GHANA’S National Pensions Regulatory Authority (NPRA) says any employer who fails to register his/her employees under the new national pension scheme by the close of this year will be sanctioned.
The authority’s warning follows reports that some employers in the country failed to register their employees under the scheme. It is an offence not to do so.
The Director of Regulations of the NPRA, Emmanuel Amartey who gave the warning maintained:“If they fail to do that, then we will be compelled to place the employees on a scheme with a corporate trustees,”
According to him, when the national pension scheme began some few years back, there were no corporate trustees, no fund managers and no custodian banks, because the NPRA was new.
However Amartey said it was agreed with all stakeholders that Social Security and National Insurance Trust (SSNIT) would collect all contributions under the second tier and send them to Bank of Ghana (BoG) before the licensing and registration of the second tier providers.
He emphasized that currently all those monies had to be transferred to the registered schemes who have registered contributors.
Amartey assured the Ghana Employers Association that the situation was not as bad as it was being speculated stressing: “Soon we are coming out with a deadline by which time we expect every employer to set up their own scheme or enroll on a scheme. Otherwise some serious sanctions would apply, at least by the close of the year.”
However the president of the Ghana Employers Association, Terence Darko said the association’s 54th Annual General Meeting that there were challenges confronting the smooth implementation of the new national pension scheme in the country.
African Eye News
