The National Pensions Regulatory Authority (NPRA) has granted People’s Pension Trust Ghana Limited the license to operate as the 28th Corporate Trustee in the country.
The company received its operating license from the regulator on September 6, 2016, after satisfying all regulatory requirements.
People’s Pension Trust has been licensed to implement the Tier 2 and Tier 3 pension schemes under the National Pensions Act 2008, (Act 766).
The Tier 2 called “occupational or work-based pension” is mandatory for all employees whilst Tier 3 is a voluntary provident fund targeted especially at workers in the informal sector usually not covered by the two mandatory schemes (Tier 1 and Tier 2).
The latest entrant into the Ghanaian pensions market, People’s Pension Trust is to focus on the informal sector by rolling out innovative Tier 3 products that allow informal workers save for their pension.
The CEO of People’s Pension Trust, Samuel Bediako Waterberg explained to JOY BUSINESS, their vision to be recognized as the company that successfully reduces old age poverty by offering innovative and unique pension products for the informal sector.
“We offer a pension product for which people can contribute daily, weekly or monthly by paying cash, with a mobile device or otherwise through existing community organizations. We are also committed to ensuring that people are financially educated about saving for the long term” he noted.
“We are ambitious and determined in our desire to provide at least 500,000 Ghanaians in the informal sector with easy and secured channels of saving towards their retirement within the next five years," he added.
He said their feasibility studies and research over the past 2 years has brought them face to face with the alarming extents of pension poverty in the country.
"It is not a pretty sight, and we will not stand by and look on for more people to walk into pension poverty,” he said in a concerned voice.
The People’s Pensions Trust is part of a group, Blueprint Pension Services (BPPS) and backed by the largest pension insurers and administrators of the Dutch Pension Sector, Lundin Foundation, Aegon and Achmea Foundation, amongst others.