Two Parliamentary Select Committees have been sensitized and updated on the implementation of the 3-Tier Pension Scheme and Unification of Pensions. The committees which comprise of the Legal, Constitutional & Parliamentary Affairs and the Employment, Social Welfare & State Enterprise were taken through a presentation on the 3-tier pension scheme and the challenges that the Authority is facing with Unification of Pensions.
The Chief Executive Officer of NPRA, Mr. Kofi Anokye Owusu-Darko in his welcome address said one of the key recommendations of the Presidential Commission on Ghana’s Pension reform was to unify all pensions under the 3-Tier Pension Scheme in accordance with section 213 of the National Pensions Act, 2008 (Act 766) as amended. He noted that since its inception the Authority, has been making tremendous effort to ensure that all pensions are unified. He however, stated that failure to unify all pensions in Ghana especially “CAP 30” will not only put excessive pressure on the consolidated funds but also defeat the very reason for the reform and the establishment of the contributory 3-Tier Pension Scheme.
Magnus Kofi Amoatey, who is the Chairman for the Committee for Legal, Constitutional and Parliamentary Affairs, said pension issues are very complex and called on the Authority to intensify its educational efforts to increase understanding and participation in the 3-Tier Pension Scheme. On the issue of unification, Hon. Amoatey expressed the committee’s firm commitment not to consider any Bill that sort to exempt institutions from the unification process and urged the NPRA to engage all affected institutions including the Cabinet, Committee for Legislation, Fair Wages and Salaries Commission to ensure a smooth transition.
Joseph Z. Amenowode, the Chairman of the Committee for Employment, Social Welfare & State Enterprise on his part praised NPRA for the education and expressed the preparedness of the Committee to assist the NPRA if there is the need for any amendment as far as the Unification of Pensions is concerned.
The two committees advised NPRA to put in the necessary arrangement to ensure that members of “CAP 30” and other schemes are unified under the 3-Tier Pension Scheme successfully. – B&FT