Kumasi, March 26, GNA - Ghanaians in both the formal and informal sectors of the economy, have been advised to prepare for their future by subscribing to the new pension scheme.

Mr Nathaniel K. Fiagbenu, Manager in-charge Pension Plan, Gold Coast Securities (GCS) Limited, a financial investment advisory services company, gave the advice at a day's seminar on the new three-tier pension scheme held at the Rexmar Hotel in Kumasi.

In attendance were bankers, representatives from credit unions, workers' unions, churches, health workers and other stakeholders. "The new three-tier pension scheme and the way forward" was the theme and it aimed at helping contributors to have better understanding of the new system and its benefits.

Mr Fiagbenu said they should not only focus on saving with the banks but to also think of long term savings to make sure that they enjoy quality life after retirement. He said gone are the days when the Social Security and National Insurance Trust (SSNIT) pension could not cater for pensioners. "With the introduction of the new system, which is tax free, the third tier could be invested to reap more and fruitful benefits." He said it was important for income earners to participate fully in the new pension.

Mr Boakye Mensah, Ashanti Regional Manager of the GCS, said the SSNIT scheme alone could not enhance the long term plan of workers, hence, government's effort to give room for private sector involvement. He called on employers to pay their employees contributions on time to avoid penalty payment.

Mr Ben Afreh, Operations Manager of the GCS Pension Scheme, mentioned some of the benefits of the new scheme as securing a mortgage, improved service delivery and reduction in fees charged by fund managers. 26 March 10