The latest Corporate Trustee in Ghana, People’s Pension Trust Ghana Limited has begun full operations with a pledge to change the face of informal pensions administration in the country.
We are targeting to provide at least 500,000 Ghanaians in the informal sector with easy and secured channels of saving towards their retirement within the next five years.
“This is based on our feasibility studies and research over the past 2 years in the country which has brought us face to face with the alarming extent of poverty among informal sector workers of pension age referred to as “Pension Poverty”. It is not a pretty sight, and we will not stand by and look on for more people to walk into pension poverty.
We are therefore poised to reduce old age poverty in Ghana by offering innovative and unique pension products for the informal sector.
We received our operating license from the National Pensions Regulatory Authority, NPRA in September 2016 after satisfying all regulatory requirements. We are licensed as a Corporate Trustee to implement the Tier 2 and Tier 3 pension schemes under the National Pensions Act 2008, (Act 766). The Tier 2 called “occupational or work-based pension” is mandatory for all employees whilst the Tier 3 is a voluntary provident fund targeted especially at workers in the informal sector usually not covered by the two mandatory schemes (Tier 1 & Tier 2).
According to our CEO, Samuel Waterberg, “Even though we have the license to operate both Tier 2 and Tier 3 like all other trustees, our priority is the Tier-3 with players in the informal sector as our prime target. We will roll out innovative Tier-3 products that allow informal workers save for their pension. People can contribute daily, weekly or monthly by paying cash, with a mobile device or through existing community organizations. We are also committed to ensuring that people are financially educated about saving for the long term”