Regulator to insist on efficient funds management

The National Pensions Regulatory Authority (NPRA) has vowed to insist on efficient management of workers contributions to the new three-tier pension scheme, to assure them of increased retirement income security.

Mrs Rita Afua Adzovie, the Director of Corporate Affairs, said they would do everything to make sure that the rights things were done to enable retirees enjoy decent living standards.

She was addressing a public education forum on the scheme held at the Centre for National Culture in Kumasi. It brought together workers in the informal sector artisans, traders, beauticians and barbering salon operators.

The contributory three-tier scheme, which has replaced the previous social security, CAP 30 and related schemes, has made provision to cater for the peculiar needs of those in that sector.

Mrs Adzovie rallied farmers, traders, market women, drivers and other self-employed, who constitute about 85 per cent of workers in the country, to take advantage of the opportunity to safeguard their future.

They should cut back on ostentatious and frivolous spending to save towards their old age.

She used the occasion to highlight the need for contributors to regularly collect their statements to check for any anomalies and periodically update their records for accuracy.

Many among those present expressed interest and readiness to join the new pension scheme.