September 12, 2018

Pension Systems- A General Overview [Occasional Paper 15]

[Occasional Paper 15] Pension Systems- A General Overview Ghana, like most countries, has introduced comprehensive reforms to its pension system, leading to the establishment of a new three-tier pension structure in 2008. This paper looks at the general concept of pensions from the basics and is intended to serve as a source of reference for subsequent papers on pensions. It considers the rationale for pension systems, the types, and models of pension provision, including a review of the two models of pension systems by two leading international organizations; the World Bank and the International Labour Organisation (ILO). It also discusses […]
July 2, 2019

IFS National Pension Dialogue

IFS National Pension Dialogue In 2006, Ghana began a review of its pension system to identify ways of ensuring better income security for Ghanaian pensioners. The review culminated in the enactment of a new National Pension Act (Act 766) in 2008. The law establishes a new contributory three-tier pension scheme and a regulatory oversight body, the National Pension Regulatory Authority (NPRA), to oversee administration of the composite pension scheme. Under the law, which remains in force today, 13.5% of an employee’s basic salary is paid to the Social Security and National Insurance Trust (SSNIT) comprising 13% contributed by the employer […]