NPRA educates Public Sector Pensions schemes administrators

By Lydia Asamaoh, GNA
Accra, June 15, GNA - The National Pensions Regulatory Authority (NPRA) has schooled the Board of Trustees of some key Public Sector Schemes on the roles and responsibilities of managing the pension schemes.

The training forms part of efforts to the ensure smooth transfer of Public Sector Schemes on to the new pension scheme,

The schemes are the Ghana Education Service Occupational Pension Scheme; Health Sector Occupational Pension Scheme; Hedge Master Trust Occupational Pension Scheme; as well as members of the Civil Servants Association Pension Scheme; and Judicial Service Occupational Pension Scheme.

Mr. Kofi Anokye Owusu-Darko, the Chief Executive Officer of NPRA, said the orientation, was to help build the capacity of the Board of Trustees with some basic knowledge and skills in the management of pension schemes.

He said they had been appointed as Board of Trustees of these important schemes, therefore, it was imperative that they were given the orientation to enable them perform their work effectively.

Mr Owusu-Darko encouraged the Boards to seek further training from institutions approved by the Authority to offer training for trustees under the National Pensions Act, 2008 (Act 766), as amended.

This, he said, would improve their capacity to effectively administer the public sector pension schemes to ensure the security of retirement income of their members.

Mr Owusu-Darko also charged them to take up the responsibilities placed on them as Board of Trustees with all seriousness because workers would be looking up to them to earn better living during retirement.

He assured the Trustees of the Authority's support and encouraged them to engage it on issues of concern on the management of the schemes.

He, however, cautioned them to work within the parameters set by the National Pensions Act, and its regulations and guidelines to avoid sanctions.

About 40 members of the Board of Trustees, including the chairpersons of the Public Sector Schemes, participated in the orientation.

They were taken through; The Ghana's Pension Reforms, Functions of the Trustee, Trustee's General Duties with respect to Scheme Administration, Eligibility and Appointment of Individual Trustees.

Other topics were Trustees Knowledge and Understanding, Fees and Expenses on the Scheme Funds, Non-Compliance Issues, and Penalties/Sanctions which are classified as key to the administration of pension schemes.

The participants expressed their appreciation to the Authority for the orientation package as it would go a long way to help them in their work as Board of Trustees of the Public Sector Schemes.

GNA