Business News of Tuesday, 20 November 2012

Source: myjoyonline

Pensions Trustees to start collections

Licensed private pensions companies would now from the end of this month start collecting the 5 percent 2nd tier contribution which SSNIT currently mobilizes and lodges at the Bank of Ghana.

This implies, SSNIT would also from this time collect solely the mandatory 13.5 percent 1st tier contribution.

It comes after the Pensions Regulatory Authority approved over a 100 of the about 180 schemes applications.

Chief Executive, Sam Pee Yarley explains to JOY BUSINESS, they are currently issuing-out letters of confirmation to the approved institutions to also begin their monthly collections from employers.

“These who have been given the final approval are now going to start the collection of the monies by the end of November. Once the scheme is approved or registered, it means the company has become more like SSNIT.The employers have been dealing with SSNIT so far and so there’s going to be a meeting between our board, the trustees, SSNIT and others stakeholders towards a seamless transition” he said

Employers have within fourteen days from the end of each month to transfer the contributions to the schemes on behalf of their workers. Mr. Pee-Yarley, further explained measures have been instituted to ensure a smooth transition.

“There’s a next pack of activities that we have to undertake but sometimes there is a a little bit opf confidentiality in these activities because it’s a pensions scheme. Now that they have received the letters they would have to respond and acknowledge” he said.

“Also we would have to supervise that they have proper access to the employers because if we don’t properly identify them and guide the employers, we could very soon have people masquerading as agents of trustees and collecting monies. So for every stage we have defined activities and the roles by each of the stakeholders” he concluded.