The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Christopher Boadi-Mensah, has encouraged Ghanaians to be intentional about investing towards their retirement.
According to him, the two mandatory pension tiers, managed by SSNIT and the Trust Fund, are not sufficient on their own, which is why the third tier was introduced.
The Tier 3 pension scheme is a voluntary contribution made by individuals, often complemented by employer contributions.
Speaking on the sidelines of the Business and Financial Times–Ecobank Money Summit, Boadi-Mensah said, “What I can say is that we need to make an effort to do more for our retirement. As a nation, or as a people, we must do this because we need to retire comfortably and with dignity.”
He emphasised the importance of taking voluntary contributions seriously to secure a stable post-retirement life.
“With our current pension system, you need to do extra. That’s why the three-tier pension scheme is so helpful. The opportunity to voluntarily save towards retirement is something we should all embrace,” he stated.
“Because it’s voluntary, many people tend to overlook it. But I’m urging everyone to make extra contributions towards Tier 3 for their own retirement security,” Boadi-Mensah added.
The summit was held under the theme, “Optimising Investment and Pensions Management: Strategies for Sustainable Retirement Income and Economic Growth.”
SSD/MA
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