The Forum for Public Sector Registered Pension Scheme have expressed concern over the delay in the transfer of funds from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to the four custodians of the public sector occupational pension scheme.

Mr Isaac Bampoe Addo, the Chairman of the Forum, speaking at a news conference in Accra said the transfer of the accumulated five per cent monthly deductions towards Tier Two pension lodged at the Bank of Ghana was still pending.

He said due to the deafening silence from the government on issues raised at previous news conference, the Forum for Public Sector Registered Pension Schemes got it lawyers to write to the Sector Minister.

“Letters have been sent to the Minister of Finance, the Minister of Employment and Labour Relations, the Attorney General and Minister for Justice, since August 2017 drawing attention to current challenges confronting the implementation of Tier Two pension in the public services, but all these attempts proved futile.

“Since under the defined contribution scheme the risk falls on the contributor and his final benefits depend on earnings from investments, the delay in the release of funds will not auger well for retirees,” he said.

The Forum is made up of Unions and Associations namely: The Health Services Workers’ Union, Ghana Registered Nurses and Midwives’ Association, Ghana Medical Association, Ghana Physician Assistants Association, Ghana Association of Certified Registered Anaesthetists and Ghana Hospital Pharmacists Association.

The rest are: Ghana National Association of Teachers; Teachers and Educational Workers’ Union of Ghana; Ghana Trade Union Congress; National Association of Graduate Teachers; Coalition of Concerned Teachers, Ghana; Civil and Local Government Staff Association, Ghana; and the Judicial Service Staff Association of Ghana.

The Forum then demanded that the Audited Report on the TPFA at the Bank of Ghana should be made available to the four sector schemes without further delay.

Notwithstanding the auditing of the TPFA, part payment to the four schemes should be deemed as the first step in the refund of arrears.
“The remaining balance in the TPFA should be negotiated in good faith with reference to Act 766 as amended and the out of court settlement in February 2016,” he said.

Mr Addo, therefore, called on the government to attend to their demands “if not members of the Public Sector Registered Pension Scheme will declare an indefinite strike on September 29, 2017”.