Business News of Monday, 14 December 2015
The National Pensions Regulatory Authority (NPRA) has transferred GHC95,136,386.99 from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to 767 establishments or employers in the private sector.
The beneficiaries include three establishments namely ECG, GOIL and SSNIT who have registered ‘standalone’ Employer Sponsored Schemes.
A statement issued by the NPRA said the remaining beneficiaries include Petra Advantage Pension Scheme (for 336 Employers), Cedar Pension Scheme (for 188 Employers), Pensions Alliance Trust Fund (for 128 Employers) and Secure Pensions Occupational Master Trust Scheme (112 Employers).
These are Master Trust Occupational Pension Schemes (2nd Tier) administered by Corporate Trustees. The amount transferred represents the total contributions and interest from January 2010 to December 2013 contribution months.
The statement explained that the amount hit the accounts of Custodians of the beneficiary Schemes on Friday, 11th December, 2015. All Trustees of beneficiary schemes are required to immediately distribute contribution statements to members through their employers.
Workers, employers and service providers may recall that on Wednesday, 4th, November, 2015, the first batch of transfers were made to two registered schemes (Ecobank and Ghana Ports and Harbours Authority). Thus, per the latest transfer, a total of 769 employers have received their TPFA Funds.
It explained that the current transfer was made after the beneficiaries also satisfied all laid down conditions set by the Authority for the transfer namely; verification, validation and due diligence on compliance.
It said employers who have not registered their Mandatory 2nd Tier Occupational Pension Schemes are advised to comply with the ongoing compulsory enrolment, embarked upon by the Authority, in collaboration with Corporate Trustees in order to qualify to receive the TPFA Funds.
The Authority wishes to assure workers, employers and service providers that, funds will be transferred as soon as applicants meet the necessary requirements.