The Manager of the National Pensions Regulatory Authority (NPRA) for the Bono, Bono East and Ahafo Region, William Ohene-Adjei, has indicated that his outfit is ready to prosecute institutions that refuse to pay the tier two contribution of their employees.

Mr. Ohene-Adjei gave the indication during a sensitisation programme in Sunyani for the leadership of Anglican Dioceses of Sunyani on the need for people in the informal sector to embrace the 3-tier pension scheme.

He urged the leadership of the church to educate its congregants to embrace pensions so that in their old age they would not become a burden on the church and society.

“The Tier-3 is for those in the informal sector, where they can contribute towards their pension. We want the leadership of the church to encourage its members to embrace the pension schemes in the country, most especially the one for those in the informal sector.”

The National Pensions Regulatory Authority was established by the National Pensions Act 2008, (Act 766) to regulate and monitor the operations of the three-tier pension scheme and ensure effective administration of all pensions in the country.

Mr. Ohene-Adjei noted that “The law mandates institutions to pay the Tier-2 of their employees after paying their SSNIT. However, some institutions in the Bono, Bono East and Ahafo Regions are flouting this directive. In 2021, we had 64 institutions flouting the directive. We sat down with 63 of them, who complied to pay the Tier-2 for their employees. This year, we are going to be tough, we will prosecute whoever flouts the law.”

Read more @Business Ghana