PENSION REFORM

PENSION REFORM

Enterprise Trustees Enterprise Trustees

Enterprise Trustees

Subsidiary of Enterprise Group PLC, managing over GH?8bn AUM, serving over 4,000 industry players and 600,000 members.

发布日期: 2024年3月28日
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In 2008, the government of Ghana implemented significant pension reforms with the passage of the National Pensions Act of 2008 (Act 766). This marked a pivotal moment in the evolution of the country's pension system. The reforms introduced a three-tier pension scheme aimed at enhancing retirement income security for members and future sustainability of the various scheme.?

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Tier One (1)?

  • Represents a mandatory basic national social security scheme covering all formal sector employees.?
  • Consist of 13.5% of members’ basic salary.?
  • Managed by the Social Security and National Insurance Trust (SSNIT),?
  • Is a defined benefit scheme.?

Tier Two (2)?

  • Comprises a mandatory occupational pension scheme.?
  • Consists of 5% of members’ basic salary?
  • Managed by licensed corporate trustees and approved fund managers. This tier caters to employees across both formal and informal sectors, allowing for the accumulation of additional retirement savings.??
  • Is a defined contribution scheme.?

Tier Three (3):?

  • Consists of voluntary provident funds and personal pension schemes.?
  • providing individuals with the flexibility to make supplementary contributions towards their retirement funds.?
  • Up to 16.5% of members basic salary?
  • Is a defined contribution scheme.?

Total contribution?

  • 35%?
  • All Pension Contribution up to 35% is tax exempt.?

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