The Forum for Public Sector Registered Pension Schemes has given the Government as much as get rid of July to fix outstanding issues concerning the Tier Two Pension Scheme.
Mr Isaac Bampoe Addo, the Chairman within the Forum, on a news conference in Accra, said since 2010 if your Scheme commenced, government had about 80 months’ arrears of these five per cent monthly deductions to get paid to their respective custodian fund managers.
The forum said government entities should transfer all contributions deducted from January 1, 2010 to August 31, 2016, including penalties as needed with the Law; Act 766.
They also asked the nation’s Pension Regulatory Authority (NPRA) to make certain that the comparison to its settlement filed by way of the Government and the forum for the High Court in February 2016 were complied with by both parties.
The Forum comprises unions and associations namely: Civil and native Government Staff Association, Ghana, Judicial Service Staff Association of Ghana, Ghana Rn’s and Midwives Association, Ghana Hospital Pharmacists Association, National Association of Graduate Teachers and Ghana National Association of Teachers.
The rest are Ghana Medical Association, Ghana Association of Certified Registered Anaesthetists, Coalition of Concerned Teachers, Ghana, Teachers and Educational Workers’ Union of Ghana, TUC, Ghana Physician Assistants Association and also the Health Service Workers’ Union.
Mr Addo expressed concern about the condition of NPRA in addressing their concerns.
He said as indicated, the second Tier Scheme became a defined contributions Scheme plus in to increase retirement income for workers, the funds deducted will have to be invested prudently and timeously.
He said the NPRA, by its conduct, had made it through funds inside the Temporary Pensions Fund Account (TPFA), which was yielding no results.
According to Mr Addo, the NPRA had failed to inform government on the accurate indebtedness towards various schemes much like the Act.
He said in 2014, the National Pensions Act, 2008 (Act 766) was amended by way of the National Pensions Act, 2014 (Act 883) additionally, the amendment reverted some workers to the Social Security Law, 1991 (PNDCL 247) and as well changed the formula that were established from the Social Security and National Insurance Trust (SSNIT).
Mr Addo said this change had resulted on the payment of reduced good things about the contributors along with also generated a problem with regards to the way to handle the excess one percent deductions made component those workers, who are reverted towards the Social Security Law 1991 (PNDCL 247).
He said the NPRA we had not ensured the resolution of an appropriate and acceptable past credit with respect of contributors who, because of the new Act, would claim their lump sums in the Occupational Pension schemes after contributing for several years into the SSNIT Scheme.
Mr Addo said the situation the spot that the Secretary of state for Finance was seeking to assume oversight responsibility over pensions was not the most beneficial mainly because it was should be managed via the Ministry for Employment and Labour Relations.
He said the Minister of Finance can’t amend an Act of Parliament by using a budget statement adding; “Per Section 13 of Act 766 the Minister Employment and Labour Relations was the cause of Pensions and should remain that way.”