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UNDERSTANDING YOUR SCHEME
The passage of the new Pensions Act allowed private companies to play an active role in pension administration in Ghana. The reforms came about as a result of concerns raised regarding inadequacy of pension arrangements in meeting retirement needs. These concerns led to the formation of a Three-Tier Pension system, National Pensions Act, 2008 (Act 766) – and the establishment of the National Pensions Regulatory Authority “NPRA”. The three–tier pension scheme is comprised of two mandatory schemes and a voluntary scheme as follows:

• Tier I is the Basic National Social Security Scheme which incorporates an improved system of SSNIT benefits, mandatory for all employees in both the private and public sectors and optional for the self-employed; it pays only monthly pensions and related benefits such as survivors and invalidity benefits.

• Tier II which is the Occupational Pension Scheme, is mandatory for all employees but privately managed, and it is designed primarily to give contributors higher lump-sum benefits and,

• Tier III includes the Voluntary Provident Fund and Personal Pension Schemes. Tier III is supported by tax benefit incentives to provide additional funds for workers who want to make voluntary contributions to enhance their pension benefits and also for workers in the informal sector who are not catered for by the two mandatory schemes.

Second Tier Occupational Scheme

Best Trust Scheme

Tier 2 (Best Trust Scheme) is a mandatory 5% contribution of basic salary which pays out a lump sum benefit to contributors at retirement or to a nominated beneficiary when the contributor dies before attaining retirement age.
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Third Tier Provident Fund

Best Provident Fund

Tier 3 (Best Provident Scheme) is a fully funded and privately managed provident fund scheme. It guarantees the contributor tax reliefs and serves as a financial vehicle for members who seek enhanced pension benefit. The scheme provides tax exemptions to scheme members if withdrawals are done after 10 years.
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Third Tier Personal/Informal Scheme

Best Pensions Scheme

Tier 3 (Best Pension Scheme) is a flexible long term investment scheme. The personal pension scheme (formal/informal) guarantees the contributor tax reliefs and functions as a financial vehicle for those who seek enhanced pension benefit.
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Stand Alone Pension Scheme Administration

Employer Sponsored Scheme

Best Pensions Trust provides trustee services for the 2nd & 3rd Tier pensions. It allows establishments full ownership of their scheme while enjoying the advantage of having a corporate trustee. Fees for this scheme are negotiated and varied based on some parameters.
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