ARB Apex bank advocates prompt payment of retirement benefits for pension contributions

By Dennis Peprah

Fiapre, (B/R), April 13, GNA – The Association of Rural Banks has called on the National Pensions Regulatory Authority (NPRA), regulators of the nation’s pensions, to up measures and ensure that pension contributors receive their retirement benefits, immediately after active service.

Mrs Patricia Peprah Agyemang, the President of the Bono, Bono East, and Ahafo Region Chapter of the ARB Apex Bank made the call in an interview with the Ghana News Agency (GNA) at Fiapre in the Sunyani West Municipality.

She was speaking to the GNA on the sidelines of a day’s sensitization forum on pension schemes, organised by the NPRA with the support from the German Development Cooperation (GIZ) for staff of the various rural banks in the region.

Mrs Agyemang indicated that it was very good for every active worker to register and join pension schemes, but the delay in the payment of benefits of contributors, when they went on retirement was discouraging.

She indicated that though the NPRA was doing a lot to streamline pension activities in the country, it ought to do much and ensure that trustees “did not take contributors” for granted, instead pay them their retirement benefits immediately after active service.

Mrs Agyemang lauded the NPRA Tier Three (personal) pension scheme, designed basically to provide solid financial security for informal sector workers, and encouraged them to show interest and register for future financial stability.

She commended the Authority for the sensitization forum, which had enlightened and exposed them to the various pension schemes, benefits, and trustees.

She further advised workers above 45 years also to join the tier three scheme.Mr William Ohene-Adjei, the Bono, Bono East, and Ahafo Regional Manager of the NPRA, said he was optimistic that with the forum, the participants would go back, inspire, and influence their clients to join the tier three pension.

He particularly advised petty traders, shoemakers, truck pushers, head potters, hairdressers and dressmakers, mechanics, and food vendors to capitalize and join the tier three pensions for their future good.

Madam Fatima Gberbie, Junior Communications Officer, GIZ, said the Cooperation was committed to advancing human development in the country, and pledged its continuous support to the NPRA for the masses to understand the concept and join the pension scheme.

Mr Samuel Baffour Awuah, Corporate Affairs Officer, NPRA, took the participants through the concept and benefits of joining Tier One, Tier Two, and the Tier Three pensions as well as the NPRA Act and their mandate.