New consumer policy to protect pension contributors — NPRA Boss

BY: Jessica Acheampong
Dr John Ofori-Tenkorang — Director-General of SSNIT
Dr John Ofori-Tenkorang — Director-General of SSNIT

The National Pensions Regulatory Authority (NPRA) is to introduce a consumer protection policy to safeguard the interest of pension contributors in the country.

When it becomes operational, the policy will ensure that contributors have access to accurate information, are able to establish good relations with the fund managers and have the opportunity to channel their grievances and concerns appropriately.

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The Chief Executive Officer of the NPRA, Mr Hayford Attah Krufi, announced this at a training workshop for journalists on the three-tier pension scheme in Accra.

He said, “we are developing a consumer protection policy which is made of internationally agreed and standardised rules where every action of the service provider ultimately aims at protecting the interest of the contributor,” he said.

With the policy, access and transparency of information, complaints procedures are expected to be made clear to give customers the opportunity to seek redress when they feel their rights are being trampled upon.

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“All these things are embedded in the policy so that when a contributor feels that his or her rights are being trampled upon, they will have a clear stepping stone for redress. Contributors would also have a say in how his or her contributions are invested in legitimate companies that enhances economic growth,” he said.

Promoting contributor’s interest

The NPRA, he said, as the regulator of the sector, was trying to create a situation where ultimately the contributor’s interest remained supreme and protected because often, contributors were not in a position to question how their funds were being managed.

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As a result, the NPRA had decided to take that responsibility to make sure contributors were informed and in a position to ensure that they are assured of adequate retirement income security at the end of his or her working life.

Media training

The capacity building workshop brought together business journalists from some media houses to educate them on issues related to pensions and its management in the country.

Mr Krufi said it was also to update the media on the implementation of the three-tier pensions scheme to help increase the coverage of pensions in the country.

He also gave the assurance that the NPRA would continue to engage journalists to improve on collaboration and partnership between the two parties.