EMPLOYER SPONSORED SCHEME

Scope of Administrative Solution

• Secure scheme registration
• See to the day to day running of the scheme
• Assist with the appointment of fund managers, custodians and other service providers and ensure they are compliant with regulatory requirements or guidelines;
• Maintain investment policy statements and internal control procedures that may be prescribed by the Board;
• User data collation, maintenance and accuracy / integrity preservation
• Ensure that the investment of funds of the scheme is diversified to minimise investment risk;
• Act as a provident trustee in financing relationship with its members;
• Regular regulatory reporting and liaison with the regulator
• Process transfers and payment requests as contained in the trust;
• Keep proper accounting records and a members’ register;
• Preparation and lodgement of annual audited financial statements, scheme and investment reports and other relevant records that the Board may require; and
• disability/death administration
• Perform other functions as may be directed by the Board.

Consulting Services

• Trust Deed Development
• Rules and Regulation Development
• Statement of Investment Policy Development
• Actuarial Support for Benefit Design and Costing
• Trustee Training

Independent Trustee Services

• Independent trustee representation
• Investment advisory services to employer sponsored schemes
• Pension/ Provident Fund advisory services to employer sponsored schemes

MASTER TRUST SCHEMES

Prestige occupational Master Trust Scheme

Objective

It is a Defined Contribution (DC), Master-Trust Scheme designed to offer institutions retirement management solutions for managing their employees’ mandatory Tier 2 contributions. The Scheme is registered by the NPRA. The Tier two schemes were setup to provide lump sum payments previously provided by SSNIT.

Contribution

Employers are required to remit 5% out of the mandatory pension deduction of 18.5% to the approved Tier 2 schemes

Benefit Payment

The scheme pays full benefits by lump sum to the participants at retirement. The nominated beneficiaries of deceased participants shall also be paid full benefits within 31 working days of filing claims.

The Scheme also offers an add-on benefits for its Scheme members.

Signing Up

Employers enrol on behalf of their workers. Interested organizations are required to complete participation forms and agreement to begin contributing to the scheme.

Prestige Provident fund Master Trust Scheme

Objective

It is a Defined Contribution (DC), Master-Trust Scheme designed to complement existing retirement schemes. The Scheme is licenced by the NPRA. The Tier three schemes was setup to provide gratuity payments previously provided by SSNIT.

Contribution

Contribution rates are set by the employer in consultation with the employees. There are 2 options:

1. Contributory: Both employer & employees contribute.
2. Non-Contributory: Only one party contributes.

Both options are available PRE-TAX or POST TAX.

Benefit Payment

The scheme pays full benefits by lump sum to the participants at retirement. The nominated beneficiaries of deceased participants shall also be paid full benefits within 31 working days of filing claims. The Scheme also offers an add-on benefits for its Scheme members. The Scheme allows withdrawals after 10 years. Deductions are tax exempt.

Signing Up

Employers enrol on behalf of their workers. Interested organizations are required to complete participation forms and agreement to begin contributing to the scheme.

Prestige Personal Pension

Objective

The Prestige Personal Pension Scheme is a supplementary defined benefit investment scheme designed to help the Ghanaian worker save toward retirement. It is tax-qualified to allow you enjoy tax free contributions and benefits.

Contribution

Minimum contribution is GHS 50.00. The plan available can be PRE-TAX or POST TAX. Unscheduled contributions are permitted.

Benefit Payment

The scheme pays full benefits by lump sum to the participants at retirement. The nominated beneficiaries of deceased participants shall also be paid full benefits within 31 working days of filing claims. The Scheme also offers an add-on benefits for its Scheme members. The Scheme allows withdrawals after 5 years. Deductions are tax exempt.

Signing Up

Interested employees are required to complete a personal pension form.