Enterprise Trustees re-launches personal pension products to boost pension penetration
ENTERPRISE Trustees Limited has re-launched its Enterprise Personal Pension (EPP) Plan as part of efforts to deepen pension penetration and enhance retirement planning among Ghanaians.
The reintroduced scheme has been segmented into three tailored products: the SunnySide Plan for the youth, Asetena Pa Plan for informal sector workers, and Goodlife Plan for retirees, all designed to meet the diverse financial needs of different groups within the economy.
Speaking at the launch in Accra, the Managing Director of Enterprise Trustees Limited, Mr Joseph Ampofo, said the re-launch was informed by market feedback and changing customer expectations since the company first introduced personal pensions in 2016. He noted that low uptake of personal pension products over the years necessitated a strategic review, which revealed the need for segmentation and value-added benefits to attract more subscribers.
“We realised that different groups of people have different needs. The young professional wants growth, the informal worker prefers stability, while the retiree seeks income sustainability. This informed the redesign of the scheme into three distinct plans,” he explained.
Mr Ampofo said the SunnySide Plan targeted individuals between 18 and 45 years and adopts a more aggressive investment strategy to maximise long-term returns. He indicated that the Asetena Pa Plan was crafted for informal sector players, including traders and small business owners, with a conservative investment approach to minimise risk.
The Goodlife Plan, he said, was aimed at retirees who wish to receive their lump sum benefits over time instead of as a one-off payment.
To make the scheme more attractive, Mr Ampofo said the company had introduced additional benefits, including a free life cover of up to GH¢2,500 and a hospitalisation cover of up to GH¢1,500 for subscribers. He explained that the hospitalisation benefit, which provides GH¢50 per day, is refundable upon valid claims at any recognised health facility.
“These additions are meant to give customers more value beyond just saving for retirement. It also responds to concerns about what immediate benefits contributors can enjoy,” he said.
Mr Ampofo emphasised that affordability and accessibility were key features of the scheme, noting that individuals could start contributing with as little as GH¢50 through mobile money platforms using a USSD code.
Moreover, he urged Ghanaians, particularly those in the informal sector, to cultivate the habit of consistent savings to benefit from compound interest over time.
On challenges within the pensions industry, Mr Ampofo identified low awareness and limited financial literacy as major barriers to the growth of personal pensions. He called for intensified public education and industry-wide collaboration to improve uptake, stressing that personal pension schemes remained a critical component of Ghana’s three-tier pension system.
The Board Chairman of Enterprise Trustees Limited, Mr Fii Kwakye, said the rebrand reflected the company’s commitment to innovation and responsiveness to market needs. He noted that the initiative would provide a more structured pathway for individuals to achieve financial security in retirement.
The Director of Standards and Compliance at the National Pensions Regulatory Authority (NPRA), Mr Ernest Acquah, commended the company for the initiative. He described the three products as innovative and urged Ghanaians to embrace personal pension schemes as a means of securing their future.
Mr Acquah stressed that increasing participation in tier three pension schemes would significantly improve retirement outcomes and reduce old-age dependency in the country.
BY KINGSLEY ASARE
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