Essay Ghana Pensions Act, 2008 (Act766)

30760 Words Jul 30th, 2012 124 Pages
Act 766

National Pensions Act, 2008
ARRANGEMENT OF SECTIONS

Section PART ONE—ESTABLISHMENT OF CONTRIBUTORY THREE-TIER PENSION SCHEME AND NATIONAL PENSIONS REGULATORY AUTHORITY Contributory three-tier pension scheme 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. Establishment of contributory three-tier pension scheme Object of the scheme Contributions to the scheme Management of the schemes National Pensions Regulatory Authority Establishment of the Authority Object of the Authority Functions of the Authority Governing body of the Authority Tenure of office of members Meetings of the Board Disclosure of interest Establishment of committees Allowances Regional and district
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55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66.

Director-General of the Trust Functions of the Directors-General Deputy Director-General Appointment of other staff Secretary to the Board of Trusteees Internal Auditor Actuary of the Trust Accounts and Audit Annual report and other report Regulation of the Trust Actuarial valuation reports Exemption from taxes Administrative expenses Permitted expenditure from Scheme Funds Account of members Employers and workers Application of social security scheme Entry age Age Exemption Social security number Existing schemes Contributions Mandatory contributions Penalty for non-payment of contributions Multiple-employer Employer not to reduce remuneration Investments

67. Investment policy 68. Permitted investments 69. External investments

Act 766

National Pensions Act, 2008
Benefits and qualifying conditions

70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94.

Superannuation pension Invalidity pension Lump sum payment Survivor’s lump sum benefits Other benefits Harzardous employment benefit Qualifying conditions for pension Formula for computation of pensions Formula for survivors benefit computation Formula for invalidity computation Periodic review of pensions Nomination for dependants to receive benefits Reciprocal agreement Legal proceedings Offences Institution of criminal proceedings Offences by body of persons Civil proceedings Priority for payment of

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