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Get interested in who manages your Tier 2 pensions-NPRA advises workers


The National Pensions Regulatory Authority (NPRA), has advised both formal and informal sector workers in the northern region to pay attention to the contribution towards their retirement. The NPRA is worried that the pension penetration among workers is low and as a result worsened retired workers life after several years of working.

The authority said after series of public forums and sensitization in the five regions of the north, they have come to conclusion that pension workers lack knowledge and understanding of pension.  

Over 80% Ghanaian workforce NPRA said is control by the informal sector but are not contributing to Tier 3. Their contributions to pension are a slow as 1%.

This, NPRA noted calls for urgent attention to ensure that Tier 1 and 2 are compulsory but Tier 3 is voluntary for tow sectors. The authority said artisans, market women and taxi drivers. The Tier 3 pension it serves two purposes; saving accounts and retirement benefit.

Speaking at the regional pensions learning alliance platform meeting in Tamale, Northern Zonal Manager of NPRA, Alhassan Yakubu Fuseini advised formal sector workers must show interest in knowing who managers their Tier two pensions fund.

The platform brought together Social Security and National Trust (SSNIT), representatives of the various unions and informal sector workers including hair dressers and members of Ghana National Association of Garment workers.

Mr Fuseini said a lot of formal sector workers do not know their Tier pensions which and encouraged all workers to be sure who their fund managers are.

The platform was offers opportunity for stakeholders to share experience and best practices that will stimulate peer lessons and experiences in the pension sector.

It was also to create a pensions sector in the region that learning from each other; that innovates to improve the quality of pension services and adapts to emerging changes in the sector in Ghana.

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