BOG releases tier two pensions to private companies

However Only two schemes have however benefited from it so far - with over 100 applications and 18 schemes currently undergoing due diligence.

 

The Bank of Ghana has begun releasing funds to private insurance companies who have been approved by the National Pensions Regulatory Authority to administer the tier 2 pensions of workers.

However Only two schemes have benefited from it so far, Petra Trust and Axis Trust - with over 100 applications and 18 schemes currently undergoing due diligence.

MD of Petra Trust Kofi Fynn who spoke to Pulse Business said, they hope to get more inflows in the master trusts and not just the stand alones.

Earlier, the National Pensions Regulatory Authority, NPRA said it is subjecting the various schemes to a thorough process of verification, validation and due diligence to protect the interest of beneficiary workers and the economy as a whole.

The authority has begun transferring to approved schemes, the Tier 2 Pensions contributions from the Temporary Pension Fund Account, TPFA at the Bank of Ghana.

Corporate Affairs Manager at NPRA, Kwame Kissiedu has said the process is rigorous enough.

he added.

The NPRA initiated the transfer process by issuing the guidelines and inviting applications in December 2014 and it has expressed satisfaction with the implementation so far.

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