The Minister of Employment and Labour Relations, Ignatius BaffourAwuah, has advised managers of Tier 3 pension schemes to convert investments of retired contributors into shares.
According to him, this would ensure that retired contributors were paid dividends in the case investments portfolios of pension schemes make profits.
Speaking at the inauguration of the Board of Trustees of the Ghana National Association of Teachers (GNAT) Provident Fund in Accra yesterday, he said such a move would also help in avoiding the financial challenges that occasions retirement.
Chaired by Ransford Lolih, other members of the board include Thomas TankoMusah, Helen AkuaAsantewaaOsei, Peter ObengNyamekye, Victor de-Graft Etsison, Daniel TomeyAnning, Phillip Dela Dzamanu and Isaac Baah.
The Minister explained that pension was an effective social protection programme that required effective management for contributors to benefit.
He advised the board to focus on professionally managing the fund, devoid of any conflict of interests.
“I want to encourage the board to be accountable to the members. Be responsible in managing the task that has been assigned to you by members of GNAT.
Be diligent in managing the affairs of the fund very well so that all contributors will gain the expected benefit,” MrBaffour-Awuah stated.
He asked the board to make available to members information about their investments, adding it was imperative that fund contributors know the state of their investments and whether or not it was accruing interests.
The Minister commended the Trustees for their commitment to work in line with regulatory requirements and urged the National Pensions Regulatory Authority (NPRA) to play its oversight role to ensure the Fund was successful.
On behalf of the board, MrLolih said the members were appreciative of the appointment and would work to ensure the fund realises the expected returns.
“I want to assure contributors that the members of the committee were ready to work hard to ensure achievement of the Provident Fund,” he stated.
Rev. Isaac Owusu, President of GNAT, charged the board to be more resourceful, innovative and strategic in managing the fund in order to make it beneficial to the association.
BY CLAUDE NYARKO ADAMS
