PenTrust Ghana Limited, a wholly Ghanaian-owned Corporate Trustee Company has announced that the scheme made a total return of GHS915,304.92 (25.35%) as of the end of 2015.
Total contributions received from the scheme from inception to 31st December 2015 amounted to GH¢ 4,715,027.65 with Net Asset Value of GH¢ 5,563,904.44.
The company announced the results at its AGM held recently. Although not very much a regular feature as per the new Pensions act of 2008, ACT 766, PenTrust used the occasion to educate contributors and prospective clients. “For us, this is the surest way of building confidence in our contributors,” the General Manager of PenTrust, Mrs Victoria Armah disclosed.
PenTrust currently manages two Master Trust Schemes – The PenTrust Tier 2 Master Trust Scheme and the PenTrust Tier 3 Provident Fund Scheme.
Until 2010 when the new Pensions Law became fully operational, the Pen Trust Tier 2 Master Trust scheme was being handled by the Social Security and National Insurance Trust (SSNIT).
“We started the Tier 2 Master Trust Scheme on 9 September 2013 with one client. Within a spate of three years, the Scheme has grown to 883 institutions with 13,769 employees as of 31 December 2015,” Mrs. Armah said.
As of 31 December last year, Mrs. Armah noted: “We received a total of GHS3,801.36 as funds ported into our scheme from other trustees on behalf of some new members and we also ported out paid total benefits of GHS1,015.81”.
The scheme paid a total of GHS106,404.09 as management fees to all stakeholders namely: the Trustee, the Fund Manager, Fund Custodians and the Regulator.
The PenTrust Tier 3 Master Trust scheme is a voluntary Pension scheme which is funded by the employee, employer or both, and allows for up to 16.5% in tax waivers.
The scheme started operations on 24 September 2013 with just a client. Unlike the Tier 2, however, the Tier 3 has recorded low patronage mainly because the regime is voluntary. The total number of companies in the scheme as of the end of last year was nine with 346 employees.
Total member contributions received from inception to 31 December 2015 amount to GHS 1,333,191.61 with a Net Asset Value of GHS1,458,887.70 as of the same period. As of 31 December 2015, the scheme had made a total return of GHS206,524.79 and that represents 22.51%.
Total porting received as of 31 December 2015 was GHS 501,835.72; whereas total porting out paid as of 31 December 2015 was GHS72,162.65. Total management fees paid to all stakeholders from inception to the end of December 2015 was GHS24,934.23.
Contributors were also briefed on current industry updates; topical among them was work done on members’ contributions in the Temporary Fund Account [TPFA] which is currently with the Bank of Ghana and the National Pension and Regulatory Authority and the requirements of the new amended Pensions law, ACT 883.
The Temporary Pension Fund Account was opened by the NPRA at the Bank of Ghana to keep in custody Tier 2 payments made to SSNIT from January 2010 when the law became operational until such time that companies appointed Trustees.
On ACT 883, members were informed that the National Pensions Act, Act 766, has been amended to Act 883 (2015). The amendment requires that the total 18.5% contributions of all employees who were 50 years and above as of the year 2010 should be paid to SSNIT.
PenTrust is, therefore, working to transfer the Second Tier contributions of such employees back to SSNIT and asked employers to also start paying the contributions of affected employees directly to SSNIT.
PenTrust also used the opportunity to launch its Master Trust Voluntary Tier 3 scheme and to educate members on the benefits of a voluntary pensions plan. The General Manager encouraged employers to enrol their employees onto the Tier 3 scheme as a key tool to retaining their best talents. PenTrust has presence in all the ten regions and major districts of Ghana.
Source: Ghana/AccraFM.com
