From 2020 all pensioners on the new pension scheme will access their lump sum payments from the managers of pension schemes other than the Social Security and National Insurance Trust (SSNIT).By this, the state pension’s manager, SSNIT will only be mandated to pay monthly benefits to pensioners.Employment and Labour Relations Minister, Ignatius Baffour Awuah who announced this indicated that the move is in fulfillment of the 10-year payment date spelled out in the laws establishing the three-tier pension scheme.https://www.royalcosyhills.com
According to him, the exercise should improve access to funds to improve the welfare of pensioners who have mostly complained of the meager claims received from the state pensions manager.He made the remarks in an interview with Citi Business News on the sidelines of a round-table discussion on Ghana’s pension scheme organized by the Institute for Fiscal Studies, IFS.https://www.conveygh.com/
“Upon the retirement of any individual, the scheme that person belongs to will pay the entitlement due the person. There are going to be two payments; SSNIT will continue to do the monthly payments but then the bulk payments will come from the defined scheme the person belongs to. So assuming I belong to hedge pension, it is the trustees of hedge pension that will ensure I get my defined pension because by that time I will even have foreknowledge of what I have contributed so far and the interest it has accrued,” he explained.