Pensioners Alliance Trust to manage pension funds of teacher unions
The Ghana Education Service (GES) has mandated Pensions Alliance Trust Limited (PATL), a licensed trustee company, to manage the pension funds of the four labour unions of the educational sector.
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The four labour unions are the Teachers and Education Workers Union (TEWU), Ghana National Association of Teachers (GNAT), Coalition of Concerned Teachers-Ghana (CCT-GH) and National Association of Graduation Teachers Ghana (NAGRAT).
Per the arrangement, the second-tier contributions will be managed by the PATL and lump sum payment at retirement will also be paid by the company.
In line with that, a sensitisation programme was organised in Accra yesterday by PATL, dubbed “A date with Teachers and Educational Workers”, for teachers in the Greater Accra Region.
The Chief Executive Officer of PATL, Mr Dela Zumanu, who took the participants through the basics of the two-tier systems, also helped them fill forms for their database.
Database
“When you fill the forms, we add your name to our database so any registered person will get access to our online website, where every three months your statements will be put online for you to see the contributions you have made, once you log into the system,” he added.
He, however, explained that the reason the statements would be put online was to disabuse the minds of contributors of the perception that their contributions were being spent or not being invested. He asserted that it was part of the company’s transparency policy.
No Limit
Mr Zumanu further added that with the tier two, there was no limit in the payment of the contributions unless the contributor turned 60 years or was incapacitated.
“The process is very simple. It’s all about the employer who is to let us know when the employee would be going on retirement so that we can start working for the contributor to be paid,” he said.
Health Premium
He also urged the teachers and their leaders to go for their National Health Insurance Scheme (NHIS) cards, if they didn’t have one, because the company had already paid a premium for the cards.
“Please if you don’t have National Health cards go for them because two per cent of the money goes to the scheme as a premium to National Health Insurance Scheme,” he explained.