Gold Coast Securities seeks opportunities in new pension scheme

Investment firm, Gold Coast Securities Limited, is developing new investment products and services to maximize benefits in the new Pensions Law.

The 2008 National Pensions Act 766 provides for a pension reform in Ghana effectively January 1, 2010.

As the National Pensions Regulatory Authority finalizes modalities for the transition to the new law, Gold Coast Securities is engaging potential clients for service agreements and relationships to manage their pension fund portfolio.

Head of the GCS Pension Fund, Nathaniel Fiagbenu says the company is seeking to be registered as a Pension Fund Manager to assist organizations in investing pension funds for optimal returns.

He spoke to Luv Fm at a seminar to discuss the implications of the new pension scheme on existing provident funds.

The three-tier pension scheme includes two mandatory social security and occupational schemes and a third voluntary privately managed provident fund and personal pension scheme.

The Act aims to ensure every Ghanaian worker, in both the formal and informal sectors, receive pension income upon retirement.

Mr. Fiagbenu is recommending a fourth pension tier or provident fund for organizations as a savings plan for employees.

Story by Kofi Adu Domfeh