National Pensions Act, 2008 (Act 766) - Revision history

Oblitey: Oblitey moved page National Pensions Act, 2008 to National Pensions Act, 2008 (Act 766) without leaving a redirect

2024-12-26T21:34:38Z

Oblitey moved page National Pensions Act, 2008 to National Pensions Act, 2008 (Act 766) without leaving a redirect

← Older revision	Revision as of 23:34, 26 December 2024
(No difference)

Oblitey at 21:26, 26 December 2024

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← Older revision		Revision as of 23:26, 26 December 2024
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	=====218. Temporary pension fund accounts=====		=====218. Temporary pension fund accounts=====
	(1) From the commencement of this Act and before the licensing or registration of trustees, pension fund managers and custodians, every employer to whom this Act applies shall open a temporary Occupational Pension Fund Account with the Bank of Ghana.		(1) From the commencement of this Act and before the licensing or registration of trustees, pension fund managers and custodians, every employer to whom this Act applies shall open a temporary Occupational Pension Fund Account with the Bank of Ghana.


	(2) Subject to sections 3 (1), (2) and (3) of this Act, the five per centum remittance to the second tier mandatory occupational pension scheme on behalf of the employee shall be lodged with the Bank of Ghana pending the licensing of trustees, pension fund managers and custodians.		(2) Subject to sections 3 (1), (2) and (3) of this Act, the five per centum remittance to the second tier mandatory occupational pension scheme on behalf of the employee shall be lodged with the Bank of Ghana pending the licensing of trustees, pension fund managers and custodians.

Oblitey at 21:24, 26 December 2024

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← Older revision		Revision as of 23:24, 26 December 2024
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	:(a) provide for approved trustees and applicants for approval to give undertaking to the Board and to enter into arrangements to provide insurance against the risk of loss through malfeasance or other illegal conduct;		:(a) provide for approved trustees and applicants for approval to give undertaking to the Board and to enter into arrangements to provide insurance against the risk of loss through malfeasance or other illegal conduct;
	:(b) require approved trustees of registered schemes to provide information to scheme members and prescribe the kind of information that is to be provided to them;		:(b) require approved trustees of registered schemes to provide information to scheme members and prescribe the kind of information that is to be provided to them;
	:(c) provide for the payment of accrued benefits to or in respect of scheme members and the transfer of accrued benefits from one registered scheme to another or from one account in a registered scheme to		:(c) provide for the payment of accrued benefits to or in respect of scheme members and the transfer of accrued benefits from one registered scheme to another or from one account in a registered scheme to another;
	another;
	:(d) provide for the preservation of the accrued benefits of scheme members until the occurrence of a specified event including, but not limited to, the retirement, death or total incapacity of scheme members;		:(d) provide for the preservation of the accrued benefits of scheme members until the occurrence of a specified event including, but not limited to, the retirement, death or total incapacity of scheme members;
	:(e) provide for the formulation of proper accounting systems including the keeping of proper accounting records as regards registered schemes;		:(e) provide for the formulation of proper accounting systems including the keeping of proper accounting records as regards registered schemes;

Oblitey at 21:24, 26 December 2024

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	:(c) ordinary shares of limited companies listed on a Stock Exchange and registered under the Securities Investment Act 1993 (P.N.D.C.L. 333) with good records, declared and paid dividends in the preceding five years;		:(c) ordinary shares of limited companies listed on a Stock Exchange and registered under the Securities Investment Act 1993 (P.N.D.C.L. 333) with good records, declared and paid dividends in the preceding five years;
	:(d) bank deposits and bank securities;		:(d) bank deposits and bank securities;
	:(e) investment certificates of closed-end investment fund or hybrid investment funds listed on a Stock Exchange registered under the Investments and Securities Industry Act, 1993 (P.N.D.C.L. 333) with a		:(e) investment certificates of closed-end investment fund or hybrid investment funds listed on a Stock Exchange registered under the Investments and Securities Industry Act, 1993 (P.N.D.C.L. 333) with a good record of earning;
	good record of earning;
	:(f) units sold by open-end investment funds or specialist open-end investment funds listed on the stock exchange recognised by the Board;		:(f) units sold by open-end investment funds or specialist open-end investment funds listed on the stock exchange recognised by the Board;
	:(g) bonds and other debt securities issued by listed companies;		:(g) bonds and other debt securities issued by listed companies;

Oblitey at 21:16, 26 December 2024

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← Older revision		Revision as of 23:16, 26 December 2024
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	::(ii) a controller of the applicant; or		::(ii) a controller of the applicant; or
	::(iii) an associate of the applicant or of any other controller;		::(iii) an associate of the applicant or of any other controller;
	that could affect the impartiality of the director’s independent judgement; or		:that could affect the impartiality of the director’s independent judgement; or
	:(e) is a controller otherwise than by virtue of being a director, close relative, partner or employee of the applicant or of an associate of the applicant; or		:(e) is a controller otherwise than by virtue of being a director, close relative, partner or employee of the applicant or of an associate of the applicant; or
	:(f) is an auditor or actuary of any occupational pension or provident fund scheme administered by the applicant.		:(f) is an auditor or actuary of any occupational pension or provident fund scheme administered by the applicant.
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	(5) The Board shall, suspend the power of the respective board of the trustee, pension fund manager or custodian over		(5) The Board shall, suspend the power of the respective board of the trustee, pension fund manager or custodian over
	:(a) the pension fund and assets held or administered by the company; and		:(a) the pension fund and assets held or administered by the company; and
	:(b) appoint administrators with relevant qualifications to superintend the transfer of the assets and funds held or administered by the company and exercise the powers of the board of trustees where necessary in accordance with this Act, in the revocation order.		:(b) appoint administrators with relevant qualifications to superintend the transfer of the assets and funds held or administered by the company and exercise the powers of the board of trustees where necessary in accordance with this Act,
			in the revocation order.

	(6) The Board shall notify the public within seven days, through the publication in the Gazette, the electronic and print media in circulation of the list of trustees, pension fund managers and custodians whose licences or registration have been revoked or cancelled.		(6) The Board shall notify the public within seven days, through the publication in the Gazette, the electronic and print media in circulation of the list of trustees, pension fund managers and custodians whose licences or registration have been revoked or cancelled.

Oblitey at 21:04, 26 December 2024

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← Older revision		Revision as of 23:04, 26 December 2024
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	Despite the provisions of any governing rules or an agreement, an employer shall		Despite the provisions of any governing rules or an agreement, an employer shall
	:(a) provide the administrative and accounting services required to enable a worker join and contribute to a personal pension scheme of the employee’s choice;		:(a) provide the administrative and accounting services required to enable a worker join and contribute to a personal pension scheme of the employee’s choice;
	:(b) make appropriate payroll deductions from the monthly salary of a worker who desires to contribute to a personal pension scheme and remit the contributions to the approved trustee of the scheme within		:(b) make appropriate payroll deductions from the monthly salary of a worker who desires to contribute to a personal pension scheme and remit the contributions to the approved trustee of the scheme within fourteen days after the end of the month of deduction; and
	fourteen days after the end of the month of deduction; and		:(c) not mingle payroll deductions with the employer’s own funds and where an employer deducts contributions from the salary of a worker the contributions shall be held by the employer in trust until it is remitted to the appropriate approved trustee.
	:(c) not mingle payroll deductions with the employer’s own funds and where an employer deducts contributions from the salary of a worker the contributions shall be held by the employer in trust until it is
	remitted to the appropriate approved trustee.

Oblitey at 20:56, 26 December 2024

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Oblitey at 20:31, 26 December 2024

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	====''Provident fund and personal pension schemes''		====''Provident fund and personal pension schemes''====

	=====106. Provident fund and personal pension scheme=====		=====106. Provident fund and personal pension scheme=====

Oblitey at 20:16, 26 December 2024

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Show changes

Oblitey: /* SCHEDULE (Section 213) */

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SCHEDULE (Section 213)

← Older revision		Revision as of 22:03, 26 December 2024
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	!''Paternal System'' !! ''Maternal System''		!''Paternal System'' !! ''Maternal System''
	\|-		\|-
	\| style="~~text~~-align:top;"\| Mother, Father <br/> Husband <br/> Wife, Son, Daughter <br/> Brother, Sister <br/> Father’s father <br/> Father’s brother		\| style="vertical-align:top;"\| Mother, Father <br/> Husband <br/> Wife, Son, Daughter <br/> Brother, Sister <br/> Father’s father <br/> Father’s brother
	\| style="~~text~~-align:top;"\|Mother, Father <br/> Husband <br/> Wife, Son, Daughter <br/> Brother, Sister <br/> Mother’s Mother <br/> Mother’s brother <br/> Mother’s Sister <br/> Sister’s Son <br/> Sister’s Daughter <br/> Mother’s Sister’s Son <br/> Mother’s Sister’s Daughter		\| style="vertical-align:top;"\|Mother, Father <br/> Husband <br/> Wife, Son, Daughter <br/> Brother, Sister <br/> Mother’s Mother <br/> Mother’s brother <br/> Mother’s Sister <br/> Sister’s Son <br/> Sister’s Daughter <br/> Mother’s Sister’s Son <br/> Mother’s Sister’s Daughter
	\|}		\|}

← Older revision		Revision as of 22:56, 26 December 2024
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	:(a) under subsection (2), (3) or (4) or section 11 (2), or		:(a) under subsection (2), (3) or (4) or section 11 (2), or
	:(b) as a result of a declaration under subsection (6) or		:(b) as a result of a declaration under subsection (6) or
	:(c) by reason of the death of a member the Minister shall notify the President of the vacancy and the President shall appoint a person to fill the vacancy.		:(c) by reason of the death of a member
			the Minister shall notify the President of the vacancy and the President shall appoint a person to fill the vacancy.


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	(9) Subject to subsection (8) a percentage of the eighteen and one half per cent to be determined by the Board of the Authority under the mandatory second tier occupational scheme shall be utilised to purchase an annuity for life from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments.		(9) Subject to subsection (8) a percentage of the eighteen and one half per cent to be determined by the Board of the Authority under the mandatory second tier occupational scheme shall be utilised to purchase an annuity for life from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments.


	(10) Despite an agreement or understanding to the contrary, an employer is not entitled to		(10) Despite an agreement or understanding to the contrary, an employer is not entitled to
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	=====94. Transitional provisions=====		=====94. Transitional provisions=====
	(1) On the commencement of this Act, the following provisions shall apply		(1) On the commencement of this Act, the following provisions shall apply
	:(a) each person to whom the Social Security Act 1991 (P.N.D.C.L. 247) applied immediately before the commencement of this Act shall be credited for the number of months that person has already contributed		:(a) each person to whom the Social Security Act 1991 (P.N.D.C.L. 247) applied immediately before the commencement of this Act shall be credited for the number of months that person has already contributed to the social security scheme;
	to the social security scheme;
	:(b) where a member retires on reaching the age of fifty-five years on the coming into operation of this Act without satisfying the minimum contribution period, that person is entitled to a reduced pension, except where that person contributed for a period of not less than twenty years; or		:(b) where a member retires on reaching the age of fifty-five years on the coming into operation of this Act without satisfying the minimum contribution period, that person is entitled to a reduced pension, except where that person contributed for a period of not less than twenty years; or
	:(c) where a member fails to contribute for the minimum period of twenty years, that member shall be paid the amount standing to the members credit with interest calculated at the prevailing treasury bill rate.		:(c) where a member fails to contribute for the minimum period of twenty years, that member shall be paid the amount standing to the members credit with interest calculated at the prevailing treasury bill rate.
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	====''Application for registration of occupational pension scheme or provident fund~~''====~~		=====129. Application for registration of occupational pension scheme or provident fund scheme as employer sponsored scheme or master trust scheme=====

	~~=====129.~~ scheme as employer sponsored scheme or master trust scheme=====
	(1) An application for the registration of an occupational pension or provident fund scheme as an employer sponsored scheme may be made to the Board only by		(1) An application for the registration of an occupational pension or provident fund scheme as an employer sponsored scheme may be made to the Board only by
	:(a) a company which has been approved as a trustee or has applied for approval as a trustee;		:(a) a company which has been approved as a trustee or has applied for approval as a trustee;
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	=====145. Fees of trustees=====		=====145. Fees of trustees=====
	145. A trustee shall be paid a fee subject to the limits determined by the Board.		145. A trustee shall be paid a fee subject to the limits determined by the Board.
	Pension fund managers

			====''Pension fund managers''====

	=====146. Pension fund managers, registration requirements=====		=====146. Pension fund managers, registration requirements=====
	(1) At the commencement of this Act, pension funds shall be managed by pension fund managers registered by the Board.		(1) At the commencement of this Act, pension funds shall be managed by pension fund managers registered by the Board.