We manage the pensions of thousands of employees from leading multinational organizations, government agencies as well as top private sector organizations. Of the total 18.5% of earnings contributed, 2.5% finances medical benefits under Sickness and Maternity and 5% finances the mandatory occupational pension scheme. For over a decade, we have been managing and administering Occupational Pension Schemes, Provident Funds and Group Personal Pension Schemes for our happy clients. Of the total 18.5% of earnings contributed by the insured and the employer, 2.5% finances medical benefits under Sickness and Maternity and 5% finances the mandatory occupational pension scheme. The new scheme will comprise two mandatory schemes and a voluntary scheme as follows: (a) first tier basic national social security scheme … Provident Fund Scheme. Step 1. Eligibility requirements for individual persons 5. Since … A statement said the … Enhances your retirement benefit outside the first and second tier pensions scheme. The Judicial Service Occupational Pension Scheme was also set up by the Judicial Services Staff Association of Ghana, while the Hedge Master Trust Occupational Pension Scheme … It is unclear why until now the Board of Ghana Education Service responsible for the management of Occupational Pension Scheme has failed to account properly for the contributions of its members. It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. The five are the Ghana Education Occupational Pension Scheme, Judiciary Services Occupational Pension Scheme, Hedge Master Trust Occupational Pension Scheme and the Public Sector Workers Employees’ Pension Scheme. The trust deed of the fund seeks to employ reputable fund advisors to manage the Scheme. 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. BeVPN | Best WordPress theme for IT services. CEO's Message. Application 2. Mr Bampoe Addo, flanked by Mr Thomas T. Musah, the General Secretary of Ghana Education Service Occupational Scheme, Mrs Perpetual Ofori … Tier 1 features a contribution of 13.5% which is contributed by the employer(13%) and the employee(0.5%). Eligibility requirements for company incorporated in Ghana 3. Transparent & Dedicated. OCCUPATIONAL AND PERSONAL PENSION SCHEMES (GENERAL) REGULATIONS, 2011 ARRANGEMENT OF REGULATIONS Regulation Application for approval as trustee 1. The Authority has transferred funds from the Temporary Pension Fund Account at the Bank of Ghana to the first batch of employers in the private sector. The contribution is managed by SSNIT. Voluntary contribution towards retirement. Petra Trust Company Limited is a leading corporate trustee authorized by the National Pensions Regulatory Authority (NPRA) to manage pension schemes and provide support services to individuals and organizations in Ghana. History of the Health Sector Occupational Pension Scheme (HSOPS) ... support of Friedrich Ebert-Stiftung foundation organized a workshop for Union leaders at Ho in 2012 where the teething Ghana Education Service (GES) Pension Scheme and Mines Scheme were presented as case studies. Business News of Friday, 10 February 2017. Source: b&ft.com 2017-02-10 How to access 5% benefit under the 2nd Tier Occupational Pension Scheme Some workplace pensions are called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions. Employer: 13% of payroll. The move is to facilitate the smooth payment of contributions of second tier pensioners who wish to withdraw their contributions from January 2020, as permitted under the Pensions … Privacy Policy ©2020 Self Service - Enterprise Advantage • All rights reserved. Knowledge & Expertise. The website leads members who are all health sector workers to receive and give information to their trustees and the service provider on the mandatory privately managed Tier-two pension scheme. Register occupational pension schemes, provident funds and personal pension schemes; Issue guidelines for the investment of pension funds; Approve, regulate and monitor trustees, pension fund managers, custodians and other institutions that deal with pensions as the Authority may determine; Establish standards, rules and guidelines for the management of pension funds under this Act; … Longer contributions lead to increase in the pension. Head Office 91 Osu Badu Street, Accra Tel: +233 (0) 507328737 Tell: +233 (0) 302771248 Obtain a claim form from the GLICO pension/Union office or the Ghana Education Office (GES) office for completion. The Second Tier is a defined contributory Occupational Pension Scheme mandatory for workers with 5% contribution made on behalf of members. Minister for Employment and Labour Relations Ignatius Baffour-Awuah who disclosed this at the Meet the Press series in Accra said the schemes include the Ghana Education Service Occupational Pension Scheme, Health Sector Occupational Pension Scheme, Judicial Service Occupational Pension Scheme, Hedge Master Trust Occupational Pension Scheme and Public Sector Workers Employees’ Pension Scheme. Mr Krufi said the Third Tier was a voluntary, privately-managed Provident Fund and Personal Pension Schemes. Level 2, referred to as tier 2, is a mandatory occupational pension scheme managed by a Corporate Trustee who appoints a Fund manager and a Custodian. The new pension scheme has 2 mandatory tiers (1 & 2) and a voluntary third tier. There have been countless grumbles by a considerable number of retired teachers regarding the difficulties they are facing in accessing their full Tier 2 benefits. I am delighted to welcome you to the GLICO Pensions website. Mandatory contributions received from employers, which is 5% of each employee’s salary. The Ghana Education Service Occupational Pension Scheme (GESOPS) is a Tier-2 pension scheme registered and regulated by the National Pensions Regulatory Authority under the Pensions Act, 2008, (Act 766) as amended. The category of beneficiaries include all those who have registered under the mandatory Second Tier Occupational Pension Scheme and had successfully gone through the application, validation and due diligence process. How they work. This article features a comprehensive step by step guide for staff and retirees on how to access the Ghana Education Service (GES) occupational pension scheme.. Trusted & Dependable. The National Pensions Bill, 2008 The Pension Bill caters for the establishment of a new contributory three-tier pension scheme with a National Pension Regulatory Authority to regulate and oversee the efficient administration of the composite pension scheme. A pension scheme provides a firm a competitive edge in attracting and retaining highly skilled employees. GESOPS is managed … Home Videos Upclose with GES Occupational Pensions Scheme (20 /07/ 2020) Upclose with GES Occupational Pensions Scheme (20 /07/ 2020) Tags: Peace 104.3 FM Kokrokoo Workers to have 13.5 % contributions made on behalf of members, ‘ company ’ or ‘ ’... Some workplace pensions are called ‘ occupational ’, ‘ works ’, ‘ company or... And Reliefs Under the 3-tier pension scheme mandatory for workers to have 13.5 % contributions on... 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