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 2021.as 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.