The Civil and Local Government Staff Association, Ghana (CLOGSAG) says it will not compromise on the January 1, 2020 implementation of the TIER 2 Pension Scheme.

Executive Secretary of CLOGSAG, Isaac Bampoe-Addo, said, the continuous extension of implementation of the Scheme, empowers the Social Security and National Insurance Trust (SSNIT) to monopolise pension administration in the country, thereby rendering workers worse off.

Addressing a press conference in Accra yesterday, he stated that, none of the public sector occupational pension schemes had indicated that it needs more time or further extension of the implementation date. Mr Bampoe-Addo said the association would not entertain further delays on the implementation of the scheme as government had since 2016 commenced payment of the five per cent deduction towards Tier 2 pensions to custodians of the public sector occupational pension schemes.

He was reacting to claims by the Trade Union Congress on Monday that contributions of most public sector workers were transferred from the Bank of Ghana to Corporate Trustees just last year.

The workers argued that the transfer which was done recently, made it impossible for those funds to generate returns that could meet the expectations of workers and the pension reforms exercise.

However, Mr Bampoe-Addo said the claim was false as government had further transferred the five per cent deductions towards pensions for private sector workers to their schemes years before the transfer of the Temporary Pension Fund Account (TPFA) to public sector schemes in December 2017.

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