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Bright Wireko Brobbey has revealed that the National Pension Regulatory Authority (NRAA) is expected to unify Ghana's fragmented pension plan by 20121.
According to him, the Cabinet has already agreed to the development of a roadmap to unify all pension plans, which should be completed by 2021.
Currently, the consultation process, which involves broader stakeholders, is underway before taking off with unification.
The National Pensions Act (766), pbaded in 2008, stipulates that all parallel pension schemes must be unified and integrated into the three-tier system, but these provisions have not been implemented.
The unification process is one of the mandates of the National Pension Regulatory Authority (NRA) to ensure the harmonization of fragmented pension schemes.
The Deputy Minister stated this when the National Pension Regulatory Authority appeared before the Parliamentary Committee on Public Accounts (PAC) to respond to questions raised by the Auditor General in his 2016 report. .
"We should take our time and look at the institutions involved. Once Cabinet has given its approval, it is now up to NPRA and the committee to put it in place to really put in place measures and meet with stakeholders.
"This is not something that can be done overnight and therefore, month after month, commitments have been made – for example, Parliament, a pension plan in one form or another and we have to engage Parliament with others, such as the audit department, so that all these institutions should: I hope we should look into 2021. We should have some kind of "Solid unification," he told B & FT during an interview with NPRA officials who were scheduled to attend the Public Accounts Committee hearings on Monday.
He also explained that unification was essentially about ensuring the sustainability of pension plans.
"At present, some categories of staff who do not contribute to their pension but are paid (which is problematic, if you continue this way), the actuarial studies of SSNIT and NPRA have themselves shown that the pension plan could not be maintained as long as a country) ".
It is also to ensure fairness and justice; "We are workers who work and pay, we must have standards to contribute to our own pensions, so if we unite, it will benefit everyone and the nation as a whole."
Hayford Attah Krufi, President and CEO of NPRA, said the law required him to ensure that everyone in the formal sector is a third party, which is the process of unification.
He added that under the roadmap, NPRA should involve non-contributory institutions.
As part of the CAP30 created in 1952, civil servants were not supposed to contribute, as were the armed forces, but prisons and other security agencies did not contribute. "But to migrate them, you have to hire them so that they understand buying before the process can be completed."
He also revealed that the ANRP had been mandated to sue institutions that do not pay their pensions but have not yet prosecuted because they are in the process of preparation.
Article 213 of the National Pensions Act as amended also stipulates that, as soon as this law enters into force, all existing parallel pension schemes – such as the CAP30 colonial and university pension schemes – should be unified. under a three-tier system within four years. year, except for the armed forces.
The CAP30 pension scheme, which many agree is out of date, is a non-contributory pension scheme established in 1952 under the Pensions Ordinance, No. 42 of Chapter 30, for officials exercising before 1972.
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