Pensions Service Company Takes Off

By Stephen Kwabena Effah
Monday, 13 November 2006 (Page 3)

PREMIER Pensions Administration Company, a services company for pension plans, has been inaugurated in Accra.

Founded in September, Premier, as it is called, is a private company expected to provide third party administration services, pension trustee services and software development for pensions systems under the pensions reforms.

Inaugurating it, the chairman of the Pension Reform Implementation Committee, T. A. Bediako, urged companies and Ghanaians to brace themselves to meet the challenges and capitalise on opportunities offered by the pension reforms.

"With the pension reforms taking place in Ghana, I believe that many companies will be seeking to establish, redesign or refine their pension schemes," he said.

Mr Bediako pointed out that as result of the reforms, a growing number of organisations would be outsourcing the administration of their pension plans to specialists in the field.

That the demand on a pensions administration have become greater with the ever-increasing complexity of legislation, higher member expectations and greater trustee responsibilities, he said.

He said that pension has become a topical issue in Ghana in recent times because of its implications for life after retirement.

He recalled that it was as a result of agitations and protests by organised labour that government set up a Presidential Commission on pension which also recommended, among other things, a new three-tier pension structure.

Mr Bediako said the committee to implement the recommendation is currently preparing hard toward the implementation of the reforms.

"The committee will facilitate, among other things, the drafting of a new pension reform bill that will give legal backing to all the recommendations requiring the passage of laws," he said.

The Chairman of Premier Pensions Administration Company, Yaw Berkoh Nketia, said the company would provide reliable, customer focused and cost effective pension administration and trustee services that would generate maximum returns for all its stakeholders.