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One of the best experiences here is to retire and enjoy a joyous life from that time forward.
Therefore, as part of your financial plans, you should consider saving for a pension.
In my previous post on “List Of Tier 2 Pension Companies In Ghana”, I threw more lights on the concept of pension and probably pension schemes in Ghana. You have every right to check that post out if you are yet to do that.
Today, I am in again to let you know more about Glico Pensions and how to register for this package. It doesn’t end there; I will do my best to provide you with some necessary informations on pension. This is a detailed post and so, take some chiller.
The backbones of this post are:
- Some important terms relating to pension.
- Details Of Pension Schemes In Ghana.
- The (3) Tier Pension Schemes In Ghana.
- Details Of Glico Pensions, How To Register And More.
- How Much A Worker Is Required to Contribute To The Scheme
Terms Relating To Pension
Pension: a sum of money that a company or the government pays to an individual who is old or “under the weather”, and no longer works.
Trust: an arrangement entailing usually three parties of which one party entrusts the property/assets/money to another party (the trustee) to be transferred to the third party (the beneficiary) at a set period of time.
Trustee: a person or organization that has been given the mandate to hold property/assets/money on behalf of another person (beneficiary) by way of a trust.
National Pensions Act (Act 766): Act 766 was passed on the 12th Dec, 2008 to mandate the constitution of a new contributory Three(3) Tier Pension Scheme.
National Pensions Regulatory Authority: the NPRA oversees the operations of the Three (3) tier pension schemes and also, liable for registering of occupational pension schemes, provident funds, and personal pension schemes.
Pension Scheme In Ghana
The National Pensions Act, Act 766 guarantee that every Ghanaian worker receives retirement benefits as and when due.
This is a benefit scheme by which an employer and employee contribute an amount of money that is invested to provide the employee with a pension on retirement either as a rente or as a lump sum.
3 Tier Pension Schemes In Ghana
The first tier is a mandatory basic national social security scheme for all workers and it is superintend by SSNIT.
The second tier is a mandatory occupational pension scheme for workers in Ghana and it is superintend privately by authorized Trustees.
The third tier is a voluntary Provident Fund /Personal pension scheme and it’s designed for workers in the informal sector. It’s optional for public sector workers to participate in the tier-3 or not.
GLICO Pensions, How To Register And More
About Glico Pensions
Glico Pensions was formed into a legal corporation in 2010 and granted a license by the National Pensions Regulatory Authority (NPRA) as a corporate trustee.
Glico Pensions serves clients in both the formal and informal sectors.
Glico Pensions has gained more than 10 years experience in terms of managing and administering Group Personal Pension Schemes, Occupational Pension Schemes and Provident Funds for customers.
Products & Services Of Glico Pensions
GLICO Master Trust Occupational Pension Scheme (Tier 2)
Glico Pensions is a licensed private pensions company that manages tier- 2 pension of their clients.
Master Trust Provident Fund Scheme (Tier 3)
Glico Pensions’ Master Trust Provident Fund Scheme is proposed to both workers in the public and informal sectors in Ghana.
Even though this is the main pension scheme designed for the private/informal sector employees, it is optional for the public/formal sector employees to subscribe to it or not.
Informal sector employees under the Glico Pensions’ Master Trust Provident Fund Scheme are exempted from taxes on the amount deducted as monthly contributions.
Furthermore, informal sector employees under the Glico Pensions’ Master Trust Provident Fund Scheme can make withdrawal of their chunk sum after a period of ten years of continuous contribution.
Third Party Administration Of Group Personal Pension Schemes
Glico Pensions renders efficient pension administrative services for sizable pension schemes. A typical example of a large pension scheme under Glico Pensions is the Ghana Education Service (GES) Pension Scheme.
How To Register For Glico Pensions
You can do this by:
- visiting any of Glico Pensions’ offices. Main Office: Adabraka – Accra.
- reaching out to Glico Pensions’ service hotline via: +233 (0) 302 218 500.
How Much A Worker Is Required to Contribute
The worker(s) contribute(s) 5.5% of workers’ basic salary and also, the employer contributes 13% of the workers’ basic salary and that is 18.5% workers’ basic salary in total at the end of each month.
After the end of the month, the employer is required to remit 13.5% of the 18.5% workers’ basic salary, to the mandatory tier- 1 Basic Social Security Scheme which is managed by SSNIT.
To add, out of the 13.5% paid to SSNIT, 2.5% is paid to the NHIS for the worker’s health insurance. The remaining 5% is then paid to the obligatory tier- 2 Occupational Scheme.
Glico Pensions Contact Details
Phone Numbers: 0302 246140/2 or 0202222113
Email Address: [email protected]
GLICO Pensions Trustee Company Limited,
Glico House, 47 Kwame Nkrumah Avenue
P. O. Box GP 4251, Accra, Ghana.
All the best. Your feedbacks are warmly welcomed, thanks.