First GLICO Pensions Forum Held

GLICO Pensions Trustee Company, a Licensed Pensions trustee and subsidiary of Glico Life Insurance Company, has held its maiden annual Pensions forum for corporate organizations in Accra.

The initiative was aimed at explaining the dynamics of the National Pensions Law, (Act 766, 2008) and to showcase GLICO Pensions products and data management systems to employers.

It was also to review the company's pension performance and collate feedback from clients to ensure continues improvement in quality service delivery.

Dr. Francis Sapara-Grant, General Manager of GLICO Pensions, in his welcome address, said that employers and organizations were faced with the challenge of choosing a pension trustee company to manage the mandatory fully funded and privately managed occupation pension scheme.

'It is precisely to address this major concern of employers and organizations that GLICO Pensions has taken the initiative to organize this forum to showcase the company's pension products and data management resources to enable employers make informed decisions about their choice of pension scheme administrator, ' he indicated .

Explaining the National Pensions law to his audience, Dr. Sapara-Grant said there had been some transformations in the management of pension claims with the full implementation of the National Pensions Act.

He said the Social Security and National Insurance Trust (SSINT), under the act, was required to manage only 12.5 percent of the total 17 and half percent pension contribution while a licensed independent pension trustee was required to manage the other five percent under the occupational pension scheme.

Dr. Sapara-Grant further noted that beneficiaries will be paid their monthly benefits by SSINT while the pension trustee pays the lump sum of benefits.

He encouraged the participants to take advantage of the company's pension products which include GLICO Master Trust Occupational Pensions Scheme, GLICO Master Trust Provident Fund Scheme, GLICO Industrial Pension Scheme and Third party administration of group personal pension schemes to secure their employees future.

 
Dr. Sapara-Grant said GLICO Pensions has competent personnel, strong data management system and outlets in all 10 regions of the country to facilitate easy access to the services offered by the company.

The guest speaker, Sam Pee Yalley, Acting CEO, NPRA also emphasized the need for every individual to plan his or her retirement.

He urged organizations to use approved trustees to manage their pension schemes and provident fund schemes since these bodies have been certified upon meeting the criteria for approval by the National Pensions Regulatory Authority.

Harry Owusu, Board Chairman of GLICO Life Insurance Company and Chairman for the occasion, commended GLICO Pensions for the initiative and encouraged management of the company to continue to adopt sound and ethical management practices in their dealings since that is the key to business growth and expansion.

Participants also indicated that the forum had enlightened them further on the National Pensions Law and also clarified options available to employers for managing the occupational pension schemes and provident fund schemes for their employees.

By Jamila Akweley Okertchiri