May 19, 2022

Your money is safe, NPRA assures informal sector contributors

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The Director of Planning, Monitoring and Research at the National Pensions Regulatory Authority (NPRA), Mr Ernest Amartey Vondee has urged contributors on the 3rd Tier under the 3-Tier Pension Scheme to rest assured of the safety of their contributions.

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 in the Sekondi-Takoradi Metropolis (STMA) of the Western Region 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 Ernest Amartey Vondee

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.

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 patronise 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.

The Forum was on the theme, “Total Participation in Pensions to Ensure Retirement Income Security” and was attended by members of the Chop Bar Operators Association, members of fishermen groups, photographers, members of Garages Associations, members of the public and various artisans among others.

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