offers matchless customer service. She noted that the end result of efficient management of employees’ contributions is the timely payment of benefits to members or their nominated beneficiaries when it is due.

She also entreated all employers to ask themselves one basic question: “How do I know that my contributions are intact and that my pension fund is growing? The answer to the question surely lies in the choice of a competent trustee to manage your pension scheme.

It will be recalled that a new Pensions Act (Act 766) was enacted in 2008, which provided for pension reform in the country and introduced a contributory three-tier pension scheme and established the National Pensions Regulatory Authority to oversee the administration and management of registered pension schemes and trustees of registered schemes, the establishment of a Social Security and National Insurance Trust to manage the basic national social security scheme to cater for the first tier of the contributory three-tier scheme, and provide for related matters.

The contributory three-tier pension scheme consists of: (a) A mandatory basic national social security scheme; (b) a mandatory fully funded and privately managed occupational pension scheme; and (c) a voluntary fully funded and privately managed provident fund and personal pension scheme.

Glico Pensions is a member of the Glico Group of Companies with offices located in all the ten (10) regions of Ghana. Glico provides innovative and quality insurance and financial products and services for the Ghanaian people.  

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