Launch of new pension scheme postponed

The launch the new pension package scheduled for Tuesday, April 28, has been postponed.

A statement signed by Mr Samuel Amankwah, Acting Director of the Information Services Department, gave no reasons.

It said the public would be informed of the new date when it is fixed.

The new retirement law covers a unified pension scheme with enhanced retirement benefits devoid of the inconsistencies in the parallel Public Sector Pensions schemes.

This is in line with the establishment of a new three-tier contributory pension scheme to replace the existing Social Security and CAP 30 schemes.

Bound by the National Pensions Act, 2008, the new Pensions Law comprises two essential schemes and a voluntary scheme.

These are mandatory basic social security plan, which includes an improved version of SSNIT and CAP 30 pension plans, a mandatory occupational pension plan fully funded and managed by private group, which gives contributors higher lump sum benefits than SSNIT and CAP 30 pension plans and a voluntary provident fund and personal pension plans for the informal sector.

The new retirement law embraces workers in the informal sector, which forms 85 per cent of workers that had hitherto been marginalized.

The pension scheme would ensure improved living standards, financial independence of the elderly and increase national savings.

It would also generate long-term funds for economic development and allow workers to use their pension benefits as mortgage collaterals for their residence.

Source: GNA