NPRA transfers over Gh¢ 95m to Pension Fund Administrators

The National Pensions Regulatory Authority, NPRA, has so far transferred Gh¢95,136,386.99 from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to some 767 establishments.

The amount transferred which represents the total contributions with accrued interest between January 2010 and December 2013 hit the account of custodians of the beneficiary schemes last Friday, 11^th December, 2015.

The beneficiaries include ECG, GOIL and SSNIT. The funds were transferred to the Occupational Pensions Schemes managed by the respective Corporate Trustees. That’s is ECG’s scheme managed by Petra Trust, GOIL’s managed by Capel Pensions and SSNIT’s managed by Pension Alliance.

The remaining beneficiaries are Master Trust 2^nd Tier Occupational Pension Schemes administered by Corporate Trustees. These also include Petra Advantage Pension Scheme (for 336 employers), followed by Cedar Pension Scheme managed by AXIS Pensions (for 188 Employers), Pensions Alliance Trust Fund (for 128 Employers) and Secure Pensions Occupational Master Trust Scheme (for 112 Employers).

Meanwhile, on 4^th November, the first batch of transfers was made to two registered Occupational Pension Schemes. This includes that of Ecobank managed by Petra Trust and that of Ghana Ports and Harbours Authority managed by Axis Pensions. This brings the total of number of employers that have received their TPFA Funds to 769 – after satisfying all laid down conditions set by the authority for the transfer namely; verification, validation and due diligence on compliance.

The NPRA has also charged Trustees of beneficiary schemes to immediately distribute contribution statements to members through their employers.

The authority is also advising Employers who have not registered their Mandatory 2^nd Tier Occupational Pension Schemes to comply with the ongoing compulsory enrolment to qualify to receive the TPFA Funds.