The National Pensions Regulatory Authority (NPRA) has encouraged workers in Ghana’s informal sector to enrol in the voluntary third-tier pension scheme to ensure financial security after retirement.
Speaking in an interview with the Ghana News Agency in Sunyani, the Sunyani Zonal Head of the NPRA, William Ohene-Adjei, said workers should make it a habit to save part of their income while they are still economically active to enjoy a stable source of income in old age.
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He explained that the third-tier pension scheme is a voluntary retirement savings plan managed by licensed corporate trustees and regulated by the NPRA, specifically designed to help informal sector workers prepare for retirement.
According to him, the scheme offers flexible contribution options, allowing participants to save according to their financial capacity.
Mr Ohene-Adjei noted that before 2010, pension schemes were largely limited to workers in the formal sector, creating the perception that informal sector workers were not eligible for pension benefits.
He said the introduction of the National Pensions Act, 2008 (Act 766), changed that by allowing self-employed individuals and workers in the informal economy to join voluntary pension schemes managed by corporate trustees.
He urged those who still believe pensions are only meant for formal sector employees to change that mindset and take advantage of the available opportunities.
Mr Ohene-Adjei stressed that regardless of one’s occupation, planning for retirement through a pension scheme is essential to ensuring a comfortable and financially secure life after active employment.
