Occupational And Personal Pension Schemes (General) Regulations, 2011 (LI 1990)
Regulation 58
(1) An approved trustee of a registered scheme shall maintain a separate account for each scheme member.
(2) The account shall specify the member's accrued benefits and show the difference between the aggregate amount and
(a) in the case of a scheme member who is a relevant employee, contributions paid by the member's employer to the scheme in respect of the member;
(b) contributions paid to the scheme by the member;
(c) any amount transferred to the account in accordance with provisions on portability of accrued benefits under these Regulations;
(d) any investment income of the scheme that is attributable to the member's accrued benefits;
(e) any amount by which the value of the scheme investments attributable to the member's accrued benefits has appreciated;
(f) accrued benefits that have been paid to or in respect of the member;
(g) fees for administrative expenses deducted or deductible by the trustee from the account under these Regulation unless those expenses are waived by the trustee;
(h) any amount by which the value of the scheme investments attributable to the member's accrued benefits has depreciated;
(i) any other amounts payable under the Act from the account.
(3) The trustee shall ensure that each member's account is kept in a manner that ascertains the market value of the accrued benefits of a member at least once every month.
(4) In the case of a scheme member who is a relevant employee of a participating employer, the trustee shall arrange for the member's contribution account to be divided into the following sub-accounts:
(a) a sub-account specifying
(i) mandatory contributions paid for a member by the member's current employer in accordance with section 3 (1) of the Act;
(ii) any contribution surcharges paid by the member's employer on arrears; and
(iii) the income or profits arising from investments of the contributions, surcharges and benefits taking into account any losses;
(b) a sub-account specifying
(i) mandatory contributions paid for the member by the member's current employer under Section 3 (2) of the Act;
(ii) the income or profits arising from investments of the contributions, and benefits under sub-regulation 4;
(iii) taking into account any losses;
(c) a sub-account specifying
(i) the voluntary contributions paid for a member by the member's current employer;
(ii) any contribution surcharges paid by the member's employer on the arrears; and
(iii) the income or profits arising from the investments of the contributions and benefits taking into account any losses;
(d) a sub-account specifying
(i) the voluntary contributions if any paid by the member while employed by the member's current employer; and
(ii) the income or profits arising from the investments of the contributions and benefits taking into account any losses;
(e) a sub-account specifying
(i) voluntary contributions paid by or for the member while employed by a former employer or while self-employed and transferred to the member's contribution account; and
(ii) the income or profits arising from the investments of the contributions and benefits taking into a count any losses.
(5) In the case of a scheme member who holds a preserved account in the scheme, the trustee shall arrange for the member's preserved account to be divided into the following sub-accounts:
(a) a sub-account specifying:
(i) mandatory contributions paid by or for the member and transferred to the member's preserved account in accordance with payment of accrued rights under these Regulations;
(ii) any contribution surcharges in respect of mandatory contributions paid by the member's employer while the member is employed by a former employer, and any contribution surcharges paid in respect of mandatory contributions paid by the member while self-employed;
(iii) the income or profits arising from investments of the contributions surcharges and benefits taking into account any losses; and
(iv) the special contributions if any paid for a member and the income or profits arising from investments of those contributions, taking into account any losses; and
(b) a sub-account specifying:
(i) voluntary contributions paid by or for a member and transferred to the member's preserved account; and
(ii) the income or profits arising from investments of the contributions and benefits taking into account any losses.
(6) The trustee shall ensure that amounts relating to a scheme member's account are recorded in the appropriate sub-accounts of the member's contribution account.
(7) A trustee shall not divide a member's sub-account into further sub-accounts, other than the sub-accounts specified under this regulation.
Procedure to Follow
Not Avaiable
Responsible Institution
National Pensions Regulatory Authority
SU Towers Accra
- Email: info@npra.gov.gh
- Website: npra.gov.gh
- GPS:
- Telephone: 0302968692
Relevant Forms to Download
Not Available
Online System
Link Unavailable
Fees/ charges
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