IMANI Red Flags Moves To Impose Pensions Fund Manager

Franklin Cudjoe

Franklin Cudjoe

Franklin Cudjoe
IMANI Ghana is urging organized labour to resist  a move by government to impose Pension Alliance Trust as managers of the pension funds without due process.

Speaking to Citi Business News, President of IMANI Ghana, Franklin Cudjoe said, ‘I think it is reprehensible to have workers have their employers impose pension fund managers on them.’

Pensions Alliance Trust is a private registered and licensed Trustee company that handles 2nd tier (occupational contributions) and 3rd tier (voluntary contributions) of organisations.

According to Mr Cudjoe, the attempt to sneak Pension Alliance Trust through the backdoor to manage employee pension funds is ‘undemocratic and unfair.’

Franklin Cudjoe’s warning comes five days before a deadline by organized labour to government suspend the plan, or they embark on a strike on July 14, 2014.

Workers under the National Pension Act (2008) are required to contribute 5.5% of their earnings into private funds as part of a mandatory second tier program.

Organized labour met with the Minister of employment and labour relations and the parliamentary select committee on employment to discuss their concerns, but it is unclear what the outcome of the meeting was.

According to the Executive Secretary of the Civil and Local Government Staff Association, CLOGSAG, Isaac Bampoe Addo, Organized labour’s July 14 deadline still stands if government refuses to act on their concerns.

‘I think they (organised labour) have every right to reject it as much as possible and call for a thorough investigation as to why that happened in the first place’, said Mr Cudjoe.

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