NPRA to Automate Operations to Safeguard Pension Fund Assets
The National Pensions Regulatory Authority (NPRA) is rolling out a new software to fully automate its internal and external operations to safeguard pension fund assets.
The Minister for Employment and Labour Relations, Mr Ignatius Baffour Awuah, who disclosed this on Wednesday in Accra during a press briefing, added that this is critical to safeguard pension fund assets which are growing rapidly and require prudent management.
He said in 2017, the government resolved the long-standing issue regarding the Temporary Pension Fund Account (TPFA) with public sector workers.
“Through collaborative efforts, an amount of GHS 3.1 billion was transferred by the government into the custodian accounts of Public Sector Occupational Pension Schemes,” he added.
Mr Baffour Awuah indicated that over the last seven years, the number of zonal offices for the NPRA has increased from two in 2016 to seven as of August 2024.
The addition of five new zonal offices has enhanced the visibility of the NPRA and brought pension services closer to the people.
According to him, in the first half of the year, SSNIT launched the SSNIT Digital Bouquet, comprising the SSNIT Mobile App, enhanced USSD, new website and self-service portal.
“These platforms have significantly improved operational efficiency and brought added convenience to members and clients.
“SSNIT also deployed the Integrated Social Security Administration System (ISSAS), a comprehensive operations system developed in-house. The new system will accrue savings for SSNIT over US$2 million annually,” he added.
He said enrolment in the Three-Tier Pension Scheme has become seamless through the Ghana Card where active contributors to the SSNIT scheme have increased from 1.35 million in 2016 to more than 2 million as of April 2024.
Coverage of pensions in the informal sector has also increased from 35,178 in 2016 to 817,468 members currently, the similarly average processing time for pensions is now 7 days.
The minister further disclosed that in May 2023, SSNIT launched the Self-Employed Enrolment Drive (SEED), an initiative which seeks to improve coverage and increase the contributor base of the SSNIT.
“Since the launch of the SEED initiative, over 103,292 self-employed persons have been enrolled on the programme”, he added.
He reiterated that the government would continue to exercise its fiduciary responsibility in the management and preservation of pension funds.
