NPRA to extend timeline for the registration of the new Pensions Schemes.

Pension Fund Trustees and Employers would now have ample time to do due diligence on the various schemes they are developing under the New 3-Tier Pensions Scheme.

This is because the National Pensions Regulatory Authority, NPRA is to extend the timeline for the submission of applications for the registration of the schemes which expired last Monday.

The specific duration of the extension would however be determined after an emergency Board Meeting. NPRA's Board Chairman, Kwame Asante explains to JOY BUSINESS, the extension has been instigated by a number of requests from the stakeholders.

“You need to work on the tall list of Trustees, Fund Manager and Custodians before appointing one of them. For the employers sponsored scheme especially, you also need to talk to employers, for them to agree to appoint you as a corporate trustee. Some want to go on their own. Others also come to the authority for education and clarifications” he noted.

As to what implications the extension might have for especially the transfer of the funds lodged at the Bank of Ghana, he says it would largely depend on when the various schemes are registered.

“We are working on the funds that have been deposited at the Bank of Ghana. We are making sure that members' statements are prepared. Instead of the 16th April deadline, we believe that the applications are going to come over time and that as and when they come in, we review and register the schemes then we will make the transfers accordingly” he added.

Meanwhile, the President has appointed the Acting Deputy Chief Executive of the authority, Sam Pee-Yarley as the New Acting Chief Executive of the authority. The appointment takes retrospective effect from March 23.