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What You Need to Know about the GNAT Provident Fund Scheme (TIER 3 Pension Scheme)

16th April 2019

Ferdinand | EducationGhana | December 27 | What You Need to Know about the GNAT Provident Fund Scheme (TIER 3 Pension Scheme)

The 5th Quadrennial (52nd) National Delegates Conference of GNAT held at the University of Cape Coast in January 2018 decided to establish a Tier 3 Pension for teachers, particularly GNAT members, to be called GNAT Provident Fund Scheme.

This is in accordance with the National Pensions Act, 2008 (Act 766), and the scheme is to be administered by United Pension Trustees and regulated by the National Pensions Regulatory Authority (NPRA).

The GNAT Provident Fund Scheme (Tier 3 Pension) is a voluntary privately managed pension scheme for all members. Members have the freedom to contribute up to 16.5% of their monthly basic salary to the scheme.

Any permissible contribution made to the scheme is tax exempt and that will be deducted before the application of income tax on the remaining salary.

This means, members income tax contribution will reduce and that amount is saved towards the future. The scheme has already started and some members have enrolled on the scheme. There were initial challenges with the tax exemption but that has been resolved and members enjoyed the tax exemptions in March 2019.

The GNAT Provident Fund Scheme is not an insurance but it is a pension scheme and pension schemes are governed by strict rules from the NPRA on where and how to invest and the cost of running the scheme.

It is therefore prudent for all members to enroll in order to make savings on the income tax paid to government and as well save for the future. It is therefore a worthwhile medium to long term investment for all teachers.

Members can access their contributions after ten (10) years and use it for any project they want. Since there is tax exemption on the contributions to the scheme, the National Pensions Act 766 states that members who want to withdraw their money before 10 years will pay 15% tax on both their contribution and returns.

There is great returns on this scheme because of the secure and medium to long term investment options. This will make the members get a lump sum paid at their retirement in addition to Tier 2 and Teachers Fund (which is a pension supplement).

All members who want to enroll onto the GNAT Provident Fund Scheme are entreated to visit the nearest Metro/Municipal/District GNAT Secretariat and they will be assisted to enroll. You may also contact United Pension Trustees Limited for further information on 0302251101 0544339786 0242076866 Email: info@unitedpensiontrustees.com.gh Website: www.unitedpensiontrustees.com.gh

Source:EducationGhana.net

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