‘NBC will adhere to NPRA standards for secured pension’

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    The Negotiated Benefits Trust Company Limited (NBC Ghana Trust) has pledged its commitment to adhere to the National Pensions Regulatory Authority (NPRA) standards to ensure safe and adequate retirement benefits for Ghanaians.

    The company is also working to ensure that the majority of Ghanaians of both the formal and informal sectors were brought on board to gain the economic benefit resulting from a planned retirement package.

    Mr William Yeboah Asiedu, the Chief Executive Officer (CEO) of NBC Ghana Trust, a corporate trustee in the pensions and employee retirement benefits, said robust pension industry was needed to ensure a sustained pension industry with less challenges.

    He said this at a maiden retirement fund seminar, organised by the Company for 2021, and the launch of the NBC Trust Gold Plan product.

    The Gold Plan is designed to cater for the short-term savings needs and the long-term retirement goals of members.

    The seminar aimed at creating the awareness and understanding of the benefits of the Tier Three Pension Scheme and the National Pension Act 2008.

    Mr Asiedu said the difficulties confronting the financial services had affected public trust in the industry, hence the need to ensure that was reversed.

    He said the company was working to make sure that changes offered by the New Pensions Act were sustained with reliable pension benefits for clients.

    “NBC Trust Fund is providing reliable pension schemes and packages for over 30,000 members in different funds in the country and 500,000 members across eight African Countries,” he noted.

    Mr Alex Owusu Boakye, the Kumasi NPRA Zonal Head, said the Tier Three Pension Scheme was designed for informal sector workers to allow them to contribute to a formalised pension system.

    He said 80 to 85 percent of workers were in the informal sector, of which a large number were in the Ashanti Region.

    “These workers have not had any access to a formalized pension system tailored to their specific circumstances as compared to their counterparts in the formal sector,” he said.

    The NBC had, however, executed the task of ensuring the enrolment of the informal sector on the pension scheme by establishing the NBC Gold Plan Scheme.

    The scheme, he noted, had provided a regular, secured source of income for contributors and members on retirement, thereby making them financially independent.

    Mr Kwasi Nyamekye, the Vice-Chairman, Association of Ghana Industries (AGI), urged private companies to support their workers to plan their pensions.

    Madam Emelda Kuma Agyeiwaa, the Assistant Coordinating Director of the Ashanti Regional Coordinating Council, said the Ghanaian worker must be helped to retire in dignity.