Accra, March 26, 2018//-Ghana’s National Pensions Regulatory Authority (NPRA) has assured that trustees whose pension funds are in the custody of uniBank are in safe hands.
This is contained in a press statement issued by the Authority today.
Last week, the Bank of Ghana (BoG) directed KPMG to take over the management of uniBank for six months, following illiquidity and poor corporate governance challenges confronting the indigenous Ghanaian bank.
Upon hearing the announcement, customers of the bank were apprehensive , despite assurances from the BoG that depositors’ funds are safe.
“Pension Funds in custody of the bank are not affected by the appointment of an administrator, KPMG”.
It noted that the National Pensions Act, 2008 (Act 766) as amended, anticipated events such as these, hence made special provisions for such takeovers in section 209 (1 and 2) of the law.
The statement said: “Despite the provisions of any other enactment, pension funds or assets kept with a custodian under this Act shall not be used for the payment of claims of a custodian’s creditors in the event of liquidation of the custodian”.
“In the case of winding up, liquidation or cessation of business of the custodian or any or all of its shareholders, the pension funds or assets in the custody of the custodian shall not be seized or be subject to execution of a judgment debt or from transfer to another custodian”.
It further assured stakeholders, especially Trustees who hold bank securities that all the necessary engagements are being held to ensure that pension fund assets are safe guarded.
“The Authority shall not renege on its mission of ensuring retirement income security”.
African Eye Report/Citibusinessnews
