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May 22, 2021

The National Pensions Regulatory Authority (NPRA) has noted with concern, the ongoing discussion in the media, about the safety of the 2nd Tier Mandatory Occupational Pension Scheme, lodged at the Bank of Ghana into a Temporary Pension Fund Account (TPFA) and managed by the Authority. The NPRA is engaged with SSNIT who collects the contributions and pays into the TPFA and also FirstBanc Financial Services Limited i.e. the Fund Administrator, who provides data management function and not responsible for managing the funds of the TPFA. The Authority together with SSNIT and FirstBanc Financial Services, have been working closely to validate the data and records to reconcile all contributions made by employers so far, for the necessary auditing to be undertaken. Employers, employees and all NPRA Licensed and Registered Service Providers, are hereby; assured that once the reconciliation and auditing exercise are completed, the transfer of funds from the TPFA would be made to the appropriate custodian banks of the registered schemes. A timetable to the effect of the transfer will be communicated to the appropriate scheme administrators in due course. All Employers are hereby, encouraged to speed up the registration of their 2nd Tier Mandatory Occupational Pension Schemes in order to facilitate the smooth transfer of their contributions from the TPFA.

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