HSOPS records 30 % assets growth last year

The Health Sector Occupational Pension Scheme (HSOPS), which manages tier 2 contributions of health sector workers across the country, recorded a 30 percent growth of assets under its management, by end of last year.

From about GH¢1.3 billion in 2020, funds matured to over GH¢2.1 billion by end of 2021 with total membership under the scheme also increasing by 19 percent from the previous year.

Chairperson of the Board of Trustees, Dr Derek Amoateng, disclosed these at the maiden Annual General Meeting of the scheme,on the theme; “Sustaining the growth of pension funds: the role of trustees,”in Accra, yesterday,

The meeting, which brought together health sector players, agencies and regulators among others, was to promote the viability of the scheme to guarantee retirement security for health sector workers in the country.

Despite global economic challenges of which Ghana suffers its fair share, Dr Amoateng said, adding that the scheme continued to earn impressive investment return on its funds “such that in 2021, the scheme recorded GH¢ 345 million as investment gains alone.”

He attributed that to measures put in place by the board of trustees, including intensified partnership with agencies and facilities under the scheme, member sensitisation and an aggressive internally generated funds (IGF) facility enrollment to as much as possible rope in all health workers.

DrAmoateng said, however, delays in transfer of monthly member contributions by the Controller and Accountant General Department (CAGD), inaccurate data collection and failure of some facilities to pay tier 2 contributions for workers in contravention of the National Pensions Act, Act 766, remained a challenge.

He assured that in the coming years, the scheme would work to maximise returns while mitigating risks of default to ensure “the overall objective of preserving scheme member’s contribution, adding value to it and paying lump sum benefits on retirement in the light of allowable regulation was achieved.”

The Deputy Minister of Employment and Labour Relations, Mr Bright Wereko-Brobbey, commended the growth in the country’s pension industry with over 345 service providers collectively managing an estimated GHc40 billion pension fund assets so far.

He, however, expressed concern over a large chunk of workers in the informal sector not enrolled onto a pension scheme and charged the National Pensions Regulatory Authority (NPRA) and stakeholders to work at roping such people in.

The Deputy Minister lauding the performance of HSOPS, urged the scheme to expand services, to reach all health workers, especially those in underserved areas to ensure economic growth and national development.

A Deputy Minister of Health, Tina NaaAyeley Mensah, while encouraging health workers to subscribe to the scheme, urged managers to protect funds and minimise risk and losses.

“Collaborate with the various unions to educate members to sustain funds and increase investment to ensure that no health worker retires poor but is self-reliant in their pension,” she advised.


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