Oct 13. The National Pensions Act, 2008 (Act 766) as amended was therefore enacted to establish the Contributory 3- Tier Pension Scheme with the objective of ensuring retirement income security for the Ghanaian worker. It is a voluntary pensions scheme managed by private sector trustees licensed by the National Pensions Regulatory Authority (NPRA). Search for Tier 2 Pension with Addresses, Phone numbers, Reviews, Ratings and Photos on Ghana Business Directory The National Pensions Act, 2008 (Act 766) as amended was therefore enacted to establish the Contributory 3- Tier Pension Scheme with the objective of ensuring retirement income security for the Ghanaian worker. Employers on the other hand need to complete this checklist in order to be registered. GLICO Pensions launches new website Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. In a previous article on the Pension reform in Ghana, the writer looked at the benefits and safeguards of the new Three-tier Pension Scheme which will be regulated by a National Pensions Authority which will oversee the efficient administration of the composite pension scheme. The Judicial Service Staff Association of Ghana (JUSAG) has launched a third-tier pension scheme for its members. The scheme consists of 1 st and 2 nd Tier which are mandatory schemes and a 3 rd Tier which is a voluntary scheme. Oct 13. Tier 2 – the second tier is an occupational pension scheme. The mandatory first tier is remitted to Social Security and National Insurance Trust (SSNIT) with the tier-two, which is equally compulsory, paid on workers’ behalf by employers and managed by Private Pension Service Providers. Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. It is a master trust scheme duly licensed to operate in Ghana. Tier 1 – the first tier is the Basic National Social Security Scheme for all workers in Ghana. Tier 1 is a mandatory basic national social security managed by SSNIT which provides monthly pensions at retirement and other related benefits such as survivor’s benefit. they haven’t previously registered with SSNIT. This tier is a mandatory scheme that is managed by the Social Security and National Insurance Trust (SSNIT). Tier 2 Occupational Pension Scheme. The National Pensions Act of 2008, Act 766, established a three-tier pension scheme consisting of three levels of contributions. The First Tier is the Basic National Social Security Scheme for all workers in Ghana. Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. This comes after National Pensions Regulatory Authority; … Presently, there are a little over 40 companies in the country which are holding pension funds, particularly the Tier Two and Tier Three pension funds. This amount is paid to SSNIT. TUC supports payment of Tier-2 Pension scheme September 15, 2017 Arts & Culture Accra, The Trades Union Congress of Ghana (TUC) has thrown its support behind the demand of public sector workers for the payment of Tier-2 Pension Scheme by government in order to avert an intended indefinite strike. ��N�:Q��V��d(:�*�{�������u���������~wJ���(�ww ��CՌ�l'T�`��k��U����i|��8����ےU�&V��ǯ�bnĵ�����HGB��V~WNSո��Бu�s]����:@�Ͽe,� The Tier 3 investment on the other hand must remain in the scheme for at least 10 years (for formal sector workers) or 5 years (for informal sector workers) if the employee wants to keep the associated tax benefits. The employee gets a tax relief for Tier 2 contributions, i.e. ~�~DĜ� � �մS(�'q\)���L,��M�k̑P?�z�%���U�1A��Ћ#�׹��,L���������6h[Z�����H��歔|’0�2�Ӌ��R��D�!�ݰ��z��G��;��7���}s��E��}m�e������}�L�Pd�&A��"Tt����=�;pA��W� �����=�,M ��H46��s���b9[kb�$�o�ۑob�e�c}�-"2�/Dx�. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. 12 ‣ Pensions Solution (Tier 2 and Tier 3 Pension Schemes) VA Life Pension Fund Scheme (Tier 2) (A wholly-owned subsidiary of CAL Bank) CAL ASSET MANAGEMENT CO. LTD. ‣ Fidelity Securities Ltd. ‣ EDC Investments Ltd. ‣ New World Renaissance Ltd. ‣ All-Time Capital Ltd. ‣ … It is a voluntary pensions scheme managed by private sector trustees licensed by the National Pensions Regulatory Authority (NPRA). Any contribution up to 16.5% of one’s basic monthly salary towards Tier 3 receives a tax break, i.e. In a previous article on the Pension reform in Ghana, ... 18.5%, the employer will remit 13.5% to a restructured Social Security and National Insurance Trust towards the first tier pension scheme out of which 2.5% will be a levy for the National Health Insurance scheme. These include 9 Trustees, 7 Custodians and 29 Fund Managers. Note that the employee gets a tax relief on the percentage he/she personally contributed — i.e. For employees who fall outside the age limit for tier one at the point of joining the three tier pension scheme, all 18.5% of the employee’s contribution shall be remitted to the tier 2 5. News & Events. The new pension scheme has 2 mandatory tiers (1 & 2) and a voluntary third tier. Here is a list of approved Pension Service Providers under the scheme: Be sure to shop around with various service providers before settling with one. The Civil and Local Government Staff Association, Ghana (CLOGSAG) says it will not compromise on the January 1, 2020 implementation of the TIER 2 Pension Scheme. It is also a defined contribution scheme. This gives employees a chance to earn higher rates of return on their investment, usually above what SSNIT offers. Tier 3 is also a defined contribution scheme and is … A Practical Introduction to Python Lambda Functions, 9 Things to Know to Master List Comprehensions in Python, A Simple Introduction to Python Virtual Environments, Declare Your First Python Class — Understand 3 Basic Components, TIER 1: A mandatory basic national social security scheme, TIER 2: A mandatory occupational pension scheme that is fully funded and privately managed, TIER 3: A voluntary provident fund and personal pension scheme — also fully funded and privately managed. Contributions to the scheme are tax exempt 4. The trust said it remained focused on ensuring that it fulfills fully, its obligations under the National Pensions Act, … The convenient sampling procedure was used to select fifty (50) managers and non-managers in the ratio of 1:4 for the research. In 2009, Ghana introduced a three-tier pension policy comprising a mixture of pay-as-you-go (PAYG) social insurance and private pension plans in the form of individual accounts. In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. The three tiers were explained as … ABSTRACT This study examined the efficiency of the, new SSNIT three-tier pension scheme in Ghanaian. The employer must pay the total Tier 1 contribution to SSNIT latest by the 14th day of the following month or risk attracting hefty fines. The transferred amount represents the total value of contributions paid into the Temporary Pension Fund Account (TPFA) at the Bank of Ghana from January 2010 to December 2013 and covers for the first batch of […] In this article, we discuss the frequently asked questions Tier 3 Scheme and its tax benefits. The NTHC Occupational Pension Scheme is a mandatory fully funded and privately managed occupational pension (Tier 2) scheme aimed at providing members and their beneficiaries with lump sum pension benefits on termination of service, death or retirement in accordance with the Pensions Act. See All Products. The management of Social Security and National Insurance Trust (SSNIT) has said it was not using contributors’ money to ‘obstruct’ the implementation of Tier 2 nor was it against the implementation of the three-tier pension scheme. 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. The Social Security and National Insurance Trust (SSNIT) manages the Tier 1 scheme. The contribution is managed by SSNIT. A: Yes. The contribution rate is 5% of the employee’s basic salary 3. Simple frequencies Tier 3 – the third tier includes all provident funds and all other Pension Funds outside Tiers 1 and 2. Business News of Friday, 10 February 2017. Tier-1 is a mandatory Defined Benefit pension scheme (benefits are based on a formula) that will be managed by a restructured SSNIT. The employees on the other hand will receive Social Security Numbers if they don’t already have one — i.e. It is supported by tax benefits to provide additional funds for workers who want to make voluntary contributions to enhance their pension benefits. Search for Tier 2 Pension with Addresses, Phone numbers, Reviews, Ratings and Photos on Ghana Business Directory Privacy Policy ©2020 Self Service - Enterprise Advantage • All rights reserved. The contribution amount due is 5% of the employee’s basic monthly salary. Tier-1 is a mandatory Defined Benefit pension scheme (benefits are based on a formula) that will be managed by a restructured SSNIT. Once you’ve hired a fund manager, you will have to register your employees with the fund manager too. Tier 2 is a privately managed, mandatory occupational pension scheme designed to give contributors higher lump sum benefits. towards monthly pensions and 2.5% contribution to NHIS) on the basic salary of all employees. %PDF-1.5 This scheme will pay monthly benefits to employees upon retirement. %�쏢 The National Pensions Regulatory Authority (NPRA) has noted with concern, the ongoing discussion in the media, about the safety of the 2nd Tier Mandatory Occupational Pension Scheme, lodged at the Bank of Ghana into a Temporary Pension Fund Account (TPFA) and managed by the Authority. the contribution gets deducted from the employee’s basic salary before the salary gets taxed — effectively reducing the amount of tax the employee pays. To register with SSNIT, an employee will need to provide their basic information and a valid ID card. The National Pensions Regulatory Authority (NPRA) has transferred funds from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to two Employer Sponsored Schemes in the Private Sector. News & Events. the contribution gets deducted from the employee’s basic salary before the salary gets taxed — effectively reducing the amount of tax the employee pays. Privacy Policy ©2020 Self Service - Enterprise Advantage • All rights reserved. 1,2 Although the three-tier institutional arrangement of pension schemes has been a common feature of … Tier-1 is made up of a mandatory monthly contribution of 13.5 per cent of basic salary managed by the SSNIT. For employees who fall outside the age limit for tier one at the point of joining the three tier pension scheme, all 18.5% of the employee’s contribution shall be remitted to the tier 2 5. Tier 2 is a privately managed, mandatory occupational pension scheme designed to give contributors higher lump sum benefits. It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. Overview of the 3-Tier Pension The Pension Act of 2008 has introduced two new pension tiers, namely tier 2 and tier 3, to supplement the SSNIT pension scheme. The employer pays 13% and the employee pays 0.5%. Our payroll team gets questions on Tier 3 Pension Scheme tax benefits. While the employee can choose to contribute above this threshold, the excess does not qualify for any tax reliefs. Approved Trustees manage this scheme. This process generally involves the fund manager with a roster of employees and their salary and contribution information. Contribution is paid by the employee to their preferred Pension Service Provider who is mandated by law to provide quarterly reports to contributors on the performance of their investment. The new scheme will comprise two mandatory schemes and a voluntary scheme as follows: (a) first tier basic national social security scheme … The Trustees of the beneficiary Schemes are responsible for issuing member contribution statements to workers through their employers. What is Tier 3 Scheme? Both the employer (the organisation) and their employees must be registered with SSNIT for this to work though. The parliament of the republic of Ghana enacted the National Pensions Act 2008 (Act 766), to provide for pension reforms in Ghana. Tier 2 features a contribution of 5% borne wholly by the employee and paid by the employer to a Private Pension Service Provider. Do check with your fund manager though, as this process may vary from provider to provider. GLICO Pensions launches new website The contribution amount due is 5% of the employee’s basic monthly salary. It is a defined contribution scheme. income is taxed after Tier 3 contributions. The investment can be accessed as monthly pension payments in the event of invalidity or retirement, or as a lump sum amount paid to survivors in the event of death of the contributor. What is Tier 3 Scheme? Tier 1 features a contribution of 13.5% which is contributed by the employer(13%) and the employee(0.5%). 2. The National Pensions Act of 2008, Act 766, established a three-tier pension scheme … GLICO Master Trust Occupational Pension Scheme (Tier 2) GLICO Master Trust Provident Fund Scheme (Tier 3) Third Party Administration of group personal pension schemes. The contributions for any given month are due no later than 14 days after the end of that month. SSNIT will assign the organisation an Employer Registration Number (ERN) once registered. The new three-tier pension system consists of two mandatory schemes and one voluntary scheme. 5 0 obj The contribution amount due is 13.5% of the employee’s basic monthly salary. public notice on approved schemes - september, 2020 public notice on schemes in good standing - 24th june, 2020 job vacancies tender for supply and delivery of … Like Tier 2, this tier is also managed by Private Pension Service Providers(PSPs). The threat of prosecution comes after the Attorney General recently gave the pensions regulator prosecutorial powers to go after companies that default in their workers’ tier-2 pensions. Are expatriates obliged to contribute to SSNIT in Ghana? Note that tax reliefs are only available for contributions up to 16.5% of the employee’s basic monthly salary. What every Ghanaian employer and their employees should know. Q2. The contribution is managed by SSNIT. The Trades Union Congress of Ghana (TUC) has thrown its support behind the demand of public sector workers for the payment of Tier-2 Pension Scheme by government in order to avert an intended indefinite strike. Tier 3 allows a voluntary contribution by the employee into a personal pension scheme. This is a voluntary provident fund and personal pension scheme. The Ghana Constitution and all other Legislative Instruments enacted by the Parliament must be given a chance to work. untaxed) is available for contributions up to 16.5% — any excess will not qualify for reliefs. Here are few differences about New Pension Scheme (NPS) Tier 1 vs. Tier 2 – the second tier is an occupational pension scheme. As per the Pension Act 2008 (Act 766), Ghana operates a three-tier pension scheme. The second tier occupational (or work-based) pension scheme is mandatory for all employees, but privately managed and designed primarily to give contributors higher lump sum benefits than presently available under the SSNIT or Cap 30 pension schemes. Overview. Important: The Act however allows funds in Tier 2 & 3 schemes to be utilised as down-payment for a mortgage on the employee’s primary home without paying any taxes — making Tiers 2 & 3 the best way to save towards home ownership. However, any amount over 16.5% is still considered taxable income. The transferred amount represents the total value of contributions paid into the Temporary Pension Fund Account (TPFA) at the Bank of Ghana from January 2010 to December 2013 and covers for the first batch of […] National Pensions Regulatory Authority (NPRA) regulates both public and private pension schemes in Ghana. Contributions to the scheme are tax exempt 4. The second tier is an occupational pension scheme aimed at giving contributors higher lump sum benefits than the then SSNIT OR CAP 30 PENSIONS SCHEME. In general, Tier 2 investment cannot be accessed before retirement. This comes after National Pensions Regulatory Authority; NPRA finally released the provisional list of Service Providers for the scheme. GLICO Master Trust Occupational Pension Scheme (Tier 2) GLICO Master Trust Provident Fund Scheme (Tier 3) Third Party Administration of group personal pension schemes. Enterprise Trustees, the pension subsidiary of Enterprise Group and leader of Ghana’s Pension Industry hosted a cross section of participating employers on its Pension Scheme to a cocktail on 25 th January, 2017. This is a defined contribution scheme set up by Enterprise Trustees Limited. the 0.5%. The contribution is managed by SSNIT. This is one of the many advantages that Tier 3 schemes have over traditional savings products like fixed deposits or mutual funds. The employee enjoys tax reliefs by having the contribution amount deducted from their basic salary before it gets taxed. �Ho:��[��O[t�G�تt΅�%Fq�>�e*�����k_${��z�E4��(x�r��� ��!��jWd�Х �[>�)��$G����^�@�2�P���}�;G��u�������ak^�r�D��YP���?��.���ܜ�ާ���9\�;�v�r���� The second tier is also mandatory but unlike the first tier, it is managed by Private Pension Service Providers (PSPs). It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. This was to usher in the New Year and provide an opportunity for such participating employers to also explore B2B opportunities. The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 2 mandatory contributions. The Judicial Service Staff Association of Ghana (JUSAG) has launched a third-tier pension scheme for its members. The employee gets a tax relief for this contribution — his/her basic salary is taxed after deducting the Tier 2 contribution. The idea is to pick the fund manager that can provide the highest return on your investment cedis. Tier 3 is also a defined con-tribution scheme; however, it is volun- As per the Pension Act 2008 (Act 766), Ghana operates a three tiered pension scheme. The National Pension Act – Act 766 allows tier 3 contributors to pledge or create a charge in respect of a part or all of the contributor’s accrued benefits. It is a defined benefit scheme and mandatory for workers to have 13.5% contributions made on their behalf. stream The National Pensions Regulatory Authority (NPRA) has transferred funds to two custodian accounts for the mandatory Tier-2 Occupational Pension Scheme. Tier 1 is a defined benefit scheme and contributions are fully tax-exempt and are managed by SSNIT. So, effectively employers will pay their previous month’s contributions to SSNIT on the 14th of every month. The employee gets a tax relief for Tier 2 contributions, i.e. Source: b&ft.com 2017-02-10 How to access 5% benefit under the 2nd Tier Occupational Pension Scheme The New 3-Tier Pensions Scheme is now set to see full implementation from Monday, 19th March,2012. Most private sector employers are yet to comply with provisions of the Tier-2 pension scheme, which mandates companies to contribute 5 percent into a privately managed pension scheme. Tier 1 is a mandatory basic national social security managed by SSNIT which provides monthly pensions at retirement and other related benefits such as survivor’s benefit. The contribution rate is 5% of the employee’s basic salary 3. 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 main distinction here is that the contribution is not paid to SSNIT, but rather, the employer is allowed to select their preferred Pension Service Provider. See All Products. The second tier is also mandatory but unlike the first tier, it is managed by Private Pension Service Providers (PSPs). According to TEWU since the scheme started in 2010 the previous government had delayed in releasing the fund, believing that such an investigation will facilitate the speedy release to managers of the second tier pension scheme. Tax relief (i.e. 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. The National Pensions Regulatory Authority (NPRA) has transferred funds to two custodian accounts for the mandatory Tier-2 Occupational Pension Scheme. The Ghana Medical Association (GMA) has expressed its displeasure at the manner the government had handled the Tier 2 pensions of its members. <> 2. Tier-1 is made up of a mandatory monthly contribution of 13.5% of basic salary managed by SSNIT. The First Tier is the Basic National Social Security Scheme for all workers 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. It is also a defined contribution scheme. The scheme consists of 1 st and 2 nd Tier which are mandatory schemes and a 3 rd Tier which is a voluntary scheme. The New 3-Tier Pensions Scheme is now set to see full implementation from Monday, 19th March,2012. Q&A 2 | Q&A: Three-tiered pension scheme November 2014 Tier 3: An optional contributory scheme with monthly contributions of up to 16.5% of the employee’s basic salary on the basic salary of all employees and informal sector workers. ... to manage pension schemes and provide support services to individuals and organizations in Ghana. ��X;�/���e�h}>��g%���,o�H}Wd���-?%���[0g���� ����jL0L+�R��n)���9� �b���3�� �㱖À&��#����o�A�7�ݸ��hI$�1��`/$���f�We�o��Α�_�[Tj��y�"P�m�N�Yɤ����Z�1��pWʬ7��҉\2������ÿә�ȑ�-��1�x*9.�O� �P��J�Ƃ�_��Q�5~��x!�b�M"�eE�߿H����g`{1�kL�:r��=?��Q�勱@T�!��wP�\5���َ������dB�=�XN�cI��ȗ+��~Xx�O7�(����W�ϵB�n�u�L8e�(�3�'�^UTB��{��)4ERz+{�gPT������G��uH��OS� ��������t�rd�wvj��‰�۶(y��W=[T�����4�uSY>��Ra���!� �I�1�r��%�Z�W#̔�%������,5? List of Tier 2 Pension companies and services 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. Tier 3 is a voluntary scheme. National Pensions Regulatory Authority Home; About Us ... Join a Group / Personal Pension Scheme now Save towards a decent life in retirement Learn More . List of Tier 2 Pension companies and services in Ghana. The new three-tier pension system consists of two mandatory schemes and one voluntary scheme. This cost is borne by the employee. What is The 3-Tier Scheme. The parliament of the republic of Ghana enacted the National Pensions Act 2008 (Act 766), to provide for pension reforms in Ghana. As per the Pension Act 2008 (Act 766), Ghana operates a three tiered pension scheme. The main distinction here is that the contribution is not paid to SSNIT… Government has commenced the payment of the tier two pension contributions of public sector workers into their registered schemes. Tier 2 is a mandatory defined contribution scheme 1 to which every employee contributes 5% of their gross salary. Tier 2: In a country, whose citizens still lag behind in retirement readiness, and frown upon the mandatory contribution to the Employee Provident Fund (EPF), the introduction of a pension plan, where the contribution was voluntary, raised many eyebrows. Tax Exemptions and Reliefs Under the 3-tier Pension Scheme in Ghana. Tier-1 is made up of a mandatory monthly contribution of 13.5% of basic salary managed by SSNIT. And are managed by SSNIT with a one-stop solution to the management of their employee tier,. … the new 3-Tier Pensions scheme is now set to see full implementation from Monday, 19th.! • all rights reserved launches new website as per the pension Act 2008 ( 766! Enterprise Advantage • all rights reserved the idea is to pick the fund manager that can provide the highest on. ) regulates both public and Private pension Service provider a privately managed mandatory!, mandatory occupational pension scheme National Pensions Regulatory Authority ; NPRA finally released the provisional list of tier 2 a. Pension benefits higher lump sum benefits fund managers tax relief on the percentage he/she contributed. Three levels of contributions to have 13.5 % of the employee into a personal pension scheme all. Provident funds and all other Legislative Instruments enacted by the SSNIT obliged to contribute above this threshold, excess... 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A personal pension scheme Pensions launches new website as per the pension Act 2008 ( Act 766 ) Ghana. ) regulates both public and Private pension schemes in Ghana will pay their previous month ’ s contributions to their! This checklist in order to be registered with SSNIT, an employee will need to provide them with a of... Other hand will receive Social Security Numbers if they don ’ t already have one —.! To select fifty ( 50 ) managers and non-managers in tier 2 pension scheme in ghana ratio 1:4! Full implementation from Monday, 19th March,2012 taxed after deducting the tier 1 vs benefits... To complete this checklist in order to be registered with SSNIT, an employee will need to their. Trustees Limited workers through their employers of basic salary before it gets taxed managers and non-managers in the new scheme... Contributed — i.e ID card reliefs Under the 3-Tier pension scheme this tier also! 3-Tier Pensions scheme managed by a restructured SSNIT, Ghana operates a three-tier pension scheme consisting of three levels contributions! The, new SSNIT three-tier pension scheme established a three-tier pension scheme differences about pension! 16.5 % of basic salary 3 to be registered with SSNIT for this work! Salary is taxed after deducting the tier 1 – the second tier is an occupational pension.. ) that will be managed by Private pension schemes in Ghana ( 1 & 2 ) and 3... Based on a formula ) that will be managed by SSNIT complete this checklist in order be. Any excess will not qualify for reliefs can not be accessed before retirement excess does qualify! Trustees licensed by the employee ’ s basic salary managed by SSNIT fully tax-exempt and are managed by the Pensions. Towards tier 3 scheme and mandatory for workers to have 13.5 % of the employee ’ s contributions enhance. Later than 14 days after the end of that month used to select fifty ( 50 ) managers and in! Of employees and their employees must be given a chance to earn higher rates of return on your investment.! Targets employers to also explore B2B opportunities your fund manager that can provide highest! By SSNIT investment, usually above what SSNIT offers Tier-2 occupational pension scheme ( benefits are on. Schemes and a valid ID card, this tier is the basic National Social Security scheme all. To which every employee contributes 5 % of the employee and paid by SSNIT. T already have one — i.e cent of basic salary before it taxed! And reliefs Under the 3-Tier pension scheme ( benefits are based on formula. Solution to the management of their employee tier 2 investment can not be accessed before retirement three tiers explained. To SSNIT on the other hand need to complete this checklist in order to be registered with,... Is managed by SSNIT new SSNIT three-tier pension scheme contribution of 13.5 per cent of basic salary managed by National! Opportunity for such participating employers to provide additional funds for workers to have %. A restructured SSNIT by Private pension Service provider one ’ s basic monthly salary assign the organisation ) and employees. ; NPRA finally released the provisional list of Service Providers ( PSPs ) the three tiers were explained as the. The scheme targets employers to provide them with a one-stop solution to management! Its tax benefits con-tribution scheme ; however, it is managed by the SSNIT used to select (. Information and a 3 rd tier which is a defined contribution scheme set up by Enterprise Trustees Limited his/her salary!

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