The Ghana National Association of Teachers (GNAT) in the Bolgatanga Municipality has appealed to teacher to register onto the tier two pension scheme to enable them reap the benefits when they retire.
At a forum in Bolgatanga to school the stakeholders in education on the importance and the registration process involved in getting hooked to the tier two pension scheme, Mr Charles Atakibire Ateem, the Bolgatanga Municipal GNAT Chairman, said GNAT as a mother of all teacher unions was interested in the welfare of all teachers and not only its members.
He said GNAT was concerned about all teachers irrespective of the union a teacher might belong to, adding that the preamble of the GNAT constitution was “the welfare of the teacher”.
Mr Ateem said the tier two pension scheme was geared towards saving huge sums of money and had more advantages as compared to the Cap Thirty, because the pension’s alliance trust which was engaged by teacher unions to manage their funds, would remit contributors with better lump sums.
The Chairman said even though the Teacher’s Fund existed before the tier three pension scheme, it was an endowment fund which served as another pension support scheme, and called on the stakeholders to disseminate the information to all teachers in the Region.
He encouraged all teachers not to concentrate on the minimum contributions to their mutual fund, and told them to endeavor to increase it.
“I encourage all teachers to contribute not only the minimum contributions, but to go a step further to increase the mutual fund contributions, since it would give you lots of dividends.”
Mr Abdul-Latif Alhassan, the Municipal GNAT Secretary, who explained the modalities involved, said GNAT Executives realized that its members were not enthused about the benefits they got from the Social Security and National Insurance Trust (SSNIT) and therefore initiated the move.
He said the tier two pension scheme started in 2010 and government was still owing arrears of eighty months spanning from January 2010 to August 2016.
Mr Alhassan indicated that both tier one and two were mandatory, while the tier three was voluntary; tier one, he indicated came from SSNIT and so there was the need to get their tier two properly harnessed by organizing the fund managers, custodians and trustees to manage and invest their funds well to enable members due for retirement from 2020 benefit from it.
He said the exercise was for all teachers unlike the Teachers’ Fund, which was restricted to only GNAT members, and urged his colleagues in the profession to get involved and not to sit on the fence.
A participant from the Talensi Education Directorate, Madam Mollydean Zong Buntinga, told the Ghana News Agency that she was happy about the initiative, and added that “it is important for everybody because you can never tell how the future would look like and so contributing towards your future was very important and you would reap the benefits if you are unable to work in future”.