Pensions Regulatory Authority transfers funds to registered schemes

National Pensions Regulatory Authority (NPRA) has transferred funds from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to the first batch of employers in the private sector.

The category includes all those who have registered under the mandatory second Tier Occupational Pension Scheme and have successfully gone through the application, validation and due diligence on the compliance process.

A statement from the NPRA said that the amount transferred, which represents the total value of contributions paid into the TPFA by the beneficiaries from January 2010 to December 2013, hit the accounts of Custodians of the beneficiary Schemes on Wednesday, November 4, 2015.

The Authority called for applications for the transfer of funds in December 2014 but had to put the exercise on hold due to the amendment to the National Pensions Act, 2008 (Act 766), which reduced the age of exemption from participation in the third Tier Pension Scheme from 55 years to 50 years.

The statement said since the call for applications in 2014, the Authority has received over 100 applications; 18 schemes have met all requirements and successfully gone through the validation and are currently going through a due diligence process.

The statement NPRA said the two schemes that received the funds had successfully gone through the due diligence, thereby qualifying them to receive the funds.

The Authority urged applicants to take all the necessary steps required to complete the validation process in order to secure their transfers.

“Employers and Trustees of Schemes who have not applied, are also advised to formally put in their applications in order to secure their transfer,” the statement stated.

Source: GNA