(Largest Local gathering in the Central Region)
The Workshop on Pensions and Tier 3, held at Elmina Local GNAT, was a resounding success, with a significant turnout of teachers and distinguished guests.
The program was organized by the Local Chairman, Mr. Elliot Effah Benson, along with all the local executives, who ensured its smooth execution.
The workshop aimed to educate teachers on the topic of pensions and Tier 3, providing them with valuable insights and information regarding their retirement plans.
The facilitator for the event was Mr. Julius Kpodo, who expertly guided the participants through the intricacies of pension schemes and the benefits of Tier 3.
Among the notable guests in attendance were
Mr. Ebenezer Buertey, DD F&A – KEEA;
Mr. S. K. Aka-Ekyir, PRO;
Mr. Henry Amartey, SISO Agona,
Education Directorate Rep.;
Mr. Penaa, Essaman SISO;
Mr. Williams Okai, Elmina SISO; and
Mrs. Patience Mansa Adoduadzi, Municipal Chairperson.
Their presence added prestige to the event and underscored its importance.
Furthermore, all Circuit Head Teachers were present at the workshop, emphasizing the collective commitment of the education sector to ensure the welfare and future security of teachers.
Their participation reflected the significance they placed on providing their staff with the necessary knowledge and resources for a secure retirement.
The chairperson for the occasion was Madam Emma Priscilla Wilson, who skillfully presided over the proceedings, maintaining a conducive environment for learning and discussion.
The workshop received enthusiastic participation from teachers, who actively engaged with the facilitator and contributed to meaningful discussions.
The attendees appreciated the opportunity to enhance their understanding of pensions and Tier 3, recognizing the importance of planning for their post-service years.
In conclusion, the Workshop on Pensions and Tier 3 at Elmina Local GNAT was a highly successful event. It provided teachers with vital information and guidance on securing their financial future after retirement.
The support and presence of esteemed guests, along with the dedication of the organizing committee, made this gathering a memorable and fruitful experience for all involved.
What is Tier 3 pension in Ghana?
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.
Tier 3 is also a defined contribution scheme and is privately managed by NPRA-licensed service providers.
What are Tier 3 benefits?
Retirement Benefits
- Mandatory retirement age(60 years)
- Voluntary retirement age(55years)
- Death(no age restriction)
- Total incapacity( no age restriction)
- If the member meets the employer’s vesting rules.
- Partial withdrawal after 10 years from the date of the first contribution.
- etc
Can I withdraw my Tier 3 in Ghana?
Under the GLICO Master Trust Provident Fund Scheme, contributors enjoy tax exemptions on the amount deducted as monthly contributions and can make withdrawals of their lump sum after ten years of continuous contribution.
What is the difference between Tier 2 and Tier 3 pension scheme?
The other Tiers of the National Pensions Scheme are: Tier 2 – A mandatory fully-funded and privately managed occupational scheme. Tier 3 – A voluntary fully-funded and privately managed Provident Fund and Personal Pension Plan.
Who manages Tier 3 in Ghana?
It is a contributory three-tier scheme set up by the National Pensions Regulatory Authority to ensure retirement income security for all workers in Ghana.
