NPRA revises fee structure for Pension Service Providers
The National Pensions Regulatory Authority (NPRA) has announced a revised fee structure for service providers operating within the country’s pension industry. The aim is to enhance financial resources allocated to regulating and overseeing pension funds nationwide.
Under the new structure, service providers managing funds on behalf of individual trustees will face increased renewal and registration fees. Specifically, these fees have been adjusted from GH¢250 to GH¢500, representing a significant change from the previous year.
However, renewal fees for corporate trustees, pension fund custodians, and pension fund managers remain unchanged from last year, ranging between GH¢3,000 and GH¢5,000. This consistency aims to maintain stability in the sector.
Application, licensing, and registration fees for service providers have also been maintained at last year’s levels, ranging between GH¢2,220 and GH¢5,550. This decision reflects the NPRA’s effort to balance the financial obligations of service providers with the need for regulatory oversight.
Similarly, registration fees for various pension schemes, such as master trust, employer, personal, or group personal schemes, have remained unchanged, ranging from GH¢5,550 to GH¢11,100.
The NPRA justifies the new fee structure as essential for ensuring the sustainability of the pension sector and effective regulation and oversight of pension funds in Ghana. These adjustments aim to align with industry dynamics and support the NPRA’s mandate to protect the interests of pension contributors and beneficiaries.
Service providers are encouraged to adhere to the revised fee structure to avoid potential penalties or sanctions from the regulatory authority. Compliance is crucial for maintaining transparency, accountability, and integrity within the pension industry, ultimately safeguarding the long-term interests of pension scheme participants.
