NPRA creating awareness to informal sector on pension scheme

The Director of Planning, Monitoring and Research at the National Pensions Regulatory Authority (NPRA), Mr Ernest Amartey Vondee has assured the safety of members contributions on the 3rd Tier under the 3-Tier pension scheme.He said this was due to the pension regulator’s continuous monitoring and supervision of the activities of the trustees and other service providers on the management of the scheme. He said the scheme provides a secured and regular source of income for contributors on retirement thereby making them financially independent as they would be relieved of the burden of being taken care of by the children or the family.

Mr Vondee who was speaking at an informal sector forum held in Sekondi Youth Center  in the Sekondi-Takoradi Metropolis (STMA) of the Western Region on Monday 25th October part of activities marking the National Pensions Awareness Week announced that the scheme is flexible and allows contributors to contribute according to their financial strength. He explained that the provision of guaranteed income will enable contributors to live a decent life and improve their living standards during retirement or old age and therefore called on the workers of the informal sector to embrace the scheme to make their retirement better.

He said contributors of Personal Pension Scheme or Group Personal Pension Scheme would be entitled to a lump sum benefit paid from the Personal Saving Account on retirement, a monthly quarterly pension from the Retirement Account on retirement, an invalidity benefits due to physical or mental disability as well as a survivors benefits which allow beneficiaries of a deceased contributor to withdraw the accrued benefits of the deceased.

Mr Vondee indicated that the purpose of the nationwide pension’s awareness week was to ensure the full participation of formal and informal sector workers in the national pension scheme and guarantee their income security after retirement. The campaign, he said, was expected to help create awareness on pensions as a way of increasing pension coverage and provide a platform for engaging stakeholders in the development of Ghana’s pensions industry and forms part of the Authority’s quest for robust institutional visibility and income security for workers after their retirement.

Speaking in an interview with Nana Banyin Paintsil on Sharp 106.9fm in Sekondi-Takoradi, He added that pension was not reserved for only formal sector workers but for all people who also work outside the formal sector and urged every worker to participate in the pension scheme as well as have trust in the activities of NPRA. Mr Stanley Ogoe, Western Regional Director of NPRA said the essence of the week was to give every worker, both formal and informal, the benefit of the national pension reforms which commenced in 2010. He opined that the scheme also allows for withdrawal before retirement for purposes of business enhancement and education and implored the participants not to shelve the information they have received but share it among friends and take bold steps to enrol on the scheme.
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