Senior Manager in charge of Standards and Compliance at the National Pensions Regulatory Authority (NPRA) Hayford Amankwah has said the NPRA has identified problems with the computation of the pensions for 2020 retirees under Act 766, which is currently being addressed.
Speaking in an interview with Alfred Ocansey, host of Sunrise morning show on 3FM Wednesday, October 14, he said the issue has been referred to cabinet despite the ongoing engagements between Socia Security and National Insurance Trust (SSNIT), the NPRA and other stakeholders.
“We at NPRA acknowledge the difficulties most retirees are facing currently. We pointed the issues out to SSNIT and they are currently being resolved. As I speak to you, this is one of the major issues the National Pensions regulatory Authority is working to resolve as soon as possible,” he said.
This comes after President Nana Addo Dankwa Akufo-Addo assured public sector workers that he will resolve the issue of ‘Past Credit’ for workers who had to retire from January this year.
According to the President, “government, through SSNIT, would pay the difference in the lump sum payments, between beneficiaries of PNDC Law 247 and those of Act 766, for those retiring in 2020, with effect from 1st January to 31st December 2020.”
Although Act 766 clearly offers higher monthly pensions and better lifetime benefits to workers compared to the erstwhile PNDC Law 247, some workers may receive a lower lump sum (made up of the past credit paid by SSNIT and the Tier-2) compared to that paid under PNDCL 247), with the President adding that “a Committee will be established to supervise the implementation of this decision” to ensure that equity prevails and no pensioner is made worse off.