Mabel Aku Baneseh, asks a question: As a pension contributor, I have only one question for all the parties in the ongoing pension brouhaha. Who will refund my contribution should my fund manager declare bankruptcy? Political fanatics are not welcome here. ? Answer: The fund manager must be made to refund or risk jail term and refunds.The pensions Act is very clear. Mabel, please dont fall for that cheap propaganda by misinformed government agents. The new pensions Act 766 has not even been tried. No licensed private fund manager has been given your tier two contributions you have contributed for 4 years!!! The government cannot properly account for the funds and the interests accrued ! If they could, three leading government ministers including the boss of the pension regulator wouldnt be giving different accounts of the sums involved. One thing is certain. Right now as your second tier contributions are, you cannot receive a proper true statement. If you did you will be getting an interest rate of less than 3% when the promised rate by the NPRA and government is 17%. This was the case for some private workers who received their statements two years ago. In any case please know that the workers are simply revisiting the imposition of a PRIVATE fund manager who they believe is too discreet and dodgy and has ties with big NDC gurus hiding to control it. If I were Pension Alliance, I will just back out nicely and keep whatever reputation I have left with private business intact. What is the use in strenuously trying managing funds for people who think you can run away with their money? Any serious business in any civilized country will back out nicely. Your insistence on managing the funds against the will of thousands of workers is like nailing your hands and head too a CRUCIFIX. Jesus Christ did that already.. Finally I keep asking this question: Assuming we agree that all private funds will fail as many uninformed communicators are ranting with Chilean and Spanish examples, is it to suggest the government is any better? Can we say that because this very government that has supervised the worst corrupt scams in Ghana s history, GYEEDA, SADA , SUBAH, NSS rot loads of Judgement debts and many dodgy oil contracts, we should stop paying taxes to it ? Let them show you where the money is now now now and stop this vain attempt at criminalizing private pensions which are better than these government Ponzi schemes like SSNIT . And on SSNIT, be worried, Mabel, be very worried and look into it.. Read the below .Mr. President, The State Pension Manager, SSNIT, risks collapsing in three years. It is unable to pay worker pensions in full. It is adopting a scheduled payment formula unknown to any serious scheme. Your government also is reported to owe SSNIT over a years contributions, yet they have been deducted from workers salaries. Your government does not pay penalties for defaulting to pay in time. SSNIT is implementing an archaic systems administration for the administration of pensions. The system is several decades behind new and cheaper technology. SSNIT had budgeted $40m for the system but due to the expected faulty operations, SSNIT is spending in excess of $50m in addition to maintain a defunct system. To register a new client of the scheme under this useless system, it takes about 7 papers and more time that it used to be under the older system when there was no this antiquated system SSNIT calls OPERATIONAL BUSINESS SUITE. The provider of this defunct and utterly needless system is reported to be a wife of a senior IT manager so raising possible conflict of interests. They are said to be a front for a Malaysian company that is simply wasting pension funds. SSNIT has too many staff for needless operations. In a year, SSNIT had added over 700 staff bringing staff to almost 3000 instead of the much leaner staff a little under a decade ago. Some senior managers of SSNIT are due for retirement in a year or two and their activities must be checked to prevent padding of the scheme with family members. Already it is reported that some of the staff is made up of children of leading managers and people with suspicious certificates being promoted without merit. As I write 10 branch managers positions may be axed to be taken over by ineffective and inefficient staff some possibly family members. There are murmurings too. Many in SSNIT allege that there was an ethnic overhaul of SSNIT about 6 years ago. There was another ethnic overhaul of SSNIT a year ago.
Posted on: Thu, 30 Oct 2014 16:25:44 +0000
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