Negotiated Benefits Trust Company (NBC), a leading private pension trustee in Ghana, has launched another innovative product to provide a stress-free pension for all workers in Ghana and the diaspora.
The scheme, NBC Gold Plan, is designed to cater for the savings and retirement needs of the individual contributor, whether a formal worker or an informal worker.
Speaking at the launch, CEO of NBC Ghana Trust, Mr William Asiedu Yeboah, said that the product launch was a bold step into maturity; to recognise the journey that NBC had travelled, and also reflect on the years ahead.
“Today, perhaps as never before, the focus is clearly on expanding member participation, finding ways to extend both formal and informal participation to ensure that many more Ghanaians gain the economic benefits that result from a planned retirement package,” he said.
The product is geared towards enhancing retirement benefits of contributors outside the mandatory schemes and provident funds.
This allows both formal and informal workers to make contributions towards their retirement.
The plan is aimed at providing a retirement and savings vehicle to individuals in both the formal and informal sector as prescribed in the Pension Act, Act 766.
To ensure good returns on investment, he said, the contributions received into the pension scheme were invested per scheme’s Statement of Investment Policy, in line with National Pensions Regulatory Authority guidelines.
NBC Gold Plan is a product of NBC Ghana Trust, registered by the National Pensions Regulatory Authority (NPRA) under Personal Pension Scheme, to cater for the savings and retirement needs of individual contributors in both the formal and informal sectors.
“The NBC Ghana Gold Plan is designed to provide individuals, companies, associations or unions the opportunity to own a retirement benefits plan. A self-employed person may join and pay contributions to a personal pension scheme if the person is more than the statutory retirement age or is exempted under this ACT or is not more than 15 years of age,” he said.
He said “contributions by self-employed persons in the informal sector, who are not covered under the mandatory scheme, shall be credited to two separate individual subaccounts – the personal savings account and the retirement account.”
Negotiated Benefits Trust Company Limited (NBC GHANA TRUST) was established in 2009 and is incorporated under the Companies Code of Ghana and licensed by the National Pensions Regulatory Authority (NPRA) as a Corporate Trustee in the Pensions and Employee Retirement Benefits market in Ghana.
BY KINGSLEY ASARE