Pension Act Review


Ghana's Pension Management Structure

New Pension Management Structure

Under the Act companies are required to appoint a trustee to manage their Tier 2 Occupational Pension Schemes and Tier 3 Provident Fund Schemes.

Trustees manage Tier 2 and Tier 3 pension schemes for the sole benefit of employees. Having ensured the existence of proper governance structures within the fund, they are responsible for ongoing asset allocation decisions, for the selection and evaluation of fund managers and custodians, for proper accounting of scheme assets, and for regular and effective communication with all stakeholders, including the scheme members and the regulator.

Fund managers are responsible for managing the investments in Tier 2 and Tier 3 funds, subject to the asset allocation and investment guidelines determined by the Trustee.

Custodians, typically banks, hold the cash and assets of Tier 2 and Tier 3 funds and report on their performance to the Trustee.

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