The Forum of Public Sector Registered Pension Schemes, on Wednesday, advised the costa rica government to stand up to any urge to learn the Pensions Law to enable it spend time at pension funds to compliment private industries or housing projects.
Addressing a news conference in Accra, to answer attempts by a few politicians and industrialists to the article on the Pensions Law, Dr Isaac Bampoe-Addo, the Chairman from the Forum, said the nation’s Pensions Act, 2008 (Act 766) had clearly defined areas for investments under section 176.
Therefore, he stated, it would not allow politicians or industrialists to dip their hands in to the huge accumulated pension funds for almost any purpose not permitted by way of the law.
He urged the Government to let the pension schemes to figure as defined by the nation’s Pension Regulatory Authority and consonance with the existing laws.
Dr Bampoe Addo, therefore, warned politicians along with industrialists to cease all mechanisations to get entry to pension funds, at the peril of workers.
“The Forum may not stay unconcerned for Government to utilize any method for appropriate workers’ pension due to its intended private sector support,” he stated.
“The Forum is not in preference to using pension funds to help with private sector schemes using the sole goal of private industries assessing funds at approximately nine percent, rather than the prevailing 30 per cent interest on loans,” Dr Bampoe Addo.
He said hello was prudent to permit the Trustees of the various pension schemes? to take care of the pension funds, explaining which the profits accruing around the pension funds were far better than that regarding the Social Security and National Insurance Trust (SSNIT).
Therefore, he was quoted saying, it was not worth risking the funds by lending the crooks to private industries and estate developers.
He claimed it would continue to be the watchdog on pensions and resist any overt or covert try and subvert the sleek implementation of the National Pensions Act, 2008 (Act766).
The caution with the Forum, he stated, followed an announcement reported to own been from Dr Paa Kwesi Nduom, a renowned industrialist, in the recently held Ghana Economic Forum that, the main pension scheme was to provide long run capital to local industries.
Additionally, Mr Samuel Atta Akyea, the Minister of Works and Housing, is reported to possess declared at various public platforms that, government entities was exploring tips on how to get a new pension legislation to ring fence 30 % of pension funds for mortgage financing to minimize the housing deficit by developing affordable houses.
Dr Bampoe Addo declared: “In nearly we agree that improvements in housing is usually a laudable idea, we look for it outrageous that component of workers’ pension runs to help with private housing programmes that will not inure into the benefit to retirees.
“Indeed, current debts buy a primary residence rests while using beneficiary instead of by any political fiat.”
Dr Bampoe Addo explained that the Tier Two Pension Scheme was a defined contribution scheme, which relied on viable and safe investments to ensure that meaningful benefits were paid on contributors’ contributions, therefore, all contributions made in the domain name of a user vested during the member.
The Forum comprises 12 labour unions including, the Civil and native Government Staff Association; Ghana National Association of Teachers; Teachers and Educational Workers’ Union; Ghana National Association of Graduate Teachers; Health Services Workers Union; Ghana Registered Nurses and Midwives Association; Ghana Medical Association; Ghana Physician Assistants’ Association; Ghana Association of Certified Registered Anaesthetists, a few.