Mrs Victoria Adu, the (MCE) for Birim Central has advised the Informal Sector Workers to register the Tier-3 Pension Scheme to enable them to become financially independent after attaining retirement old age.
She indicated that government under the leadership of His Excellency Nana Addo Dankwa Akufo-Addo is putting in place pragmatic measures to formulate and implement more social intervention programmes to ensure the living conditions of citizens are improved.
Mrs. Adu made the statement when she addressed participants at a 2-day sensitization programme on Tier-3 Pension Scheme organized by National Pension Regulatory Authority (NPRA) for Informal Sector Workers at Akyem Oda in the Eastern Region.
Recounting the brain behinds the Tier-3, Mrs. Rosina Akrofi, the Assistant Manager of Corporate Affairs of the National Pension Regulatory Authority indicated that, the NPRA introduced the Tier-3 Pension Scheme in January 2010 to ensure that the informal sector workers and self-employed who had no access to join pension scheme over the years have an opportunity to participate in the pension scheme.
She reiterated that the National Pension Regulatory Authority is working towards the provision of better pension package for all Ghanaians by ensuring retirement income security.
She explained the modalities of membership saying “before one could become a member of the scheme, he or she must register with the Authority with GH¢10.00, a passport size photograph and an identity card''
She further said the scheme allows contributors to segregate their contributions for their family members and next of kins on a percentage basis. This she said, would bring unity among contributor’s family members after the demise of a contributor.
On the management of the contributors’ funds, she said the funds are managed by Pension Fund Managers as prescribed under the National Pension ACT, 2008 (ACT, 766).
The Deputy Chief Executive Officer of National Pension Regulatory Authority, Mr. David Tetteh-Amey Abbey hinted that about eighty-five percent (85%) of Ghana’s workforce are found under the informal sector.
According to him, it was against this background that the government has introduced a number of social protection schemes seeking to improve the welfare of citizens.
On the importance of the scheme to a contributor, he said it provides a secured and regular source of income for contributor after attaining retirement old age and helps a member to take proper care of his or her children as well as providing guaranteed income for contributor to enable him or her live decent life at retirement old age.