Enterprise Tier 2 Occupational Pension Scheme

Overview

The Enterprise Tier 2 Occupational Pension Scheme is a defined contribution pension scheme established by Enterprise Trustees Limited, a master trust duly licensed to operate in Ghana. The scheme is designed to assist employers in managing their employees' Tier 2 mandatory pension contributions, offering a comprehensive solution for both private and public sector employers. Contributions are based on monthly pay and are deducted from gross pay before tax, with employers required to remit 5% of the 18.5% mandatory pension contribution to a private corporate trustee on behalf of employees. Members of the scheme are entitled to receive a lump sum benefit equal to the value of their contributions and investment returns upon reaching the normal retirement age of 60. Additionally, members can access their retirement benefits under conditions such as voluntary retirement at age 55, unemployment at age 50 with certification from the labour office, permanent emigration, or total incapacity. The scheme also provides for the payment of benefits to nominated beneficiaries in the event of a member's death while still active. Enterprise Trustees Limited, the managing entity of the scheme, is committed to prudent investment policies and stakeholder involvement to ensure member satisfaction and the financial security of beneficiaries. The scheme operates under the regulatory framework of the National Pensions Regulatory Authority (NPRA) in Ghana, adhering to the Pensions Act, 2008 (Act 766) as amended, and is listed among the registered master trust occupational schemes under the NPRA.

Investment Focus

• Employers must remit 5% of the 18.5% mandatory pension contribution to a private corporate trustee on behalf of employees.