The National Pensions Act 2008 is the prevailing law governing the pension scheme in Ghana. In conclusion, the Pension Irrelevance Theorem is real and still a problem against the need for pension schemes in Ghana. A Better Future Starts with a Well-Managed Pension. In 2012, the Health Sector Unions and Associations set up the Health Sector Occupational Pension Scheme and is one of four public sector schemes currently in operation. President Nana Addo Dankwa Akufo-Addo has launched the Cocoa Farmers Pension Scheme, which has been on the drawing board since 1984. Due to the public’s outcry on pension taxation supposedly mentioned by the Finance Minister, Seth Terkper recently, a leading Ghanaian economist, Dr Raziel Obeng-Okon explains in details on the subject matter. The life changing root lessons from triggers of pension reforms have not completely been learnt. In pursuit of Section 26 of the Ghana Cocoa Board (COCOBOD) Law, 1984 (PNDC L.81), which mandates COCOBOD to establish a contributory insurance for cocoa farmers, the government, in collaboration with COCOBOD and the National Pensions … Tax Exemptions and Reliefs Under the 3-tier Pension Scheme in Ghana. Hedge Pensions Trust (HPT) is a company established to offer short term and long term financial and investment planning services for the staff of the Civil Service and the Local Government Service of Ghana (CLOGSAG). The knowledge-base informing the design of the new pension scheme is sideline and symptomatic in nature. Tel: +233 234-972-832 or +1-508-812-0505 Contact us: [email protected] Tier 1 is a defined benefit scheme and contributions are fully tax-exempt and are managed by SSNIT. Explaining the scheme… A: The National Pension Scheme is a 3-tier scheme created under the National Pensions Act 2008, Act 766. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. What is Tier 3 Scheme? Dr Owusu Afriyie Akoto, Minister of Food and Agriculture, has expressed optimism about more youth nurturing interest in cocoa farming following the launch of the Cocoa Farmers Pension Scheme. The Times reports that the Cocoa Farmers Pension Scheme was yesterday launched here by the President, Nana Addo Dankwa Akufo-Addo. The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Tuesday, 1st December 2020, launched a pension scheme for the country's 1.5 million cocoa famers. Pension reforms are happening all over the world and Ghana is no exception. Pension scheme will attract the youth to cocoa farming - Afriyie Akoto By Florence Afriyie Mensah Kumasi, Dec. 05, GNA - Dr Owusu Afriyie Akoto, Minister of Food and Agriculture, has expressed optimism about more youth nurturing interest in cocoa farming following the launch of the Cocoa Farmers Pension Scheme. Learn about us Knowledge & Expertise Trusted & Dependable Transparent & Dedicated CEO's Message I am delighted to welcome you to the Axis is a private company, wholly owned Ghanaian and independent of other players in the pensions industry in Ghana. Academia.edu is a platform for academics to share research papers. towards monthly pensions and 2.5% contribution to NHIS) on the basic salary of all employees. President Nana Addo Dankwa Akufo-Addo on Tuesday, December 1, 2020, launched a pension scheme for the country’s 1.5 million cocoa farmers. The Ideal Provident Fund Scheme (TIPFS) A Third -Tier Voluntary, Work-Based, Fully Funded and Privately-Managed Scheme Axis Pension Trust Ltd (APTL), a leading company in the retirement savings industry in Ghana, was incorporated in September 2010 and obtained a license as a Corporate Trustee from the National Pensions Regulatory Authority in March 2012. The Judicial Service Staff Association of Ghana (JUSAG) has launched a third-tier pension scheme for its members. Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. Informal sector The term “informal sector” was coined in Ghana in 1971 by a British anthropologist who was studying A formal pension framework has existed in Ghana since the colonial period, when a number of provident funds were established as a means to provide retirement benefits for the nation’s working class. Stallion Trust is the only corporate trustee in Ghana right now with two “Qualified Actuaries” in the governing body and the management team, with supporting staff which include 5 Actuarial Analysts with degrees in Actuarial Science and pursuing their professional qualification. According to President Akufo-Addo, “the Pension Scheme will enable cocoa farmers to make voluntary contributions towards their retirement, while COCOBOD makes a supplementary contribution on … The President of Civil and Local Government Staff Association, Ghana(CLOGSAG), Dr Evans Dzikum, has asked workers to make a deliberate effort to invest part of their earnings in the voluntary Tier 3 pension scheme administered by private entities. The National Pension Regulatory Authority has licensed Stallion Trust. This scheme will pay monthly benefits to employees upon retirement. HPT’s competence hinges on Confidentiality, which is one of the most important aspect of the total services the company offers. In recognition of their hard work, the Ghana Cocoa Board (COCOBOD) was mandated, under Section twenty-six (26) of the COCOBOD Law, 1984 (PNDC L.81), to establish a Contributory Insurance Scheme for Cocoa Farmers within the framework of the Social Security Scheme, so that they could also enjoy a well-deserved pension, upon retirement. The NPRA was established by the National Pensions Act, 2008 (Act 766) to oversee the administration and management of registered pension schemes and trustees of registered schemes. According to President Akufo-Addo, “the Pension Scheme will enable cocoa farmers to make voluntary contributions towards their retirement, whilst COCOBOD makes a supplementary contribution on behalf of the farmers as well.” The National Pensions Act 2008 (Act 766) established a contributory three tier Pension Scheme. 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