The National Association of Graduate Teachers (NAGRAT) has cautioned government against replacing its fund manager with Prudential Bank, Glico Insurance, and Data Bank.
At a press conference in Accra today [Thursday], President of the Association, Angel Cabournu said the political interference in workers’ tier 2 pension schemes which began in the previous government where Pension Alliance and Universal Merchant Bank were imposed on the Association is “repeating itself.”
“The Minister of Finance has suddenly lost the formula for transferring pension fund when it came to the turn of the teachers. We reject the spurious excuse that the consultant has to be engaged to generate membership contribution data before the funds can be transferred.“We are aware of proposals to replace the custodian, fund manager and scheme administrator with Prudential Bank, Glico Insurance and Data Bank. We hereby demand that the government take their hands off teacher’s pension funds,” Mr. Cabournu said.
‘Transfer tier two pensions’
Mr. Cabournu also called for the immediate transfer of the accrued 1.7 billion cedi of teachers’ tier two pensions to the Ghana Education Service’s Occupational Pension Scheme.
He said the money which is being kept on their behalf by the National Pensions Regulatory Authority is illegal.
Mr. Cabournu warned of a series of strikes if their demands are not met. “NAGRAT will want to serve notice that if the funds are not transferred to the Scheme, we will not have any other alternative than to embark on series of industrial actions to ensure that what is lawful is done.”
Mr. Cabournu also made some demands as listed below:
- The Board of Trustees of the GES Occupational Pension Scheme is sufficiently allowed the free hand to effectively manage the Occupational Based Pension Scheme for the benefit of GES workers
- The contribution for the Occupational Based Pension of our members in TPFA is transferred to the Service Providers with the investment made on the past credit of members and the returns there accrue are transferred to the Scheme’s Service providers as well.
- That government hands off any attempt to influence the investment and management of our funds.
NAGRAT has on several occasions threatened a strike over outstanding arrears owed its members.