Pensions law refers to the legal framework and regulations that govern retirement and pension benefits provided by employers to their employees.It includes a plethora of rules, regulations, and statutes that govern how pension systems are founded, funded, managed, and administered. The basic goal of pension law is to ensure that employees get fair, secure, and appropriately funded retirement benefits. The National Pensions Act, 2008, (Act 766) is an Act provided for pension reform in Ghana by the introduction of a contributory three-tier pension scheme which was designed to provide a comprehensive retirement income system for its citizens. The National Pensions Regulatory Authority (NPRA) was established to oversee the administration and management of registered pension schemes and trustees of registered schemes.
For many, retirement is a time for personal growth, which becomes the path to greater freedom.
You can usually file a complaint or dispute with the relevant pension regulatory authority or through the dispute resolution process outlined in your pension plan's documents.
Pension laws may provide protection for pension plan assets in the event of employer bankruptcy. These assets are often secured to ensure that pension benefits are paid to plan participants.
Exemption is available for expats on short-term contracts, not more than 36 months. He must also show proof that he is a member of a pension scheme in another country.
The employee contributes 5.5% of his basic salary. The employer contributes 13% of the employee’s basic salary. The employer and employee contribute 18.5% in total of the employee’s basic salary.