The Tier 2 Pension Companies

The National Pension Scheme was established under the National Pensions Act, Act 766, to ensure that every Ghanaian worker receives his or her retirement benefits on time.

On December 12, 2008, the National Pensions Act, Act 766, was passed, mandating the establishment of a new contributory 3-tier pension scheme.

According to Act 766, both private and public sector employees must be covered by the contributory 3-tier Pension Scheme. For self-employed people, however, it is optional.

Act 766 established the National Pensions Regulatory Authority (NPRA) to oversee the 3-Tier Pension Scheme’s operations.

Occupational pension schemes, provident funds, and personal pension schemes must also be registered with the National Pensions Regulatory Authority (NPRA).

Tier 2 Pension Companies

Pension Scheme

This is a benefit scheme in which both the employer and the employee contribute to a fund that is invested to give the employee with a pension in the form of a rente (annuity) or a lump payment upon retirement.

SSNIT

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 schemes 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 schemes 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.

Read On:

List of Tier-2 Pension Companies in Ghana

The National Pensions Regulatory Authority (NPRA) is in charge of registering occupational pension plans, provident funds, and personal pension schemes in Ghana, as previously stated.

Master Trust Occupational Pension Schemes as at 31st December, 2021.

The General Public is hereby notified that the following Schemes are in good standing to operate as Master Trust Occupational Schemes under Act 766 as amended:

  1. CEDAR PENSION SCHEME
  2. ENTERPRISE TIER 2 OCCUPATIONAL PENSION SCHEME
  3. UNDERWRITERS TIER 2 MASTER TRUST PENSION SCHEME
  4. GENTRUST MASTER PENSION FUND
  5. METROPOLITAN OCCUPATIONAL PENSION SCHEME
  6. PENSIONS ALLIANCE TRUST FUND
  7. PETRA ADVANTAGE PENSION SCHEME
  8. KIMPTON MASTER TRUST SCHEME
  9. UGS MASTER PENSION FUND SCHEME
  10. STALLION RETIREMENT FUND
  11. MINING INDUSTRY MASTER TRUST OCCUPATIONAL PENSION SCHEME
  12. DAAKYE OCCUPATIONAL PENSION SCHEME
  13. RURAL AND COMMUNITY BANKS OCCUPATIONAL MASTER TRUST SCHEME
  14. SANKOFA MASTER TRUST OCCUPATIONAL SCHEME
  15. NTHC TIER 2 OCCUPATIONAL PENSION SCHEME
  16. SECURE PENSIONS OCCUPATIONAL MASTER TRUST SCHEME
  17. UNITED MASTER TRUST PENSION FUND
  18. UNITED SMART OCCUPATIONAL PENSION FUND SCHEME
  19. UPT PENSION SCHEME
  20. UNITED PENSION FUND SCHEME
  21. VA LIFE PENSION FUND SCHEME
  22. UNIVERSAL PENSIONS MASTER TRUST SCHEME                                          
  23. GLICO MASTER TRUST OCCUPATIONAL PENSION SCHEME
  24. HEDGE OCCUPATIONAL PENSION SCHEME
  25. GTMO/TWU OCCUPATIONAL PENSION SCHEME
  26. TUC & AFFILIATES OCCUPATIONAL PENSION SCHEME
  27. BROADVIEW MASTER OCCUPATIONAL PENSION SCHEME
  28. DAAKYE OCCUPATIONAL PENSION SCHEME
  29. HODA EMPLOYEE MASTER PENSION FUND
  30. GOLD MASTER PENSION FUND SCHEME
  31. EVERGREEN PENSION SCHEME
  32. BEST TRUST SCHEME
  33. SANKOFA MASTER TRUST OCCUPATIONAL SCHEME
  34. FIRST MERIT OCCUPATIONAL PENSION SCHEME

Employer Sponsored Occupational Pension Schemes as at 31st December, 2021.

The General Public is hereby notified that the following Schemes are in good standing to operate as Employer Sponsored Occupational Pension Schemes under Act 766 as amended

  1. NEWMONT GHANA OCCUPATIONAL PENSION SCHEME
  2. PWC TIER 2 PENSION SCHEME
  3. BANK OF GHANA OCCUPATIONAL PENSION SCHEME
  4. ELECTRICITY COMPANY OF GHANA PENSION SCHEME (TIER 2)
  5. GPHA TIER 2 PENSION SCHEME
  6. PETROLEUM COMISSION 2ND TIER PENSION SCHEME
  7. ABSA BANK GHANA STAFF OCCUPATIONAL PENSION SCHEME          
  8. PSW EMPLOYEE PENSION SCHEME
  9. CAL OCCUPATIONAL PENSION SCHEME
  10. COCA COLA STAFF OCCUPATIONAL PENSION SCHEME
  11. CENTRAL UNIVERSITY COLLEGE PENSION SCHEME
  12. GCB BANK LIMITED TIER 2 OCCUPATIONAL PENSION SCHEME
  13. GHANA CIVIL AVIATION AUTHORITY OCCUPATIONAL PENSION SCHEME
  14. GHANA GRID COMPANY LIMITED TIER 2 PENSION SCHEME
  15. GHANA POLYTECHNIC WORKERS PENSION SCHEME
  16. GHANA WATER COMPANY LTD. OCCUPATIONAL PENSION SCHEME
  17. GIMPA OCCUPATIONAL PENSION SCHEME
  18. GHANA RE TIER 2 OCCUPATIONAL PENSION SCHEME
  19. HEALTH SECTOR OCCUPATIONAL PENSION SCHEME
  20. JUDICIAL SERVICE STAFF OCCUPATIONAL PENSION SCHEME
  21. MTN TIER 2 PENSION SCHEME
  22. STANBIC BANK GHANA LIMITED OCCUPATIONAL PENSION SCHEME
  23. TWIFO OIL PALM PLANTATION TIER 2 PENSION SCHEME
  24. UNILEVER GHANA TIER 2 PENSION SCHEME
  25. HODA EMPLOYEE PENSION SCHEME
  26. SIC LIFE SAVINGS AND LOANS EMPLOYEE PENSION FUND
  27. CROCODILE MATCHET OCCUPATIONAL PENSION SCHEME
  28. UNIVERSITIES STAFF OCCUPATIONAL PENSION SCHEME
  29. VANGUARD STAFF OCCUPATIONAL PENSION SCHEME
  30. VRA STAFF OCCUPATIONAL PENSION SCHEME
  31. SIC INSURANCE EMPLOYEE PENSION FUND
  32. SIC LIFE EMPLOYEE PENSION FUND
  33. RMU TIER 2 OCCUPATIONAL PENSION SCHEME
  34. NESTLE TIER 2 PENSION SCHEME
  35. HIG OCCUPATIONAL PENSION SCHEME
  36. GOIL OCCUPATIONAL PENSION SCHEME
  37. CONSAR GROUP OCCUPATIONAL PENSION SCHEME
  38. CBG STAFF OCCUPATIONAL PENSION SCHEME

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