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GES Occupational Pension Scheme: All The Interesting Facts

The Ghana Education Service Occupational Pension Scheme (GESOPS) is a Tier-2 pension scheme registered and regulated by the National Pensions Regulatory Authority under the Pensions Act, 2008, (Act 766) as amended.

The Scheme’s membership is drawn from employees of the Ghana Education Service, with members belonging to one of the Unions in the educational sector.

GESOPS is managed by a Board of Trustees with representation from relevant institutions such as the Ministries of Education, Finance, the Attorney General’s Department, the various Unions and an Independent Trustee.

Like all Tier-2 Pension Schemes, GESOPS receives five (5) out of the 18.5% monthly social security contributions made on workers’ behalf.

Three Possible Sources of Retirement Benefits for GESOPS Members

5% contributions to the Tier-2 pension scheme made on a member’s behalf from 1st January 2010 to 31st August 2016 known as the Temporary Pension Fund Account (TPFA).

The TPFA was handed over to the NPRA for onwards transfer to all public sector pension schemes, including GESOPS, in November 2017. Education sector workers’ TPFA contributions are currently being managed by GESOPS.

1. Regular monthly contributions made on member’s behalf from 1st September 2016 to date currently being managed by GESOPS.

2. Contributions made on member’s behalf from the date of first employment until 31st December 2009, referred to as Past Credits. Past Credits are 4% of pension contributions up to 31st December 2009 together with accrued interest managed and paid by SSNIT.

Others

Accessibility: it can be accessed at statutory retirement age of 60.

Withdrawals: Withdrawals from your tier 2 upon retirement are not taxable.

1.How to claim it: Obtain Claim Form from GLICO Pensions/Union Office/GES District Office for completion

2.COMPLETE Claim Form and add all required documents and submit them to the GES “SUPERVISOR” (Headmaster / District or Circuit Supervisor or for TEWU, HR Officer, Accountant/Senior Staff for ENDORSEMENT.

3. Submit endorsed form along with required documents to Union Office for onward submission to GESOPS. The GEOSOP will take process for you.


Sources : https://www.gespensions.com.gh

gespensions – Welcome to GESOP S

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Board of Trustees GES Occupational Pension Scheme GESOPS Ghana Education Service

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