The National Pensions Regulatory Authority (NPRA) has slashed the registration fee for corporate trustees wishing to operate in the informal sector from GH¢5,000 to GH¢1,000, as part of measures aimed at enticing more trustees to rope non-formal workers into the pension scheme.

The authority has also reduced the individual trustee informal sector licensing fee from GH¢5,000 to GH¢500.

The measures, which took immediate effect, are expected to help encourage high participation of corporate trustees in the informal sector.

The reduction in the licensing fee for trustees interested in the informal sector is also expected to increase the turnover of the schemes and that should lead to good governance.

The Chief Executive Officer (CEO) of the NPRA, Mr Hayford Attah Krufi, disclosed these on the sidelines of a stakeholder meeting in Accra.

He said the authority had also decided to fix the pension fund managers and custodian’s fees at non-negotiable rates of 0.56 per cent and 0.28 per cent respectively.

It is to help the fund managers and custodians to accumulate enough funds to effectively perform their assigned roles for prudent management of the funds.

With these incentives in place, Mr Krufi said the NPRA now expected the trustees to “leave their comfort zones and enter the informal sector space”.

Full Content: Graphic Online

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