The scheme’s preparedness towards the implementation of the 2nd Tier Pension Scheme come, January, 2020
On 29th October, 2019, the Chairman of the Board of Trustees of the Health Sector Occupational Pension Scheme (HSOPS) was invited by the Health Sector Workers’ Union (HSWU) of TUC-Ghana to do a presentation on the topic: The Scheme’s preparedness towards the implementation of the 2nd Tier Pension Scheme come, January, 2020 at a one-day consultative workshop organized for HSWU Health Professionals Associations at the HSWU centre in Community 4 of Tema.
The Chairman, Dr Derek Amoateng in his presentation gave a brief history about pensions in Ghana and the reason for the constitution of the three tier pension system. He spoke about the Chapter 30 of the 1950 British Colonial Ordinance (Pension Ordinance No. 42) popularly known as CAP 30 and that of the Social Security and National Insurance Trust (SSNIT) pension scheme. He mentioned that in government’s effort to relief the then overburdened SSNIT and also to introduce the private sector into the administration of the pension system in Ghana, the government in 2008 enacted the Pension Act (Act 766, 2008). He added that, pension schemes that had operated in the country so far, had besides their limitations, also failed to consider workers in the informal sector.
Dr Derek Amoateng made it known that SSNIT on Friday 25th October 2019 formally announced that it will be ending payment of lump sum retirement benefits by the end of this year and has directed employees to their respective Occupational Pension Scheme for payments. The Chairman assured the HSWU members that HSOPS is ready to take over payments of lump sum come January 2020. He however indicated that, lump sum payments will consist of past credit of contributions held by SSNIT( prior to January 1, 2010), contributions in TPFA funds which has been ring-fenced and will soon be allocated to members and direct contributions received from the Controller and Accountant- General’s Department and the facilities since 2016.
Dr Derek Amoateng encouraged the HSWU members to make use of the HSOPS website- www.hsopsghana.com, which is a one stop shop for answering almost all their enquiries, visit the HSOPS secretariat which offers contributors access to information with well trained personnel ready to assist or visit any Enterprise office across the country for assistant if need be.