List Of Tier 2 Pension Companies In Ghana

A time will come for an employee to rely on his/her pension after he/she has retired. For this reason, the National Pension Scheme was constituted by the National Pensions Act, Act 766 to guarantee that every Ghanaian worker receives retirement benefits as and when due.

The National Pensions Act, Act 766 was passed on the 12th December, 2008 to mandate the formation of a new contributory 3- Tier Pension Scheme.  

With respect to Act 766, all workers in both the private and the public sector must be covered by the contributory 3- Tier Pension Scheme. However, it’s facultative for the self employed. 

The National Pensions Regulatory Authority (NPRA) was mandated by Act 766 to oversee the operations of the 3- tier pension scheme. 

Moreover, the National Pensions Regulatory Authority (NPRA) is responsible for the registering of occupational pension schemes, provident funds, and personal pension schemes. 

Key Points

Further explore this post if you want to know more about:

• Pension Schemes In Ghana.
• The 3- Tier Pension Schemes In Ghana.
• The Contribution Rates And How They Are Distributed Between The Employer And Employee. 
• The List Of Tier 2 Pension Companies in Ghana.

Pension Scheme

This is a benefit scheme whereby an employer and an employee chip in a fund that is invested to provide the employee with a pension on retirement either as a rente (an annuity), or as a chunk sum.

The 3- Tier Pension Schemes In Ghana

First Tier (Tier 1)

The tier 1 is an obligatory basic national social security scheme for all workers in Ghana and it is managed by SSNIT. 

Second Tier (Tier 2)

The tier 2 is an obligatory occupational pension scheme for workers in Ghana and it is managed privately by approved Trustees.

Third Tier (Tier 3)

The tier 3 is a voluntary Provident Fund /Personal pension scheme outside the tier 1 and the tier 2, and it is meant for workers in the informal sector.

Contribution Rates And How They Are Distributed

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. 

Following the end of the month and within 14 days, the employer is mandated to remit 13.5% of the total 18.5% workers’ basic salary, to the obligatory tier- 1 Basic Social Security Scheme which is managed by SSNIT.

Then again, out of the 13.5% paid to SSNIT, 2.5% is sent to the NHIS for the worker’s health insurance. The remaining 5% is sent to the mandatory tier- 2 Occupational Scheme. 

List Of Tier 2 Pension Companies in Ghana

As mentioned earlier, the National Pensions Regulatory Authority (NPRA) is responsible for the registering of occupational pension schemes, provident funds, and personal pension schemes in Ghana.

Fast forward, below is the list of  Tier 2 Pension Companies that have been registered by the National Pensions Regulatory Authority (NPRA).

Master Trust Occupational Schemes

• CEDAR PENSION SCHEME
• ENTERPRISE TIER 2 OCCUPATIONAL PENSION SCHEME
• UNDERWRITERS TIER 2 MASTER TRUST PENSION SCHEME
• GENTRUST MASTER PENSION FUND
• METROPOLITAN OCCUPATIONAL PENSION SCHEME
• PENSIONS ALLIANCE TRUST FUND
• PETRA ADVANTAGE PENSION SCHEME
• KIMPTON MASTER TRUST SCHEME
• UGS MASTER PENSION FUND SCHEME
• STALLION RETIREMENT FUND
• MINING INDUSTRY MASTER TRUST OCCUPATIONAL PENSION SCHEME
• DAAKYE OCCUPATIONAL PENSION SCHEME
• RURAL AND COMMUNITY BANKS OCCUPATIONAL MASTER TRUST SCHEME
• SANKOFA MASTER TRUST OCCUPATIONAL SCHEME
• NTHC TIER 2 OCCUPATIONAL PENSION SCHEME
• SECURE PENSIONS OcCUPATIONAL MASTER TRUST SCHEME
• UNITED MASTER TRUST PENSION FUND
• UNITED SMART OCCUPATIONAL PENSION FUND SCHEME
• UPT PENSION SCHEME
• UNITED PENSION FUND SCHEME
• VA LIFE PENSION FUND SCHEME
• UNIVERSAL PENSIONS MASTER TRUST SCHEME
• GLICO MASTER TRUST OCCUPATIONAL PENSION SCHEME
• HEDGE OCCUPATIONAL PENSION SCHEME
• GTMO/TWU OCCUPATIONAL PENSION SCHEME
• TUC & AFFILIATES OCCUPATIONAL PENSION SCHEME
• BROADVIEW MASTER OCCUPATIONAL PENSION SCHEME
• DAAKYE OCCUPATIONAL PENSION SCHEME
• HODA EMPLOYEE MASTER PENSION FUND
• GOLD MASTER PENSION FUND SCHEME
• EVERGREEN PENSION SCHEME
• BEST TRUST SCHEME
• SANKOFA MASTER TRUST OCCUPATIONAL SCHEME
• FIRST MERIT OCCUPATIONAL PENSION SCHEME

Employer Sponsored Occupational Pension Schemes

• SIC INSURANCE EMPLOYEE PENSION FUND
• SIC LIFE EMPLOYEE PENSION FUND
• SIC LIFE TRUST EMPLOYEE PENSION FUND
• GHANA POLYTECHNIC WORKERS PENSION SCHEME
• HODA EMPLOYEE PENSION SCHEME
• PSW EMPLOYEE PENSION SCHEME
• CBG STAFF OCCUPATIOAL PENSION SCHEME
• STANBIC BANK GHANA LIMITED OCCUPATIONAL PENSION SCHEME
• GOLDEN STAR (WASSA) OCCUPATIONAL PENSION SCHEME
• INTER AFRIQUE GROUP OCCUPATIONAL PENSION SCHEME
• MECHANICAL LLOYD COMPANY LIMITED STAFF OCCUPATIONAL PENSION SCHEME
• JUDICIAL SERVICE STAFF OCCUPATIONAL PENSION SCHEME
• NATIONAL COMMUNICATION AUTHORITY STAFF OCCUPATIONAL PENSION
• VRA STAFF OCCUPATIONAL PENSION SCHEME
• FIDELITY BANK GHANA LIMITED OCCUPATIONAL PENSION SCHEME
• GCB BANK LIMITED TIER 2 OCCUPATIONAL PENSION SCHEME
• GOLDEN STAR (BOGOSO/PRESTEA) OCCUPATIONAL PENSION SCHEME
• MINERALS COMMISSION TIER 2 OCCUPATIONAL PENSION SCHEME
• NEW CENTURY MINES OCCUPATIONAL PENSION SCHEME
• SSNIT SECOND TIER OCCUPATIONAL PENSION SCHEME
• QFS GROUP OCCUPATIONAL PENSION SCHEME
• VANGUARD STAFF OCCUPATIONAL PENSION SCHEME
• PENTRUST/GROUP NDUOM TIER 2 EMPLOYER SPONSORED SCHEME
• UMB STAFF OCCUPATIONAL PENSION SCHEME
• PWC TIER 2 PENSION SCHEME
• GBC OCCUPATIONAL PENSION SCHEME
• GHANA RE TIER 2 OCCUPATIONAL PENSION SCHEME
• GHANA CIVIL AVIATION AUTHORITY OCCUPATIONAL PENSION SCHEME
• PETROLEUM COMISSION 2ND TIER PENSION SCHEME
• MANTRAC TIER 2 PENSION SCHEME
• MICHELETTI & CO. STAFF OCCUPATIONAL PENSION SCHEME
• MTN TIER 2 PENSION SCHEME
• NESTLE TIER -2 PENsION SCHEME
• NEWMONT GHANA OCCUPATIONAL PENSION SCHEME
• RMU TIER 2 PENSION SCHEME
• RELIANCE PERSONNEL AND LOGISTICS 2ND TIER
• TEMA INTERNATIONAL SCHOOL STAFF OCCUPATIONAL PENSION SCHEME
• TWIFO OIL PALM PLANTATION TIER 2 PENSION SCHEME
• UNILEVER GHANA TIER 2 PENSION SCHEME
• UT GROUP OF COMPANIES STAFF OccUPATIONAL PENSION SCHEME
• VALCO 2ND TIER OCCUPATIONAL PENSION SCHEME
• WAEC 2ND TIER OCCUPATIONAL PENSION SCHEME
• BANK OF GHANA OCCUPATIONAL PENSION SCHEME
• ABSA BANK GHANA STAFF OCCUPATIONAL FUND
• BAYPORT GHANA EMPLOYEES PENSION FUND
• COCA COLA STAFF OCCUPATIONAL PENSION SCHEME
• UNIVERSITIES STAFF OCCUPATIONAL PENSION SCHEME
• ASANKO GOLD GHANA PENSION SCHEME
• NCCE OCCUPATIONAL PENSION SCHEME
• CAL OCCUPATIONAL PENSION SCHEME
• CENTRAL UNIVERSITY COLLEGE PENSION SCHEME
• CPC TIER 2 PENSION SCHEME
• CONSAR GROUP PENSION SCHEME
• CROCODILE MATCHET OCCUPATIONAL PENSION SCHEME
• ELECTRICITY COMPANY OF GHANA TIER 2 PENSION SCHEME
• GHANA EDUCATION SERVICE 2ND TIER OCCUP, PENSION SCHEME
• COCOBOD TIER 2 PENSION SCHEME
• GHANA GRID COMPANY LIMITED TIER 2 PENSION SCHEME
• GPHA TIER 2 PENSION SCHEME
• GHANA TELECOMMUNICATIONS COMPANY LIMITED OCCUPATIONAL PENSIC SCHEME
• GHANA WATER COMPANY LTD. OCCUPATIONAL PENSION SCHEME
• GIMPA OCUPATIONAL PENSION SCHEME
• GOIL OCCUPATIONAL PENSION SCHEME
• JAPAN MOTORS & ASSOCIATES PENsION FUND
• HEALTH SECTOR OCCUPATIONAL PENSION SCHEME
• REPUBLIC OCCUPATIONAL PENSION SCHEME
• HIG OCCUPATIONAL PENSION SCHEME
• L’AINE OCCUPATIONAL PENSIONS SCHEME
• LATEX FOAM OCCUPATIONAL PENSION SCHEME

N.B.: Please the list above might not capture recently registered companies because, the companies on the list are those registered last year by the NPRA.

All your feedbacks are warmly welcomed. All the best!