The National Pensions Regulatory Authority (NPRA) has assured trustees who appointed UT Bank because their Custodian his or her Pension Funds are not plagued by the takeover.
NPRA said the prevailing purchase and takeover through the GCB Bank and subsequent withdrawals of their total license through the Bank of Ghana would, certainly not, affect contributions of trustees.
A statement issued by the NPRA and copied to your GNA on Tuesday in reaction for the takeover of these two banks, noted that the National Pensions Act, 2008 (Act 766), as amended, had made special provisions for such takeovers in section 209 (1 and a couple of) and, therefore, there wasn’t any cause of alarm.
The National Pensions Act has special provisions for such takeovers that states that: “Quick grown timbers . provisions of a typical other enactment, pension funds or assets kept by using a custodian under this Act shall quit for the payment of claims of any custodian’s creditors in the event of liquidation on the custodian.”
“In the case of dealing, liquidation or cessation of business within the custodian or all or any of their shareholders, the pension funds or assets from the custody of your custodian shall not be seized or why not be subject to execution of a judgment debt or from transfer to another custodian.”
“The Authority is, therefore, reassuring its stakeholders, especially Trustees plagued by the takeover, that your necessary actions are now being taken together with the various stakeholders to make sure an easy transition for that benefit to contributors,” it said.