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Transfer of Funds in the Temporary Pension Fund Accounts and Registration of Tier-2 Schemes

NPRA wishes to inform all Employers, Workers and Trustees that the transfer of funds from the Temporary Pension Fund Accounts (TPFA) at the Bank of Ghana to employers with Tier-2 Occupational Pension Schemes will commence soon.
In view of this, all Employers are being reminded to register an Employer Sponsored Scheme or join a Master Trust Scheme as soon as possible to enable them access their contributions in the TPFA.

NPRA further wishes to emphasize that, Employer contributions lodged in the TPFA at the Bank of Ghana will be transferred to ONLY Custodian Banks of Registered Schemes for management by Licensed Trustees.

All stakeholders and the general public are to note that the TPFA is currently being audited by an independent audit firm. This will be followed by valuation of the funds to determine its current value before the transfer.

Employers and Employees are further reminded that the transitional arrangement which allows Employers to pay Tier-2 contributions through SSNIT will come to an end soon.

Accordingly, Employers who have not registered under the Tier-2 Scheme are advised to take immediate steps to join a Master Trust Scheme or register an Employer Sponsored Scheme. Please contact NPRA on www.npra.gov.gh or call 0302968692/3 for a list of licensed Corporate Trustees.

Issued by NPRA Management
Published: Ghanaian Times- 20 /06/14, Business and Financial Times-23/06/14 and
Daily Graphic-27/06/14
“Ensuring Retirement Income Security

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Over the years, concerns have been raised and agitations made by public servants over inadequacies of the level of pensions to sustain a respectable life for retired public servants. Of particular concern to most workers’ groups has been the low pensions received by workers ... | Readmore