Join tier pension scheme for your interest-NPRA advises informal sector

The National Pension Regulatory Authority (NPRA) is urging butchers in the northern region to join the authority’s tier 3 pension scheme. NPRA said it will be in the best interest of the butchers to get onto the scheme to prevent future poverty.

According to NPRA, it does not matter whether formal or informal sector what was important was that everybody will one day go on retirement. Speaking to Zaa News at the Tamale Abattoir, the northern regional manager of NPRA, Alhassan Yakubu said there is a flexibility of payment by contributors.

The essence of the tier to discourage old age poverty among informal business operators in the country. Contributing towards retirement Mr Yakubu explained will also prevent people from begging in the streets.

He therefore pleaded with members of the Tamale Butchers Association and public to join the tier 3 pension scheme.

The informal sector contributors, he said, have the chance to decide on the amount they have to dedicate to the scheme unlike the formal sector where contributors contributions are deducted from their paychecks.

The Authority also took its public engagement to market centers to engage the informal sector on why they should contribute towards retirement.

The NPRA, together with trustees of the tier 3-Axis pensions, is educating traders in the various markets in the region on the benefits of them joining the tier 3 pension scheme.

The Zonal Officer of NPRA, Mr Alhassan Yakubu assured executives of the Aboabu traders association in Tamale that their contributions are safe with the Axis pension trust.

He explained that the NPRA as a regulator has a supervisory role to ensure that contributors do not encounter difficulty in accessing their contributions when they need the money.
The three tier trustees, Mr Yakubu said, has credibility in the pension sector.

The Axis pensions Trust, the trustees of the informal sector told Zaa News that the sector has been a major challenge in the pension industry. Mr Steven Malik Abudu, Pensions Advisor at the Axis Pension Trust encouraged traders to join the scheme.

The secretary to the Tamale Butchers Association, Mr. Abdul Rashid Mumuni appealed to the various leaders of the butcher associations to educate their colleagues on the need to join the Tier 3 pension scheme. He told Zaa News that out of about 125 members, he is the only contributor.

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