As part of its client engagement agenda management of Enterprise Trustees Ltd, the leading Corporate Trustee of private sector pensions under the new 3 Tier Pension Scheme hosted its clients primarily in Tamale in the northern region to a stakeholder dinner.

The Board Chairman, Mr Fiifi Kwakye who led the team, reiterated the commitment of management to remain relentless in the quest to deliver best retirement solutions to its customers. “As Corporate Trustees, we cherish the confidence you have entrusted in us to manage your pensions and we are committed to ensuring that your funds are managed prudently in order for members to enjoy a secure retirement” he said. “Despite the challenges in the financial sector over the past year, the Board of Trustees and investment committee of the schemes have worked hard to ensure funds are in very safe and permitted investment classes as well as yielding significant returns” he added. He stressed that the company recognizes the importance of communicating with members and updating them on the performance of their scheme funds hence the stakeholder forum to meet and interact on issues affecting the scheme.

According to the Board Chairman, over the years, the Trustees has evolved its operations and come up with innovative ways of managing pension funds such as the  introduction of the member online portal ‘The Stable’ which is aimed at helping members to access their pension contribution statements and update their personal information, SMS alert to update members when allocations are made into their accounts, another innovation in the industry as well  as member scheme booklet to educate members about the scheme.

The Head of Finance of the Company, Mr. Yaw Kusi-Acheampong reassured members on the safety of investments made on their behalf. He reiterated the steady decline in inflation, and other measures implemented by the previous and current governments were aimed at achieving economic stability which resulted in interest rates trending downwards but for recent external shocks suffered by the economy. He said the scheme seeks to provide retirement income security for workers and also ensure that every worker receives retirement and related benefits as and when due promptly. “Our objective is always to achieve net returns above the inflation rate and so the scheme board and the Investment Committee members worked hard to achieve that for our clients” he said.

The Assets under Management (AUM) of schemes managed by Enterprise Trustees grew from GH¢1.7billion in 2017 to about GH¢2.5billion as at 31st December, 2018 representing a growth rate of 47% over the prior year.

Notwithstanding the challenges in the financial services sector, the scheme was able to achieve an impressive net annualized return to members at 15.53% which compared favorably with the average year end inflation rate thereby returning positive real returns of 5.68% to its cherished members as in line with scheme’s investment policy to achieve real returns.

The effort to rake-in the Temporary Pension Fund Account (TPFA) continued with a receipt of about GH¢7.9 million on behalf of members for the last quarter of 2018. From the period the National Pensions Regulatory Authority (NPRA) commenced payment of the TPFA, a total of Ghs167.4 million had been received and allocated to the credit of about 82,660 members. Members are encouraged to log into Stable to verify the details of payment as received from NPRA

The event on the theme “Time with Trustees” was also used to honor some top most clients for voluntarily signing up to the Tier 3 schemes (Provident Fund Scheme) which  enables the members enjoy tax incentives under the pensions act whilst making adequate provision for retirement. Also, those who have been consistent in payments of the mandatory Tier 2 contributions and others for their loyalty were recognized.

The Regional Representative for the National Pension Regulatory Authority in the North, Mr Alhassan Yakubu who was present at the event stated efforts being made to educate the public in the Northern Region on the need to invest in their future to avoid any future misfortune. He added that the Authority has been embarking on rigorous exercise to ensure that organizations adhere to the scheme adding that the establishment of stronger policies will force the private sectors to comply with the country’s pension laws, so that contributions of their employees would be paid to the corporate trustees to secure their future.

The Regional Representative for Enterprise Trustees who hosted the team, Mr Laabik Bawumia, said the company has introduced the Enterprise Personal Pension Plan an individual retirement plan that allows individuals to make additional voluntary contributions towards a better retirement. According to him, with the new policy, investment income and monthly contributions are tax exempt saying the assets can be used as collateral for a mortgage.

In attendance were over 70 client representatives, staff of National Pension Regulatory Authority(NPRA),Social Security and National Insurance Trust(SSNIT), Mr John Fiam-Coblavie, the Independent Trustee as well as other staff Members of Enterprise Group.