A policy think Tank, Africa Centre for Retirement Research is calling on Labour Unions to stop demanding the transfer of the past credit on their retirement benefits being currently managed by SSNIT to Tier 2 fund managers.
According to the Executive Director of the Centre, Abdallah Mashud, its research shows that those contributions were done before the new pension law Act 766 that replaced PNDC Law 247. Speaking to GBC NEWS, Mr. Mashud said it is far better for SSNIT to manage the funds since it is safer for long term benefits. He first explains what the past credit is all about.
Mr. Mashud said it is about time the National Pensions Regulatory Authority, NPRA, updated and deepened its supervisory mechanism over the operations of the first and second tier investment fund managers.
He said the NPRA must ensure that operators of the first and second tier investment funds fulfil their mandate as stipulated in their policy document so that beneficiaries will get good and regularized returns on their investment upon retirement.