Gold Coast Securities educate workers on new pension scheme

FROM JAMES APPIAKORANG JNR., KUMASI

One of the fastest growing financial institutions in the country, Gold Coast Securities (GCS), last week organised a one-day seminar on the new 3-Tier Pension Scheme in Kumasi for some workers in and around the Kumasi metropolis.

The seminar—which was under the theme; “The new 3-Tier Pension Scheme and the way forward,”—sought to discuss the implications of the new pension scheme on existing provident funds and rules governing those provident funds.

It was also an opportunity to discuss how to convert existing schemes to meet the specifications and requirements of the new Pension Laws, the National Pensions Act, 2008 (Act 766).

The Manager of Pensions Scheme at the GCS, Nathaniel Fiagbenu, said the idea of pension scheme is to maintain and sustain a good life for individuals even when they retire from work.

He said the new pensions taw states that every Ghanaian should benefit from a non-taxable pension scheme, adding that one would therefore be cheating himself or herself if he or she refuses to contribute some part of his/her monthly earnings to the pension scheme.

Mr Fiagbenu noted that most workers at the informal sector think they are not part of the pension scheme.

He therefore stated that the pension scheme is for both formal and informal sector workers and encouraged all, especially those in the informal sector to contribute towards their future.

Taking his turn to brief the participants, a staff of GCS Ben Afreh said a study commissioned by government into the previous pension schemes revealed that the existing retirement plans were unsustainable (including CAP 30 and End-of-Service-Benefits), and manipulative.

He noted that Ghanaians upon retirement needed benefits and hence the need for every income earner to contribute towards pension schemes.

Mr Afreh entreated the participants and indeed all Ghanaians to register with the GCS 3-Tier pension scheme for a better and more reliable future.

Earlier, the Kumasi branch Manager, Mr Boakye Mensah, welcoming participants to the seminar said it is the goal of GCS to provide effective, value-added investment advisory services to its valued clients as well as advance GCS as a premier leader in the management of pension funds