[ 2016-11-07 ]

People’s Pension Trust targets thousands in informal sector
The latest Corporate Trustee in Ghana, People’s
Pension Trust Ghana Limited has begun full
operations with a pledge to change the face of
informal pension administration in the country.

People’s Pension Trust Ghana Limited is
targeting to provide at least 500,000 Ghanaians in
the informal sector with easy and secured channels
of saving towards their retirement within the next
five years.

“This is based on our feasibility studies and
research over the past two years in the country
which has brought us face to face with the
alarming extent of poverty among informal sector
workers of pension age referred to as “Pension
Poverty”.  It is not a pretty sight, and we
will not stand by and look on for more people to
walk into pension poverty” the CEO of People’s
Pension Trust, Samuel Bediako Waterberg noted.

The company is therefore poised to reduce old age
poverty in Ghana by offering innovative and unique
pension products for the informal sector.

People’s Pension Trust received its operating
license from the National Pensions Regulatory
Authority, NPRA in September 2016 after satisfying
all regulatory requirements.

It is licensed as a Corporate Trustee to implement
the Tier 2 and Tier 3 pension schemes under the
National Pensions Act 2008, (Act 766).
The Tier 2 called “occupational or work-based
pension” is mandatory for all employees whilst
the Tier 3 is a voluntary provident fund targeted
especially at workers in the informal sector
usually not covered by the two mandatory schemes
(Tier 1 &Tier 2).

According to Mr. Waterberg “Even though we have
the license to operate both Tier 2 and Tier 3 like
all other trustees, our priority is the Tier-3
with players in the informal sector as our prime
target”.

“We will roll out innovative Tier-3 products
that allow informal workers save for their
pension.  People can contribute daily, weekly or
monthly by paying cash, with a mobile device or
through existing community organizations. We are
also committed to ensuring that people are
financially educated about saving for the long
term,” he added.

Source - People’s Pension Trust Ghana L

... go Back