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Mar 15, 2011

Parliament passes bills on Social Security Pensions


Parliament has passed the Basic National Social Security Scheme Regulation, 2011 and the Occupational and Personal Pension Scheme (General) Regulations 2011 to regulate the management of social security and pensions in the country.

The Basic National Social Security Scheme Regulation is designed to repeal the Social Security Regulations 1973 ( L.I.818) to meet the requirements of part two of the National Pensions Act, 2008 (Act 766).

 Hon. Kwame Osei-Prempeh, Chairman of the Committee on Subsidiary Legislation, moved the motion for the adoption of the reports of the subsidiary Committee on the regulations.

 Under the new bill, the National Pension Regulatory Authority (NPRA) is mandated to regulate and monitor the implementation of the Basic National Social Security Scheme, which is currently under the management of the Social Security and National Insurance Trust, issue guidelines for the development of investment policy and also attend to appeals from aggrieved members of the basic social security scheme.

 The passage of the Occupational and Personal Pension Scheme will also pave the way for the full implementation of the second and the third-tier pension scheme to provide for additional pension benefits to workers.

 The eventual implementation of the second and third-tier will further lead to availability of a pool of long term funds for the promotion of growth and development of capital, mortgage and insurance market to ensure the protection of the contributions of beneficiaries and also contribute towards accelerated national development.

Source : ISD