President Nana Addo Dankwa Akufo-Addo yesterday launched a pension scheme for about 1.5 million famers in the cocoa sector; the first time such a scheme is being done on a large scale. Pension scheme will attract the youth to cocoa farming - Afriyie Akoto By Florence Afriyie Mensah Kumasi, Dec. 05, GNA - Dr Owusu Afriyie Akoto, Minister of Food and Agriculture, has expressed optimism about more youth nurturing interest in cocoa farming following the launch of the Cocoa Farmers Pension Scheme. For over a decade, we have been managing and administering Occupational Pension Schemes, Provident Funds and Group Personal Pension Schemes for our happy clients. President Dankwa Akufo-Addo, on Tuesday, December 1, 2020, launched a pension scheme for the country’s 1.5 million cocoa famers. According to President Akufo-Addo, “the Pension Scheme will enable cocoa farmers to make voluntary contributions towards their retirement, while COCOBOD makes a supplementary contribution on … The knowledge-base informing the design of the new pension scheme is sideline and symptomatic in nature. HPT’s competence hinges on Confidentiality, which is one of the most important aspect of the total services the company offers. The National Pensions Act 2008 (Act 766) established a contributory three tier Pension Scheme. Due to the public’s outcry on pension taxation supposedly mentioned by the Finance Minister, Seth Terkper recently, a leading Ghanaian economist, Dr Raziel Obeng-Okon explains in details on the subject matter. The National Pensions Act 2008 is the prevailing law governing the pension scheme in Ghana. News Ghana is Ghana's leading online news portal for business in West Africa and around the World. Pension scheme for cocoa farmers in the offing By Michael Owusu Duodu Sefwi Debeiso (WNR), Nov 5, GNA - Government will soon roll out a special pension package for Ghana's cocoa farmers at age 60. The tiers are: Tier 1 – the first tier is the Basic National Social Security Scheme for all workers in Ghana. The Ideal Provident Fund Scheme (TIPFS) A Third -Tier Voluntary, Work-Based, Fully Funded and Privately-Managed Scheme President Nana Addo Dankwa Akufo-Addo has launched the Cocoa Farmers Pension Scheme, which has been on the drawing board since 1984. Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. According to President Akufo-Addo, “the Pension Scheme will enable cocoa farmers to make voluntary contributions towards their retirement, whilst COCOBOD makes a supplementary contribution on behalf of the farmers as well.” Hedge Pensions Trust (HPT) is a company established to offer short term and long term financial and investment planning services for the staff of the Civil Service and the Local Government Service of Ghana (CLOGSAG). In 2012, the Health Sector Unions and Associations set up the Health Sector Occupational Pension Scheme and is one of four public sector schemes currently in operation. A Better Future Starts with a Well-Managed Pension. The National Pensions Bill, 2008 The Pension Bill caters for the establishment of a new contributory three-tier pension scheme with a National Pension Regulatory Authority to regulate and oversee the efficient administration of the composite pension scheme. Axis is a private company, wholly owned Ghanaian and independent of other players in the pensions industry in Ghana. The Ghana Education Service Occupational Pension Scheme (GESOPS) is a Tier-2 pension scheme registered and regulated by the National Pensions Regulatory Authority under the Pensions Act, 2008, (Act 766) as amended. The National Pensions Act, 2008 in Ghana establishes a contributory three-tier pension scheme consisting of the following: The basic national social scheme operate under the Social Security and National Insurance Trust. What is Tier 3 Scheme? To become the household name in the provision of pension services in Ghana through the provision of unmatched pension solutions. The Judicial Service Staff Association of Ghana (JUSAG) has launched a third-tier pension scheme for its members. President Nana Addo Dankwa Akufo-Addo on Tuesday, December 1, 2020, launched a pension scheme for the country’s 1.5 million cocoa farmers. The NPRA was established by the National Pensions Act, 2008 (Act 766) to oversee the administration and management of registered pension schemes and trustees of registered schemes. The President of Civil and Local Government Staff Association, Ghana(CLOGSAG), Dr Evans Dzikum, has asked workers to make a deliberate effort to invest part of their earnings in the voluntary Tier 3 pension scheme administered by private entities. Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. Stallion Trust is the only corporate trustee in Ghana right now with two “Qualified Actuaries” in the governing body and the management team, with supporting staff which include 5 Actuarial Analysts with degrees in Actuarial Science and pursuing their professional qualification. Dr Owusu Afriyie Akoto, Minister of Food and Agriculture, has expressed optimism about more youth nurturing interest in cocoa farming following the launch of the Cocoa Farmers Pension Scheme. Tel: +233 234-972-832 or +1-508-812-0505 Contact us: [email protected] The NDC Election 2020 “People’s Manifesto: Jobs and Prosperity for All,” based on which the party seeks to solicit for the vote of the electorates identified the groups, which qualify for the Organised Group Pension Scheme as the Cocoa and Cashew Farmers. Academia.edu is a platform for academics to share research papers. Learn about us Knowledge & Expertise Trusted & Dependable Transparent & Dedicated CEO's Message I am delighted to welcome you to the In pursuit of Section 26 of the Ghana Cocoa Board (COCOBOD) Law, 1984 (PNDC L.81), which mandates COCOBOD to establish a contributory insurance for cocoa farmers, the government, in collaboration with COCOBOD and the National Pensions … Stallion Trust is Licensed! The National Pension Regulatory Authority has licensed Stallion Trust. This scheme will pay monthly benefits to employees upon retirement. Pension reforms are happening all over the world and Ghana is no exception. The life changing root lessons from triggers of pension reforms have not completely been learnt. Informal sector The term “informal sector” was coined in Ghana in 1971 by a British anthropologist who was studying In conclusion, the Pension Irrelevance Theorem is real and still a problem against the need for pension schemes in Ghana. The Times reports that the Cocoa Farmers Pension Scheme was yesterday launched here by the President, Nana Addo Dankwa Akufo-Addo. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. Explaining the scheme… A: The National Pension Scheme is a 3-tier scheme created under the National Pensions Act 2008, Act 766. Fully Funded and Privately-Managed Pension Scheme. Ghana and across the globe, history of pension schemes in Ghana and a conceptual framework of the study in relation to pension systems and the workforce in any society. The next National Democratic Congress (NDC) Government will introduce a new Pension Scheme for organised groups in the informal sector of the Ghanaian economy. It is envisaged that the new three-tier pension scheme will enhance pension benefits and increase the retirement income security of workers both in the formal and informal sectors. It is a voluntary pensions scheme managed by private sector trustees licensed by the National Pensions Regulatory Authority (NPRA). Tax Exemptions and Reliefs Under the 3-tier Pension Scheme in Ghana. Axis Pension Trust Ltd (APTL), a leading company in the retirement savings industry in Ghana, was incorporated in September 2010 and obtained a license as a Corporate Trustee from the National Pensions Regulatory Authority in March 2012. This law was passed to provide for pension reform to replace the then cap 30 and SSNIT law (Social Security and National insurance trust Law) which used to be the Law governing the pension scheme. Tier 1 is a defined benefit scheme and contributions are fully tax-exempt and are managed by SSNIT. A formal pension framework has existed in Ghana since the colonial period, when a number of provident funds were established as a means to provide retirement benefits for the nation’s working class. The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Tuesday, 1st December 2020, launched a pension scheme for the country's 1.5 million cocoa famers. towards monthly pensions and 2.5% contribution to NHIS) on the basic salary of all employees. In recognition of their hard work, the Ghana Cocoa Board (COCOBOD) was mandated, under Section twenty-six (26) of the COCOBOD Law, 1984 (PNDC L.81), to establish a Contributory Insurance Scheme for Cocoa Farmers within the framework of the Social Security Scheme, so that they could also enjoy a well-deserved pension, upon retirement. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits.
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