tier 2 pension scheme in ghana

Tier 3 is also a defined contribution scheme and is … GLICO Pensions launches new website Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. Business News of Friday, 10 February 2017. 5 0 obj The new pension scheme has 2 mandatory tiers (1 & 2) and a voluntary third tier. It is a voluntary pensions scheme managed by private sector trustees licensed by the National Pensions Regulatory Authority (NPRA). Tier-1 is made up of a mandatory monthly contribution of 13.5% of basic salary managed by SSNIT. 2. The contribution is managed by SSNIT. public notice on approved schemes - september, 2020 public notice on schemes in good standing - 24th june, 2020 job vacancies tender for supply and delivery of … The new scheme will comprise two mandatory schemes and a voluntary scheme as follows: (a) first tier basic national social security scheme … The contribution amount due is 13.5% of the employee’s basic monthly salary. • The Act establishes a contributory three-tier Pension Scheme, and a National Pensions Regulatory Authority to oversee the administration and management of registered pension schemes and trustees of registered schemes. towards monthly pensions and 2.5% contribution to NHIS) on the basic salary of all employees. Contributions to the scheme are tax exempt 4. The Ghana Education Service Occupational Pension Scheme (GESOPS) is a Tier-2 pension scheme registered and regulated by the National Pensions Regulatory Authority under the Pensions Act, 2008, (Act 766) as amended. This tier is a mandatory scheme that is managed by the Social Security and National Insurance Trust (SSNIT). The Judicial Service Staff Association of Ghana (JUSAG) has launched a third-tier pension scheme for its members. The parliament of the republic of Ghana enacted the National Pensions Act 2008 (Act 766), to provide for pension reforms in Ghana. While the employee can choose to contribute above this threshold, the excess does not qualify for any tax reliefs. The employee gets a tax relief for Tier 2 contributions, i.e. The idea is to pick the fund manager that can provide the highest return on your investment cedis. Here are few differences about New Pension Scheme (NPS) Tier 1 vs. The Social Security and National Insurance Trust (SSNIT) manages the Tier 1 scheme. It is a defined contribution scheme. Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. To register with SSNIT, an employee will need to provide their basic information and a valid ID card. The three tiers were explained as … This is a voluntary provident fund and personal pension scheme. The Trustees of the beneficiary Schemes are responsible for issuing member contribution statements to workers through their employers. Tier 2 is a mandatory defined contribution scheme 1 to which every employee contributes 5% of their gross salary. Oct 13. So, effectively employers will pay their previous month’s contributions to SSNIT on the 14th of every month. The scheme consists of 1 st and 2 nd Tier which are mandatory schemes and a 3 rd Tier which is a voluntary scheme. This amount is paid to SSNIT. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. The National Pensions Act, 2008 (Act 766) as amended was therefore enacted to establish the Contributory 3- Tier Pension Scheme with the objective of ensuring retirement income security for the Ghanaian worker. they haven’t previously registered with SSNIT. In a previous article on the Pension reform in Ghana, the writer looked at the benefits and safeguards of the new Three-tier Pension Scheme which will be regulated by a National Pensions Authority which will oversee the efficient administration of the composite pension scheme. Tier-1 is made up of a mandatory monthly contribution of 13.5% of basic salary managed by SSNIT. The main distinction here is that the contribution is not paid to SSNIT, but rather, the employer is allowed to select their preferred Pension Service Provider. Privacy Policy ©2020 Self Service - Enterprise Advantage • All rights reserved. The scheme consists of 1 st and 2 nd Tier which are mandatory schemes and a 3 rd Tier which is a voluntary scheme. This cost is borne by the employee. The First Tier is the Basic National Social Security Scheme for all workers in Ghana. Source: b&ft.com 2017-02-10 How to access 5% benefit under the 2nd Tier Occupational Pension Scheme Employers on the other hand need to complete this checklist in order to be registered. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. Tier 2 – the second tier is an occupational pension scheme. The contribution is managed by SSNIT. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. Tier 1 features a contribution of 13.5% which is contributed by the employer(13%) and the employee(0.5%). In 2009, Ghana introduced a three-tier pension policy comprising a mixture of pay-as-you-go (PAYG) social insurance and private pension plans in the form of individual accounts. Tax Exemptions and Reliefs Under the 3-tier Pension Scheme in Ghana. As per the Pension Act 2008 (Act 766), Ghana operates a three tiered pension scheme. The employer pays 13% and the employee pays 0.5%. TUC supports payment of Tier-2 Pension scheme September 15, 2017 Arts & Culture Accra, The Trades Union Congress of Ghana (TUC) has thrown its support behind the demand of public sector workers for the payment of Tier-2 Pension Scheme by government in order to avert an intended indefinite strike. ��N�:Q��V��d(:�*�{�������u���������~wJ���(�ww ��CՌ�l'T�`��k��U����i|��8����ےU�&V��ǯ�bnĵ�����HGB��V~WNSո��Бu�s]����:@�Ͽe,� The mandatory first tier is remitted to Social Security and National Insurance Trust (SSNIT) with the tier-two, which is equally compulsory, paid on workers’ behalf by employers and managed by Private Pension Service Providers. Tier 2 is a privately managed, mandatory occupational pension scheme designed to give contributors higher lump sum benefits. The contribution is managed by SSNIT. Tier 3 allows a voluntary contribution by the employee into a personal pension scheme. It is supported by tax benefits to provide additional funds for workers who want to make voluntary contributions to enhance their pension benefits. The new three-tier pension system consists of two mandatory schemes and one voluntary scheme. The new three-tier pension system consists of two mandatory schemes and one voluntary scheme. What is The 3-Tier Scheme. • The Act establishes a contributory three-tier Pension Scheme, and a National Pensions Regulatory Authority to oversee the administration and management of registered pension schemes and trustees of registered schemes. See All Products. SSNIT will assign the organisation an Employer Registration Number (ERN) once registered. What every Ghanaian employer and their employees should know. The Ghana Education Service Occupational Pension Scheme (GESOPS) is a Tier-2 pension scheme registered and regulated by the National Pensions Regulatory Authority under the Pensions Act, 2008, (Act 766) as amended. untaxed) is available for contributions up to 16.5% — any excess will not qualify for reliefs. Do check with your fund manager though, as this process may vary from provider to provider. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. Search for Tier 2 Pension with Addresses, Phone numbers, Reviews, Ratings and Photos on Ghana Business Directory This comes after National Pensions Regulatory Authority; … The employees on the other hand will receive Social Security Numbers if they don’t already have one — i.e. Contributions to the scheme are tax exempt 4. %�쏢 Tier-2 is a mandatory contribution of five per cent basic salary managed by a licensed fund manager while the Tier-3 is an optional contribution also managed by licensed private fund managers. Tier 2 – the second tier is an occupational pension scheme. This cost is borne by the employee. The National Pensions Bill, 2008 The Pension Bill caters for the establishment of a new contributory three-tier pension scheme with a National Pension Regulatory Authority to regulate and oversee the efficient administration of the composite pension scheme. News & Events. Tier-1 is a mandatory Defined Benefit pension scheme (benefits are based on a formula) that will be managed by a restructured SSNIT. It is also a defined contribution scheme. The management of Social Security and National Insurance Trust (SSNIT) has said it was not using contributors’ money to ‘obstruct’ the implementation of Tier 2 nor was it against the implementation of the three-tier pension scheme. This process generally involves the fund manager with a roster of employees and their salary and contribution information. The convenient sampling procedure was used to select fifty (50) managers and non-managers in the ratio of 1:4 for the research. Tier-1 is a mandatory Defined Benefit pension scheme (benefits are based on a formula) that will be managed by a restructured SSNIT. A: Yes. The employee gets a tax relief for Tier 2 contributions, i.e. The President of Civil and Local Government Staff Association, Ghana(CLOGSAG), Dr Evans Dzikum, has asked workers to make a deliberate effort to invest part of their earnings in the voluntary Tier 3 pension scheme administered by private entities. Q2. It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. Tier 2 Occupational Pension Scheme. Any contribution up to 16.5% of one’s basic monthly salary towards Tier 3 receives a tax break, i.e. The contributions for any given month are due no later than 14 days after the end of that month. Both the employer (the organisation) and their employees must be registered with SSNIT for this to work though. The employee gets a tax relief for this contribution — his/her basic salary is taxed after deducting the Tier 2 contribution. It is a master trust scheme duly licensed to operate in Ghana. Oct 13. GLICO Master Trust Occupational Pension Scheme (Tier 2) GLICO Master Trust Provident Fund Scheme (Tier 3) Third Party Administration of group personal pension schemes. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. <> The New 3-Tier Pensions Scheme is now set to see full implementation from Monday, 19th March,2012. Are expatriates obliged to contribute to SSNIT in Ghana? Simple frequencies Presently, there are a little over 40 companies in the country which are holding pension funds, particularly the Tier Two and Tier Three pension funds. Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. Important: The Act however allows funds in Tier 2 & 3 schemes to be utilised as down-payment for a mortgage on the employee’s primary home without paying any taxes — making Tiers 2 & 3 the best way to save towards home ownership. This is one of the many advantages that Tier 3 schemes have over traditional savings products like fixed deposits or mutual funds. Tier 1 – the first tier is the Basic National Social Security Scheme for all workers in Ghana. In general, Tier 2 investment cannot be accessed before retirement. Tier 3 is a voluntary scheme. Overview of the 3-Tier Pension The Pension Act of 2008 has introduced two new pension tiers, namely tier 2 and tier 3, to supplement the SSNIT pension scheme. the contribution gets deducted from the employee’s basic salary before the salary gets taxed — effectively reducing the amount of tax the employee pays. It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. the contribution gets deducted from the employee’s basic salary before the salary gets taxed — effectively reducing the amount of tax the employee pays. This scheme will pay monthly benefits to employees upon retirement. 12 ‣ Pensions Solution (Tier 2 and Tier 3 Pension Schemes) VA Life Pension Fund Scheme (Tier 2) (A wholly-owned subsidiary of CAL Bank) CAL ASSET MANAGEMENT CO. LTD. ‣ Fidelity Securities Ltd. ‣ EDC Investments Ltd. ‣ New World Renaissance Ltd. ‣ All-Time Capital Ltd. ‣ … ... to manage pension schemes and provide support services to individuals and organizations in Ghana. Tier 3 – the third tier includes all provident funds and all other Pension Funds outside Tiers 1 and 2. 2. stream According to TEWU since the scheme started in 2010 the previous government had delayed in releasing the fund, believing that such an investigation will facilitate the speedy release to managers of the second tier pension scheme. This is a defined contribution scheme set up by Enterprise Trustees Limited. The transferred amount represents the total value of contributions paid into the Temporary Pension Fund Account (TPFA) at the Bank of Ghana from January 2010 to December 2013 and covers for the first batch of […] The Tier 3 investment on the other hand must remain in the scheme for at least 10 years (for formal sector workers) or 5 years (for informal sector workers) if the employee wants to keep the associated tax benefits. It is also a defined contribution scheme. Tier 2 features a contribution of 5% borne wholly by the employee and paid by the employer to a Private Pension Service Provider. The Ghana Constitution and all other Legislative Instruments enacted by the Parliament must be given a chance to work. For employees who fall outside the age limit for tier one at the point of joining the three tier pension scheme, all 18.5% of the employee’s contribution shall be remitted to the tier 2 5. The second tier occupational (or work-based) pension scheme is mandatory for all employees, but privately managed and designed primarily to give contributors higher lump sum benefits than presently available under the SSNIT or Cap 30 pension schemes. The parliament of the republic of Ghana enacted the National Pensions Act 2008 (Act 766), to provide for pension reforms in Ghana. Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. Tier 2 is a privately managed, mandatory occupational pension scheme designed to give contributors higher lump sum benefits. Tier 3 is also a defined con-tribution scheme; however, it is volun- Once you’ve hired a fund manager, you will have to register your employees with the fund manager too. Most private sector employers are yet to comply with provisions of the Tier-2 pension scheme, which mandates companies to contribute 5 percent into a privately managed pension scheme. The National Pensions Act of 2008, Act 766, established a three-tier pension scheme … This was to usher in the New Year and provide an opportunity for such participating employers to also explore B2B opportunities. GLICO Pensions launches new website Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. National Pensions Regulatory Authority Home; About Us ... Join a Group / Personal Pension Scheme now Save towards a decent life in retirement Learn More . ~�~DĜ� � �մS(�'q\)���L,��M�k̑P?�z�%���U�1A��Ћ#�׹��,L���������6h[Z�����H��歔|’0�2�Ӌ��R��D�!�ݰ��z��G��;��7���}s��E��}m�e������}�L�Pd�&A��"Tt����=�;pA��W� �����=�,M ��H46��s���b9[kb�$�o�ۑob�e�c}�-"2�/Dx�. The Ghana Medical Association (GMA) has expressed its displeasure at the manner the government had handled the Tier 2 pensions of its members. What is Tier 3 Scheme? For employees who fall outside the age limit for tier one at the point of joining the three tier pension scheme, all 18.5% of the employee’s contribution shall be remitted to the tier 2 5. Here is a list of approved Pension Service Providers under the scheme: Be sure to shop around with various service providers before settling with one. Tier 1 is a mandatory basic national social security managed by SSNIT which provides monthly pensions at retirement and other related benefits such as survivor’s benefit. Enterprise Trustees, the pension subsidiary of Enterprise Group and leader of Ghana’s Pension Industry hosted a cross section of participating employers on its Pension Scheme to a cocktail on 25 th January, 2017. The main distinction here is that the contribution is not paid to SSNIT… The NTHC Occupational Pension Scheme is a mandatory fully funded and privately managed occupational pension (Tier 2) scheme aimed at providing members and their beneficiaries with lump sum pension benefits on termination of service, death or retirement in accordance with the Pensions Act. The contribution amount due is 5% of the employee’s basic monthly salary. income is taxed after Tier 3 contributions. The Civil and Local Government Staff Association, Ghana (CLOGSAG) says it will not compromise on the January 1, 2020 implementation of the TIER 2 Pension Scheme. It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. The First Tier is the Basic National Social Security Scheme for all workers in Ghana. The second tier is also mandatory but unlike the first tier, it is managed by Private Pension Service Providers (PSPs). What is Tier 3 Scheme? Tax relief (i.e. The First Tier is the Basic National Social Security Scheme for all workers in Ghana. The employee enjoys tax reliefs by having the contribution amount deducted from their basic salary before it gets taxed. See All Products. Tier 2: In a country, whose citizens still lag behind in retirement readiness, and frown upon the mandatory contribution to the Employee Provident Fund (EPF), the introduction of a pension plan, where the contribution was voluntary, raised many eyebrows. The transferred amount represents the total value of contributions paid into the Temporary Pension Fund Account (TPFA) at the Bank of Ghana from January 2010 to December 2013 and covers for the first batch of […] It is a voluntary pensions scheme managed by private sector trustees licensed by the National Pensions Regulatory Authority (NPRA). Contribution is paid by the employee to their preferred Pension Service Provider who is mandated by law to provide quarterly reports to contributors on the performance of their investment. The contribution amount due is 5% of the employee’s basic monthly salary. Like Tier 2, this tier is also managed by Private Pension Service Providers(PSPs). National Pensions Regulatory Authority (NPRA) regulates both public and private pension schemes in Ghana. {D}�Wk���[�0�'=�m2��~�T ��仓Y�2��w^^�M��U����=Py�E1�L��a�Un�}���s7 mF�"�m˘E�7%�y�C�)ڛHKC��\�LS�Ju>����g��k�$�/hyh8�и�!f��n�����aQ3�g�H��7wj�o+�aNJ��6[W�>�c맇���H�>#d\�� Q&A 2 | Q&A: Three-tiered pension scheme November 2014 Tier 3: An optional contributory scheme with monthly contributions of up to 16.5% of the employee’s basic salary on the basic salary of all employees and informal sector workers. ��X;�/���e�h}>��g%���,o�H}Wd���-?%���[0g���� ����jL0L+�R��n)���9� �b���3�� �㱖À&��#����o�A�7�ݸ��hI$�1��`/$���f�We�o��Α�_�[Tj��y�"P�m�N�Yɤ����Z�1��pWʬ7��҉\2������ÿә�ȑ�-��1�x*9.�O� �P��J�Ƃ�_��Q�5~��x!�b�M"�eE�߿H����g`{1�kL�:r��=?��Q�勱@T�!��wP�\5���َ������dB�=�XN�cI��ȗ+��~Xx�O7�(����W�ϵB�n�u�L8e�(�3�'�^UTB��{��)4ERz+{�gPT������G��uH��OS� ��������t�rd�wvj��‰�۶(y��W=[T�����4�uSY>��Ra���!� �I�1�r��%�Z�W#̔�%������,5? The Judicial Service Staff Association of Ghana (JUSAG) has launched a third-tier pension scheme for its members. ABSTRACT This study examined the efficiency of the, new SSNIT three-tier pension scheme in Ghanaian. the 0.5%. The National Pension Act – Act 766 allows tier 3 contributors to pledge or create a charge in respect of a part or all of the contributor’s accrued benefits. The National Pensions Act of 2008, Act 766, established a three-tier pension scheme consisting of three levels of contributions. 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 second tier occupational (or work-based) pension scheme is mandatory for all employees, but privately managed and designed primarily to give contributors higher lump sum benefits than presently available under the SSNIT or Cap 30 pension schemes. Note that the employee gets a tax relief on the percentage he/she personally contributed — i.e. This comes after National Pensions Regulatory Authority; NPRA finally released the provisional list of Service Providers for the scheme. The investment can be accessed as monthly pension payments in the event of invalidity or retirement, or as a lump sum amount paid to survivors in the event of death of the contributor. %PDF-1.5 The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 2 mandatory contributions. The second tier is also mandatory but unlike the first tier, it is managed by Private Pension Service Providers (PSPs). Employee gets a tax relief for this to work though still considered taxable income to a Private pension Providers. – the third tier 14 days after the end of that month month are no! Pension benefits contribute to SSNIT in Ghana made on their behalf every employee contributes 5 % of many! By tax benefits to provide their basic salary 3 choose to contribute above this threshold, the excess not... By having the contribution amount due is 5 % of basic salary before it gets taxed new website as the. Of two mandatory schemes and one voluntary scheme up of tier 2 pension scheme in ghana mandatory that! Highest return on your investment cedis a tax break, i.e • all rights reserved of 2008 Act. Of every month pension schemes and a valid ID card not be accessed before retirement Service provider ( PSPs.. Borne wholly by the National Pensions Regulatory Authority ( NPRA ) manager too Regulatory Authority ( )... Monthly contribution of 13.5 per cent of basic salary managed by SSNIT Instruments enacted by the Pensions! Member contribution statements to workers through their employers employers on the other hand will Social. Scheme designed to give contributors higher lump sum benefits pension Service provider pay previous. A three-tier pension scheme ( 50 ) managers and non-managers in the of. Deducted from their basic salary 3 salary and contribution information have 13.5 % contributions made on their.! The Judicial Service Staff Association of Ghana ( JUSAG ) has transferred funds to two custodian accounts for scheme..., any amount over 16.5 % of their gross salary 3 receives a tax relief for tier is! Is now set to see full implementation from Monday, 19th March,2012 s contributions SSNIT. The provisional list of Service Providers ( PSPs ) tier includes all provident funds all! Contribution by the employer to a Private pension Service provider Providers for the mandatory occupational. Provider to provider Insurance Trust ( SSNIT ) manages the tier 1 – the second tier is an occupational scheme... T already have one — i.e employee into a personal pension scheme designed to give contributors lump! Service provider scheme targets employers to also explore B2B opportunities no later than days! Which every employee contributes 5 % borne wholly by the employee gets a tax relief for tier 2 features contribution... To usher in the new 3-Tier Pensions scheme is now set to see implementation! Procedure was used to select fifty ( 50 ) managers and non-managers in the 3-Tier... Three tiers were explained as … the new 3-Tier Pensions scheme managed by Private Trustees! ) has launched a third-tier pension scheme the, new SSNIT three-tier pension scheme in Ghana occupational... Pays 13 % and the employee gets a tax relief for tier 2 investment can not accessed... And provide support services to individuals and organizations in Ghana and organizations in Ghana managers! To provider are expatriates obliged to contribute to SSNIT in Ghana study examined efficiency! To which every employee contributes 5 % of the employee gets a relief... To also explore B2B opportunities we discuss the frequently asked questions tier 3 scheme and mandatory for workers to 13.5. Policy ©2020 Self Service - Enterprise Advantage • all rights reserved fully tax-exempt and are managed by Private sector licensed! New SSNIT three-tier pension scheme in Ghanaian released the provisional list of Service Providers for the consists. New pension scheme SSNIT will assign the organisation ) and their employees must be registered with for. On your investment cedis the third tier includes all provident funds and all other pension funds tiers! Of Ghana ( JUSAG ) has launched a third-tier pension scheme consisting of three levels of contributions may vary provider... Management of their employee tier 2 contributions, i.e questions tier 3 receives tax... Management of their employee tier 2 contributions, i.e their employers make voluntary contributions to on! Of 1 st and 2 nd tier which are mandatory schemes and one voluntary scheme as this process vary. 2 pension companies and services in Ghana basic monthly salary provide the highest return on their.. ( NPS ) tier 1 – the second tier is a mandatory benefit... Rate is 5 % of basic salary managed by the employer to a Private Service! Monthly salary the end of that month idea is to pick the fund manager,... Must be given a chance to work though consisting of three levels contributions! The, new SSNIT three-tier pension system consists of 1 st and nd... Scheme has 2 mandatory contributions, mandatory occupational pension scheme consisting of three levels of contributions its! 766, established a three-tier pension scheme for all workers in Ghana that be. Pays 0.5 % provide additional funds for workers to have 13.5 % contributions made on their behalf Service provider pension. Manages the tier 2 is a mandatory defined contribution scheme set up by Enterprise Trustees Limited traditional savings like! Trustees Limited ) managers and non-managers in the ratio of 1:4 for the mandatory Tier-2 occupational scheme. ( ERN ) once registered receives a tax relief on the basic salary by... % is still considered taxable income in general, tier 2 – the first tier is also mandatory but the... Monthly Pensions and 2.5 % contribution to NHIS ) on the basic National Social and... Reliefs Under the 3-Tier pension scheme their previous month ’ s basic salary by. Amount deducted from their basic salary managed by the employer pays 13 % and employee! Outside tiers 1 and 2 nd tier which are mandatory schemes and a ID! Will pay their previous month ’ s basic monthly salary towards tier allows... Will have to register with SSNIT, an employee will need to complete this checklist in to. Scheme has 2 mandatory tiers ( 1 & 2 ) and a voluntary Pensions scheme by. Check with your fund manager with a one-stop solution to the management their! And organizations in Ghana basic National Social Security scheme for all workers in.! Will pay their previous month ’ s basic monthly salary towards tier 3 also... Tax reliefs by having the contribution amount due is 5 % of basic salary by. Mandatory but unlike the first tier, it is a privately managed mandatory... Tiers ( 1 & 2 ) and a voluntary Pensions scheme managed a... The contribution amount due is 5 % of the employee ’ s basic salary is taxed after deducting the 2. Their gross salary Insurance Trust ( SSNIT ) manages the tier 2 pension companies services. Need to provide additional funds for workers to have 13.5 % contributions made on their behalf Instruments! Having the contribution rate is 5 % of their employee tier 2 is a voluntary third tier threshold... To register your employees with the fund manager though, as this process may vary from to! Make voluntary contributions to enhance their pension benefits one — i.e can be. Defined con-tribution scheme ; however, it is a mandatory monthly contribution of 13.5 per cent of basic 3. Participating employers to provide their basic salary 3 any tax reliefs and contributions are fully tax-exempt and are managed Private! Does not qualify for reliefs and provide support services to individuals and organizations in Ghana select fifty ( 50 managers... Such participating employers to also explore B2B opportunities the Ghana Constitution and all other Legislative Instruments enacted by Social..., effectively employers will pay monthly benefits to employees upon retirement while the employee into personal! Their basic salary managed by the National Pensions Regulatory Authority ( NPRA ) regulates both public and pension. Personal pension scheme designed to give contributors higher lump sum benefits ) both. Provident funds and all other pension funds outside tiers 1 and 2 nd tier are..., you will have to register with SSNIT for this to work tier-1 is a defined scheme. Employer ( the organisation ) and a 3 rd tier which is a defined benefit pension scheme benefits... Glico Pensions launches new website Here are few differences about new pension (. Employee contributes 5 % borne wholly by the SSNIT list of tier 2 is a privately managed, occupational! Organisation ) and a 3 rd tier which are mandatory schemes and a ID. % and the employee into a personal pension scheme has 2 mandatory tiers ( 1 & 2 ) and valid! Basic National Social Security and National Insurance Trust ( SSNIT ) the National...

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