Occupational And Personal Pension Schemes (General) Regulations, 2011 (LI 1990)
Regulation 39
(1) An approved trustee of the scheme shall
(a) within three months after each financial period of a registered scheme, provide each member of the scheme with a benefit statement setting out the member's contributions as at the end of that period, whether or not the financial statements of the scheme for that period has been audited,
(b) notify members in writing of subsequent audit adjustments made to the benefit statements that affects a member's balance within thirty days of being aware of the audit adjustments.
(2) Where the financial period of a registered scheme is extended beyond twelve months, the approved trustee of the scheme shall provide each member of the scheme with
(a) a benefit statement for the first twelve months of the financial period; and
(b) another benefit statement prepared and issued as at the end of the extended financial period.
(3) A scheme member's benefit statement shall
(a) specify the name of the member, the name of the scheme and the name of the approved trustee of the scheme;
(b) specify the total contributions paid to the scheme in respect of a member during a financial period and any contribution periods for which contributions in respect of the member were not paid;
(c) specify the value of accrued benefits of the member as at the beginning and end of the financial period;
(d) specify the total contributions paid by a self-employed person to the trustee of the scheme during the financial period;
(e) specify the total contributions paid by an employer to the trustee of the scheme for its employees during the financial period;
(f) specify particulars of amounts transferred to or from the scheme during the financial period; and
(g) contain any other information that may be determined by the Authority.
(4) The benefit statement shall be prepared on accrual basis, except that contributions and items relating to contributions not yet received by the approved trustee of the scheme may be included on cash basis.
(5) A benefits statement in respect of a registered scheme paid by or for a scheme member shall include a separate information with respect to
(a) the mandatory contributions paid by or in respect of the member, and the accrued benefits derived from the mandatory contributions; and
(b) the voluntary contributions paid by or in respect of the member, and the accrued benefits derived from the voluntary contributions.
(6) Where a member of an employer sponsored scheme or a master trust scheme is an employee of a participating employer, the trustee shall give a member's benefit statement to the member's employer and the employer shall give the benefit statement to the member within fourteen working days of receipt of the statement by the employer.
(7) An approved trustee of a registered scheme shall not comply with this regulation where a person has ceased to be a scheme member for a period of three months after the end of a financial period of the scheme and the accrued benefits of the member has been transferred to another registered scheme or paid in accordance with sections 101 or 110 of the Act.
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
Not Avaiable
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