The National Pensions Regulatory Authority (NPRA) wishes to inform employers, workers and the general public that from 31st December, 2014 all employers who have failed to register their Mandatory 2nd Tier Occupational Pension Scheme shall be placed on a Master Trust Scheme administered by a Corporate Trustee.
Such employers shall remain with their assigned Corporate Trustee for a minimum of 12 months before they would be allowed to transfer to a Scheme of their choice.
Employers are accordingly advised to either join a Master Trust Occupational Pension Scheme or register an Employer-Sponsored Occupational Pension Scheme before the 31st December 2014, deadline.
Employers are reminded that, failure to comply with the registration of a 2nd Tier Scheme constitutes an offence punishable by a fine or a term of imprisonment. Employers and employees are further reminded that registration with the 2nd Tier Scheme is a pre-requisite for accessing their portion of funds in the Temporary Pension Fund Account (TPFA) with the Bank of Ghana.
Employers should contact any of the NPRA Licensed Corporate Trustees to register a scheme by visiting www.npra.gov.gh or call 0302-968692/3 for further advice.
ISSUED BY NPRA MANAGEMENT
POSTED ON www.npra.gov.gh :18th November 2014
DATED: 18TH NOVEMBER, 2014