Three-tier new pension scheme would benefit workers — Bediako
The Chairman of the Pension Reform Implementation Committee (PRIC), Mr T. A. Bediako, has lauded the inclusion of informal sector workers in the new three-tier pension scheme, which he said would encourage to savings among them.
“This will also improve their living standards and secures financial autonomy and independence of retires,” Mr Bediako said at a day's forum organized by the committee in Winneba to interact with workers in the formal and informal sectors.
Mr Bediako said contributors under the new scheme would start enjoying the benefit after 150 months compared to the old system which required 240 months.
He explained that a contributor who contributed the 150 months but has not reached the age of 60 years would not be entitled for his claims.
Mr Bediako said there would be companies and institutions that would establish personal pension schemes or group pension schemes.
The groups can set up their own schemes with technical advice from consultants and administrative support from trustee companies or third party administrator.
Mrs Felicia Owusu Bonsu, a member of the Committee, said the new three-tier pension scheme would enhance pension benefits and increased the retirement income security of workers.
Nana Supi Adawu II, another member of the Committee, said the groups could set up their own scheme and sought technical advice from the Pension Reform Implementation Committee and the Pensions Regulatory Authority.
The Effutu Municipal Chief Executive, Mr Robert Andrew Ghunney appealed to workers to plan their retirement very early so as not to be taken by surprise.
He said if they started early they would adequately be prepared before reaching their retiring age.