Professor Godfred Alufar Bokpin, Head of the Department of Finance at the University of Ghana Business School, has asserted that workers in active service must be educated to plan their pensions before attaining the retirement age. According to him, regulators and other relevant institutions should intensify efforts to embark on this educational campaign, since the benefits would be immense. This ensued during a roundtable discussion on the 'future of pensions in Ghana, an increase in education on retirement planning' by the National Pension Regulatory Authority and other industry stakeholders. The discussion was held on Thursday, 3rd May, 2018, as part of the launch and colloquium of the UG-GN Re Pensions and Insurance Fund.
The UG-GN Re Pensions and Insurance Fund is an initiative of both the University of Ghana and Groupe Nduom. It is aimed at promoting research in pensions, insurance, and actuarial science in Ghana, thus, bridging the gap between insurance practitioners and academics.
His comments came as a result of a recent altercation between some pensioners and the Ministry of Finance over delays in the release of their pensions for the month of April. He said, "All stakeholders within the pension industry must get involved in the education of the general public on retirement planning. People must understand that anybody who retires on the strength of the law will struggle - that is the basic principle. So, if you work only to retire on the strength of the law, you should remember that the law only serves the minimum all over the world."
Professor Bokpin expressed his frustration about the lack of active retirement planning by majority of the public. According to him, it was almost impossible to live a comfortable life without looking beyond retirement on the law. This, he believes, results from the fact that the current law only provides minimum allowance for persons who retire under the law.
Education on retirement planning will give confidence to the industry and ensure that all the funds that have been accrued are being monitored well so they can be able to give people the needed security when they go on retirement.
Other panelists at the event were Mr. Ernest Amartey-Vondee, Director of Planning, Research, Monitoring and Evaluation at the National Pension Regulatory Authority (NPRA); Mr. Stephen Yeboah, President of the Actuaries Society of Ghana; Mr. Daniel Aidoo Mensah, a member of the Presidential Commission of Pensioners Ghana and Dr. Isaac Baidoo, Senior Lecturer, Department of Statistics, University of Ghana. Dr. Olivia Anku-Tsede, a Senior Lecturer of business and labour law in the Department of Organisation & Human Resource Management at UGBS was the moderator.
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