The Leadership of Ghana National Association of Teachers (GNAT) has provided the Management of the National Pension Regulatory Authority (NPRA) a three-day ultimatum to produce their bond totalling GH1.7 billion.
Mr David Ofori Acheampong, the normal Secretary of GNAT told a press conference that the money have been when using the Authority over 80 months.
“We asks the Trust Board to stop paying fees for the NPRA when they never release the bond,” he was quoted saying.
Mr Acheampong, who addressed the press around the status of your Ghana Education Occupational Pension Scheme Share (GESOPS) within the Temporary Pension Fund Account (TPFA) in Accra, on Tuesday, said the 80 months was arrears from January 2010 to August 2016.
He however, said the monthly contributions are already mortgage free to June 2018.
He said right after the 72-hour ultimatum, the leadership of GNAT would start on a sit-down strike for the length of time not wearing running shoes would grab the NPRA to secrete the bonds for their Custodian Bank.
“Two weeks following the re-opening of colleges for the first term from the 2018/2019 academic year; they would proceed on work to rule for the next couple of weeks.”
“We happen to be compelled to adopt these strategies for the reason that NPRA, the regulator, has turned itself into Fund Manager and Custodian. Thus if the trust Board has any operational challenges, where will they have a opt for resolution,” he added.
Mr Acheampong said despite the directive with the Secretary of state for Finance, the NPRA as at today has not complied using the excuse them to be visiting engage a consultant to provide data ahead of the relieve of the text.
The General Secretary said, however that, without the presence of data, NPRA had released the share of Temporary Pension Fund Account to three other Public Sector Schemes.
He said the Chairman from the Trust Board on the GESOPS wrote to the NPRA to discharge the Bonds for their Custodian Bank and the Ceo within the NPRA revealed that the generation within the data was needed by way of a qualified consultant, knowning that, these people were while under-going procurement stages.
He said the NPRA claimed it was subsequently taking prudent financial investment for the 80 months contributions arrears and they would go on to agree to any investment instructions offered by the Board of Trustees.
“The response from nothing else person versus the CEO of NPRA reveals the fact that non-release in the Bonds will deprive our members from getting their cash benefits paid for them,” he added.
He said the irony of the situation was the reality that the NPRA, that is the Regulator, has now transformed itself into Custodian and Fund Manager roles, the Act 766 as Amended, doesn’t ascribe into the Regulator.
“What is far more serious is contributors, that have retired, drop by NPRA for benefits nonetheless the NPRA rather refers the retirees returning to the Teachers Unions for the payment of their total benefits,” he said.