NBC Group provides a comprehensive range of products and services – including retirement fund administration, consulting and actuarial services to over 140 registered pension and provident funds with more than 600 000 members. Launch Research Feed. Tax on NPS Returns. The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 2 mandatory contributions. Not Applicable. Axis is a private company, wholly owned Ghanaian and independent of other players in the pensions industry in Ghana. In a related development, General Secretary of the Textile Garments and Leather Employees Union, TGLEU , Abraham Koomson, says the Unions are justified in demanding the funds that have long been managed by government. Apart from the normal retirement age, members will be entitled to receive their retirement benefits under the following conditions; Unemployment at age 50 with certification from the labour office. The NBC GHANA TRUST Tier 2 Gold Master Trust is designed as a mandatory, workbased Master Trust Scheme to offer simple, flexible and cost-efficient retirement saving platform suited for employees of large sophisticated employers as … 21 March 2014. You have visited the right website for your pension needs. Updated content. GLICO PENSIONS is the newest member of the GLICO GROUP. Axis Pension Trust Ltd (APTL), a leading company in the retirement savings industry in Ghana, was incorporated in September 2010 and obtained a license as a Corporate Trustee from the National Pensions Regulatory Authority in March 2012. The National Pensions Regulatory Authority (NPRA) in Ghana says it will soon begin to prosecute companies that do not pay the tier-2 pensions, a mandatory contributory scheme, of their employees. NBC Ghana Limited is part of the NBC Group, a leading force in the African Employee Benefits and Retirement Industry. The National Pensions Regulatory Authority (NPRA) has noted with concern, the ongoing discussion in the media, about the safety of the 2nd Tier Mandatory Occupational Pension Scheme, lodged at the Bank of Ghana into a Temporary Pension Fund Account (TPFA) and managed by the Authority. Trustee operations however began in November 2012 following commencement of the Tier 2 & Tier 3 Pension Schemes by the Regulator. Stallion Trust is the only corporate trustee in Ghana right now with two “Qualified Actuaries” in the governing body and the management team, with supporting staff which include 5 Actuarial Analysts with degrees in Actuarial Science and pursuing their professional qualification. The contributions for any given month are due no later than 14 days after the end of that month. Stallion Trust is Licensed! QLAC Financial Trust Limited (QFT) is licensed by the NPRA as a corporate trustee to privately manage and administer Tier 2 and Tier 3 pensions in Ghana. You may need to download version 2.0 now from the Chrome Web Store. Petra Trust Company Limited is a leading corporate trustee authorized by the National Pensions Regulatory Authority (NPRA) to manage pension schemes and provide support services to individuals and organizations in Ghana. 2 ‣ Pensions Solution (Tier 2 and Tier 3 Pension Schemes) EXECUTIVE SUMMARY: NATIONAL PENSIONS REFORMS 1. The first two are mandatory for all workers. Products designed around your pension needs. There is no tax on NPS returns as long as your money is not withdrawn. Petra Trust Company Limited is a leading corporate trustee authorized by the National Pensions Regulatory Authority (NPRA) to manage pension schemes and provide support services to individuals and organizations in Ghana. The Authority will approve, regulate and monitor Trustees, Pension Fund Managers, Custodians and other institutions relating to pension matters. He said some individuals in the country are muddying the waters for political expediency or political gains which will not work.”there is no single soul in Ghana deprive or deny benefit from tier 2 pension”. The Commissioner-General (C-G) of the Ghana Revenue Authority (GRA) on Tuesday, 12 May 2020, issued directives concerning certain tax incentives related to the taxation of withdrawals from Personal Pensions and Provident Funds – Tier Three, the remuneration of selected health workers, and deductions for COVID-19-related donations.1 • Some practitioners in the pensions industry have blamed the lack of accurate data for the increased controversies surrounding the management of tier two pension schemes among public sector workers. Business News of Friday, 10 February 2017. These were held at the Bank of Ghana since 2010. SSNIT pays only the monthly pension of the beneficiary and the Fund Managers who manage the Second Tier with the 5% contribution rates will pay the lump sum. This tier is a mandatory scheme that is managed by the Social Security and National Insurance Trust (SSNIT). P.O. End of service benefit therefore constitutes one’s gain from employment and as such is subject to tax in Ghana. Save to Library. Tier 2 Occupational Pension Scheme. Section 2 looks at the key features of the 3-Tier Pension Scheme, including its structure and the special scheme for The New 3-Tier Pensions Scheme is now set to see full implementation from Monday, 19th March,2012. It is a contributory three-tier scheme set up by the National Pensions Regulatory Authority to ensure retirement income security for all workers in Ghana. Contributions are based on monthly pay and are deducted from gross pay before tax. Like Tier 2, this tier is also managed by Private Pension Service Providers(PSPs). The Third Tier which includes all Provident Funds and all other Pension Funds outside Tiers I and II is a voluntary scheme. Tier 1 is a mandatory basic national social security managed by SSNIT which provides monthly pensions at retirement and other related benefits such as survivor’s benefit. The Third-Tier is a voluntary, fully-funded by members and a privately managed provident fund and personal pension scheme. Tier 3 is also a defined con-tribution scheme; however, it is volun- This is a defined contribution scheme set up by Enterprise Trustees Limited. Collective benefits-in-kind. ©2020 Self Service - Enterprise Advantage • All rights reserved. Pension Companies In Ghana, Tier 2 Pension In Ghana, Pension Fund Managers In Ghana, Master Trust Occupational Pension Scheme. Box GP 4251, Accra, Ghana Adabraka – Accra. In 2010, Government introduced the new three-tier pension scheme, to enhance pension benefits and increase the retirement income security of workers both in the formal and informal sectors. Box GP 4251, Accra, Ghana Adabraka – Accra. Telephone: 0302 246140/2 or 0202222113 Email: info@glicopensions.com The ever worrying situation has forced many of such clients of the companies to file complaints at the offices of the industry regulator, Securities and Exchange Commission (SEC), begging for swift intervention in the matter. The new scheme was also to make available much needed long-term funds for the development of the economy. NBC Group provides a comprehensive range of products and services – including retirement fund administration, consulting and actuarial services to over 140 registered pension and provident funds with more than 600 000 members. List of Tier 2 companies and services in Ghana. The Third Tier which includes all Provident Funds and all other Pension Funds outside Tiers I and II is a voluntary scheme. They are also highly restricted in the types of debt they can invest in. The reforms came about as a result of concerns raised regarding inadequacy of pension arrangements in meeting retirement needs. It is a 3-tier scheme. Search for Tier 2 with Addresses, Phone numbers, Reviews, Ratings and Photos on Ghana Business Directory. In 2017, Enterprise Trustees welcomed a new strategic partner Black Star Holdings Limited (BSHL). 1 April 2014. Source: b&ft.com 2017-02-10 How to access 5% benefit under the 2nd Tier Occupational Pension Scheme Level 1, referred to as tier 1, is a mandatory basic national social security managed by SSNIT with a constituted Board of Trustees. Tier 2 is a mandatory contributory scheme with monthly contributions of 5 percent on the basic salary of all employees. Overview of the 3-Tier Pension The Pension Act of 2008 has introduced two new pension tiers, namely tier 2 and tier 3, to supplement the SSNIT pension scheme. The Secure Pensions Occupational Master Trust Scheme is established as an open-ended multiple employer tier 2 pension scheme registered under the National Pensions Act, 2008 (Act 766) as amended. We manage the pensions of thousands of employees from leading multinational organizations, government agencies as well as top private sector organizations. Note that the employee gets a tax relief on the percentage he/she personally contributed — i.e. Search for Tier 2 Pension with Addresses, Phone numbers, Reviews, Ratings and Photos on Ghana Business Directory If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Share This Paper. Gain instant access to public records with official data on company owners, officers and directors. Search for Tier 2 with Addresses, Phone numbers, Reviews, Ratings and Photos on Ghana Business Directory Tier 2 is a privately managed, mandatory occupational pension scheme designed to give contributors higher lump sum benefits. Tier 2 is a mandatory defined contribution scheme 1 to which every employee contributes 5% of their gross salary. The tier 2 pension scheme is a mandatory monthly contribution of Five percent on the basic salary of all employees in the public sector. It will also advise government on the overall policy on pension matters in Ghana. JADEL PLUS MICROFINANCE COMPANY LIMITED: MF: TIER 2: 0503880909/0302200855: Greater Accra Region: HNo. For employees who fall outside the age limit for tier one at the point of joining the three tier pension scheme, all 18.5% of the employee’s contribution shall be remitted to the tier 2 5. Read More: NPS Calculator : Calculate Maturity Value & Monthly Pension. The contribution is managed privately by approved Trustees. Employee’s profit share. Axis offers the best turnaround time, competitive returns and multi-platform accessibility to keep members up to date. Map Your Market. 2) For all other enquiries, please contact us at the address below: GLICO Pensions Trustee Company Limited Glico House # 47 Kwame Nkrumah Avenue P. O. A three-tier contributory scheme, two mandatory schemes and a voluntary scheme 2. ... Ghana, Pensions Alliance Trust Company and Provident Life Trust Company. The commission submitted its findings to the government in March 2006. Tax Exemptions and Reliefs Under the 3-tier Pension Scheme in Ghana. Pensions Regulator is mandated to regulate public and private pensions 4. The Ghana Constitution and all other Legislative Instruments enacted by the Parliament must be given a chance to work. This amount is paid to SSNIT. The New 3-Tier Pensions Scheme is now set to see full implementation from Monday, 19th March,2012. The threat of prosecution comes after the Attorney General recently gave the pensions regulator prosecutorial powers to go after companies that default in their workers’ tier-2 pensions. “Out of the 18.5 per cent the employer shall remit 13.5 per cent within 14 days after the end of each month to SSNIT. The register of sponsors (Tiers 2 and 5) was last updated on 3 April 2014. It is a master trust scheme duly licensed to operate in Ghana. The contribution amount due is 13.5% of the employee’s basic monthly salary. The communication minister express his disappointment at the minority leader Osei Kyei MEnsah-Bosu for alleging that government use the money to purchase Merchant bank. Build comprehensive company landscapes in your target market to support M&A strategy, competition analysis and business development. Pension Schemes. Among other […] 2. 2) For all other enquiries, please contact us at the address below: GLICO Pensions Trustee Company Limited Glico House # 47 Kwame Nkrumah Avenue P. O. 19 March 2014. The transferred amount represents the total value of contributions paid into the Temporary Pension Fund Account (TPFA) at the Bank of Ghana from January 2010 to December 2013 and covers for the first batch of […] Members will receive a lump sum benefit equal to the value of their contributions and investment returns. In 2004 the government of Ghana embarked on a major initiative that would change the face of the nation’s pension system for the better. Subsequently, SSNIT also remits 2.5 per cent out of the 13.5 per cent to National Health Insurance Authority for member’s Health Insurance and the remaining five per cent goes to the second tier pension scheme,” she said. Box AN 5879, Accra-North 6th Floor Premier Towers Tel: 0302-901500, 0302-900989 E-mail: info The Second Tier is a defined contributory Occupational Pension Scheme mandatory for workers with 5% contribution made on behalf of members. Created with Sketch. The contribution is managed privately by approved Trustees. deducted towards Ti er 1, while Tier 2 and Tier 3 are to be managed by Trust ees, Fund Managers and Custodians appointed in accordance with releva nt legislations and approve d by the NPRA. The National Pensions Regulatory Authority (NPRA) has transferred funds to two custodian accounts for the mandatory Tier-2 Occupational Pension Scheme. Monitor Industry Developments . The National Pensions Act of 2008, Act 766, established a three-tier pension … Create Alert. So, effectively employers will pay their … The employer pays 13% and the employee pays 0.5%. The new Pensions Law caters for the establishment of a contributory three- tier pension scheme with a Pension Regulatory Authority. Another way to prevent getting this page in the future is to use Privacy Pass. The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 2 mandatory contributions. It takes a critical look at the state of Ghana’s pension system just before the pension reform and examines the rationale for the new 3-tier pension system. pensions house. The Second Tier is a defined contributory Occupational Pension Scheme mandatory for workers with 5% contribution made on behalf of members. Axis Pension Trust Ltd (APTL), a leading company in the retirement savings industry in Ghana, was incorporated in September 2010 and obtained a license as a Corporate Trustee from the National Pensions Regulatory Authority in March 2012. Tier 1 is a defined benefit scheme and contributions are fully tax-exempt and are managed by SSNIT. Axis is a private company, wholly owned Ghanaian and independent of other players in the pensions industry in Ghana. I am delighted to welcome you to the GLICO Pensions website. What is Tier 3 Scheme? the 0.5%. The Ghana Securities Industry Association (GSIA) has given an assurance that pension funds being managed by members of the association are safe. Members will be notified of their eligibility to access their retirement funds 6 months before their 60th birthday. Expertise was drawn largely from the Enterprise Group as well as strongly leveraging on its strategic partner who was running Employer Benefits in South Africa. Social Security and National Insurance Trust (SSNIT) The Social Security and National Insurance Trust (SSNIT), established in 1972, is a statutory public Trust charged under the National Pensions Act 2008 Act 766 with the administration of Ghana’s Basic National Social Security Pension Scheme and to cater for the first tier of the contributory three-tier scheme. Pension Funds cannot invest in small cap companies or foreign companies. List of Tier 2 Pension companies and services in Ghana. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. These include 9 Trustees, 7 Custodians and 29 Fund Managers. According to him, the National Pensions Regulatory Authority has transferred funds from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to two employer sponsored schemes in the private sector. The Ghana Constitution and all other Legislative Instruments enacted by the Parliament must be given a chance to work. Privacy Policy ©2020 Self Service - Enterprise Advantage • All rights reserved. Pension payments are, however, exempt from taxes in Ghana. The day-to-day management and administration of the Fund is ably handled by Axis Pension Trust, the #2 pensions provider in Ghana according to NPRA’s rankings in 2018. Overview. Updated. Posted by Unknown at 11:48 PM No comments: Email This BlogThis! Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. After the last protest, the Chairman of the Forum of Public Sector Labour Unions and Executive Secretary of CLOGSAG, Dr Isaac Bampoe told Citi News, that workers want their second tier pension contributions tobe transferred to our custodian banks. NBC Ghana Limited is part of the NBC Group, a leading force in the African Employee Benefits and Retirement Industry. List of Tier 2 companies and services in Ghana. Upward review of contribution rates to 18.50% for employers and employees 3. Your IP: 54.38.4.244 Performance & security by Cloudflare, Please complete the security check to access. Updated. To provide the most reliable and cost-effective records keeping and pension administration services for our clients. Since GLICO Pensions was incorporated and licensed under the National Pensions Act, 2008 (Act 766) by the National Pensions Regulatory Authority (NPRA), the Company has grown rapidly… Read More. Cloudflare Ray ID: 600fcd7949100b6f He said the trustees of the beneficiary Schemes were responsible for issuing member contribution statement to workers through their employers. The passage of the new Pensions Act allowed private companies to play an active role in pension administration in Ghana. National Pensions Regulatory Authority (NPRA) regulates both public and private pension schemes in Ghana The National Pensions Regulatory Authority (NPRA) has transferred funds to two custodian accounts for the mandatory Tier-2 Occupational Pension Scheme. Chief Executive of the NPRA, Hayford Atta Krufi, giving an account of the pension regime in Ghana said, contributions to tiers one and two, largely by formal sector workers, were being received. All workers currently on the SSNIT scheme and below 55 years, would automatically join the … Axis Pension Trust Ltd (APTL), a leading company in the retirement savings industry in Ghana, was incorporated in September 2010 and obtained a license as a Corporate Trustee from the National Pensions Regulatory Authority in March 2012. Source: b&ft.com 2017-02-10 How to access 5% benefit under the 2nd Tier Occupational Pension Scheme It is mandatory for all employers irrespective of the staff strength 2. Section 1 gives the background to the Pension Reform in Ghana. It is a voluntary pensions scheme managed by private sector trustees licensed by the National Pensions Regulatory Authority (NPRA). Note that tax reliefs are only available for contributions up to 16.5% of the employee’s basic monthly salary. 6.1 SSNIT ... Orange Pension Trust is a company set up to offer trustee services to Ghanaian employers and individuals under the Pension Act 2008. The normal retirement date for the scheme is 60 years. Tier 1: A mandatory contributory scheme with monthly contributions of 13.5% (11% towards monthly pensions and 2.5% contribution to NHIS) on the basic salary of all employees. Contributions to the scheme are tax exempt 4. • Public sector workers have embarked on strikes over the non-payment of tier two pension contributions to their respective fund managers. Business News of Friday, 10 February 2017. This pension reform commenced with the establishment of a Presidential Commission on Pensions by President J.A Kuffuor. Due to the public’s outcry on pension taxation supposedly mentioned by the Finance Minister, Seth Terkper recently, a leading Ghanaian economist, Dr Raziel Obeng-Okon explains in details on the subject matter. The National Pension Regulatory Authority has licensed Stallion Trust. The employers are either from private or public sector.Per the National Pensions Act, Employers are required to remit 5% out of the 18.5% mandatory pension contribution to a private Corporate Trustee on behalf of employees. Share to Twitter Share to Facebook Share to Pinterest. This comes after National Pensions Regulatory Authority; NPRA finally released the provisional list of Service Providers for the scheme. The New 3-Tier Pensions Scheme is now set to see full implementation from Monday, 19th March,2012. Presently, there are a little over 40 companies in the country which are holding pension funds, particularly the Tier Two and Tier Three pension funds. Occupational Pension Scheme . Telephone: 0302 246140/2 or 0202222113 Email: info@glicopensions.com In their view, the absence of credible employee data hampers effective disbursements of the contributions currently with the Temporary Pension Fund Account at the Bank of Ghana. Since GLICO Pensions was incorporated and licensed under the National Pensions Act, 2008 (Act 766) by the National Pensions Regulatory Authority (NPRA), the Company has grown rapidly… Updated. Cite . @inproceedings{OfeiKwapong2013TheRO, title={The role of Ghana’s new three tier pension scheme and its effectiveness in providing social security for Ghanaians}, author={Nana Oye Ofei-Kwapong}, year={2013} } Nana Oye Ofei-Kwapong; Published 2013; Business; air.ashesi.edu.gh. GHANA PENSIONS REFORM THE CLIENT (INSTITUTION) PENSIONS (TIER 2 AND 3) SOLUTION PENSIONS SOLUTIONS OPTIONS ‣ The implementation of the National Pensions Law, 2008 (Act 766) (the “Act”) from January 2010 has made specific provisions for regulating the activities of existing and new provident funds and other voluntary welfare schemes; ‣ Companies must ensure that their existing … Please enable Cookies and reload the page. Axis is a private company, wholly owned Ghanaian and independent of other players in the pensions industry in Ghana. These include 9 Trustees, 7 Custodians and 29 Fund Managers. The Scheme is a defined contribution pension scheme, that is, a pension scheme in which the retirement benefit paid to members depends on the amount of total contributions and the investment returns earned on those contributions. 13 March 2014. This comes after National Pensions Regulatory Authority; NPRA finally released the provisional list of Service Providers for the scheme. Our Mission. The transferred amount represents the total value of contributions paid into the Temporary Pension Fund Account (TPFA) at the Bank of Ghana from January 2010 to December 2013 and covers for the first batch of […] Thursday, August 2, 2018. The contribution rate is 5% of the employee’s basic salary 3. National Pensions Regulatory Authority (NPRA) regulates both public and private pension schemes in Ghana It is a master trust scheme duly licensed to operate in Ghana. Pension Trustees In Ghana, Pension Companies In Ghana . QLAC Financial Trust Limited (QFT) is a wholly owned subsidiary of Quality Life Assurance Company Limited (QLAC) and Quality Insurance Company (QIC) which has the Ghana Catholic Bishop Conference as the majority shareholder. 1. This is a defined contribution scheme set up by Enterprise Trustees Limited. Npra ) the public sector, government agencies as well as top sector. Of Five percent on the overall Policy on Pension matters Fund and personal Pension scheme for! 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