GLICO Holds Stakeholders Forum

Dr. Francis Sapara-Grant, General Manager of GLICO Pension has called on corporate bodies that are yet to choose a corporate trustee to manage their Tier two contributions to make GLICO Pension their preferred destination. He observed that it had become a challenge for corporate bodies to choose a corporate trustee to administer their pension schemes or provident fund schemes, especially when the National Pension Regulatory Authority (NPRA) had served notice that the Social Security National Insurance Trust would no longer continue to receive Tier two contributions from employers after the end of the year. Dr. Sapara-Grant said this in Accra last week at the GLICO Pensions Stakeholders Forum, a platform organised by the company to take stock and update stakeholders on the status of the GLICO Master Trust Schemes and also solicit feedback on the performance of the scheme during the past year. The event was also used to inaugurate the Governing Board of the GLICO pension schemes and launch the website of the GLICO Group to ensure communication with clients. He said under the implementation of the National Pension Act, 2008 (Act 766), stakeholders of the new scheme were expected to play their respective role efficiently in order to ensure that the objectives of the three-tier pension scheme were fully realised. “The management of Glico Pensions Trustee Company therefore recognises that our fiduciary role to members of our registered schemes is very paramount and hence, we have to endeavour to comply with all regulatory matters in respect of our operations in order that our clients get best possible service,” the General Manager of GLICO Pension said. Dr. Sapara-Grant said “frequent interactions is necessary in order to demystify the management of the pensions schemes we operate, and also to help build confidence among our rapidly growing membership in the ability and capacity of Glico Pensions to manage their pension contributions and pay meaning benefits when the time is due”. The Acting Chief Executive Officer of the NPRA, Laud Senanu, in a speech read on his behalf, lauded the effort of GLICO to organise the forum to enhance knowledge base of stakeholders and also matters that concerned the pension industry in terms of regulatory issues, investment and pension administration. He said the authority was considering suggestions for a review of the guidelines on investment. The Acting Chief Executive Officer said extension of coverage for pensions for workers in the informal sector of the economy was still relatively low despite the incentives provided under the new pension reforms. A Professor of Business Management, Kwaku Appiah-Adu who launched the website urged clients to make good use of the resources to improve their business interaction with GLICO.