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Provident Fund Scheme (Tier 3)

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Our Provident Fund Schemes are registered by the National Pensions Regulatory Authority designed to offer both Employers and Employees the opportunity to make extra savings towards their retirement.

Under this tax privileged voluntary scheme, employees, are exempted tax up to 16.5% of their basic salary


What do we do about our existing Provident Fund Scheme?

Amend existing rules to comply with the new pension ACT 766 and duly register it with the NPRA and appoint a Corporate Trustee to manage it.

Can an employer decide to manage its' Provident Fund Scheme?

Can an employer decide to manage its' Provident Fund Scheme?

Why should we appoint a Trustee to manage our Provident Fund Scheme?

• To secure the scheme registration
• To ensure that pension fund managers and custodians comply with regulatory requirements or guidelines.
• To maintain investment policy statements and internal control procedures prescribed by the NPRA.
• To ensure that the investment of funds of the scheme is diversified to minimize investment risk.
• To act as a provident trustee in financing relationship with its members.
• To process transfer and payment requests as contained in the trust.
• To keep proper accounting records and a members' register.
• To prepare and lodge annual audited financial statements, scheme and investment reports and other relevant records that the NPRA may require.
• To perform other functions as may be directed by the NPRA.

What is a Pension Scheme?

This refers to a benefit scheme by which an employer and an employee contribute into a fund that is invested to provide the employee with a pension on retirement either as an annuity or as a lump sum.

What is the Three Tier Pension Scheme?

It is a contributory three-tier scheme set up by the National Pensions Regulatory Authority to ensure retirement income security for all workers in Ghana.

Level 1, referred to as tier 1, is a mandatory basic national social security managed by SSNIT with a constituted Board of Trustees.

Level 2, referred to as tier 2, is a mandatory occupational pension scheme managed by a Corporate Trustee who appoints a Fund manager and a Custodian.

Level 3, referred to as tier 3, is a voluntary Provident Fund /Personal pension scheme for workers and self-employed workers in the informal sector. The contributions are managed by a Corporate Trustee who appoints a Fund manager and a Custodian

What is a Tier 3 Provident Fund Scheme?

This is a scheme governed by a trust to which a contributor or the contributor’s employer or both contribute to a pension scheme which provides benefits to the contributor. It is a defined contribution scheme set up by Enterprise Trustees Limited. The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 3 Voluntary contributions.

How Do You Reconcile The 3rd-Tier Provident Fund Scheme and The Old Provident Funds That Existed Before the Introduction Of Act 766?

The companies operating old Provident Fund Schemes must register the scheme with NPRA and modify existing rules and regulations of the scheme in compliance with the National Pensions Act 2008 (Act 766), the regulations and the guidelines issued by the Authority.

Is There Any Benefit for Registering the Provident Funds Schemes Under the National Pensions Act, 2008 (Act 766)?


  • The contributor gets 16.5% tax exemption on his/her income from which the contributions were made.
  • The interest of members will be protected by the Pensions Authority, overseeing to the administration and management of the schemes.
  • The rules and regulations of the scheme will conform to the Act which ensures that the sponsor has no undue influence in the management of the scheme and also ensure that the scheme funds/assets are separated from that of the trustees and the employer/sponsor.
  • The law also provides one-third representation of members on the Board of trustees managing the scheme. This provides an opportunity for the members of the scheme to have a say in the management of their contributions.
  • The fees charged by the services providers are also regulated to avoid arbitrary charges that may affect the scheme.

How much is contributed for the Provident Fund?

Based on the arrangement by your organization, either the employee, the employer or both will contribute up to 16.5% voluntary contribution of your basic salary. The maximum allowable for tax relief is 16.5% however the employee, the employer or both can do additional voluntary contributions beyond this limit.

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