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Independent and Individual Trustees' Role In A Trust-Based Pension Company

The foundation of every pension scheme is hinged on trust by its members that they will receive their claims in due time. For the effective management of a pension scheme, every stakeholder must play their role in administering the trust and complying with their duties as trustees.  An individual trustee is a recognized scheme manager who holds assets of the scheme for the benefit of its members. To be eligible for membership, an individual must meet certain criteria like being a member of the scheme and actively contributing to the scheme.  An Individual Trustee’s membership can only be revoked by voluntary or compulsory retirement, invalidity, or death. 

To ensure the smooth running of the scheme trustees must exercise a level of care, skill, diligence, and prudence that is reasonably expected of a prudent person who is acting in a similar capacity and make use of relevant knowledge and skill that they have. Trustees must also ensure that the funds of the scheme are invested in different investments to minimize the risk of losses, as well as act in the interest of the Scheme members and accordance with the rules of the scheme.

To ensure that the interest of various stakeholders of the schemes is met, members of the scheme also serve on the board in various capacities. The board of trustee structure for each of the schemes is made of an independent board member, a member of the scheme, and Peoples Pension Trust staff. Individual Trustees members of the various schemes that Peoples Pension Trust manages are 

1.    Laud Senanu – Board Chair - Independent Trustee

Mr. Senanu is a lawyer with years of experience in the pension sphere in Ghana. In October 2017, Mr. Senanu retired from active service as the General Manager of Operations with SSNIT. Before that role, he served as Chief Executive Officer of the National Pensions Regulatory Authority between November 2013 and July 2015.  Over the years, he has overseen various notable projects like designing the roadmap and procedures for the transfer of funds lodged in the Temporary  at the Bank of Ghana to the custodian accounts for Ghanaian workers

2.    Mr. Philip Addo –Trustee – PPT Provident Fund Scheme

Mr. Addo is a professional accountant is a member of the scheme since 2016. He brings on board his accounting and financial management experience in his current position, a role he has held since 2002.

3.    Mr. Paddy O’William – Trustee – PPT Occupational Pension Scheme

Mr. O’Williams is an entrepreneur with over 15 years of work experience in the Ghanaian cleaning industry.  With his core values of hard work and honesty, he owns and manages a cleaning company with over 80 team members.

4.    Mrs. Diana Tekpertey - Trustee – PPT Personal Pension Scheme.

Mrs. Teitopey has worked extensively with the Ghana Education Service as a teacher from 1981 till she retired in 2018. She also holds a master in Masters in Theology. 

In our subsequent editions, we will share with you an up-close chat with these trustees on what they hope to achieve during their tenure of service on the board. Stay with us!

 

Pension Weekly - Edition 15 - May 2021

 

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