Ghana: Expedite Action On TPFA - CLOSAG

13 September 2019

The Civil and Local Government Staff Association, Ghana (CLOSAG) has served notice of a nationwide strike if the credit and data on the Transfer of Temporary Pensions Fund Account (TPFA) funds was not released to their Fund Manager.

Addressing the media in Accra on Wednesday, Mr Isaac Bampoe Addo, Executive Secretary of CLOSAG, claimed there were indications that both the Ghana Trade Union Congress (GTUC) and the Social Security and National Insurance Trust (SSNIT) would want to derail the implementation of the three-tier pension scheme which is scheduled to take off on January 1, 2020.

He said the position of GTUC and SSNIT was at variance with the directives of President Nana Addo Dankwa Akufo-Addo, who in his 2019 May Day address, assured to bring finality to all out-standing issues to rest in three months.

"CLOSAG would wish that the ongoing discussions relating to post credit and data on the transfer of TPFA funds should expeditiously be dealt with," he said.

Mr Bampoe said the computation of past credits being held by SSNIT that should appear on individual statements should be based on the individuals contributions plus interest calculated using 100 per cent Treasury Bill Rate compounded quarterly from the date of employment to date.

He said the data on the contribution of individuals to the TPFA and the interest accrued at 100 per cent Treasury Bill rate compounded quarterly should also be made available to the schemes immediately.

Mr Bampoe said it was important to note that the National Pensions Act 2008 (Act 766) was promulgated in 2008 to be operational on January 1, 2009 adding that the implementation, however commenced on January 1, 2010 to be applicable to those who were below 55 years as at January 1, 2010.

He said in December, 2014 by the National Pensions (Amendment) Act 2014 (Act 883) the National Pensions Act, 2014 extended the applicable period by five years so that all technical and operational challenges would be resolved.

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