Some staff of the University of Professional Studies, Accra (UPSA) joined their colleagues from other public universities for a sensitization workshop aimed at educating them on the new Universities Staff Occupational Pension Scheme (USOPS).
The workshop, which was held at the Vice Chancellors Ghana Secretariat in Accra, forms part of efforts by the Board of Trustees of USOPS to deepen awareness about the new Tier 2 pension’s scheme.
It also provided a platform for the scheme managers to educate members on their entitlements and how they can maximise their benefits upon retirement.
The workshop brought together union executives from the various unionised staff groups from the 16 public universities in Ghana.
The participants include representatives from the University Teachers Association of Ghana (UTAG), Ghana Association of University Administrators (GAUA), and Senior Staff Associations of Universities of Ghana (SSA-UoG).
The rest are Federation of Senior Staff Association Ghana (FUSSAG), Teachers and Educational Workers’ Union (TEWU) and other affiliated unions.
USOPS is a registered Tier 2 pension scheme under the National Pensions
Regulatory Authority (NPRA Act 766).
Introduced in 2016, the scheme currently has over 21,000 members, mostly employees of public universities, and is managed by a Board of Trustees, third- party fund managers, and a fund administrator.
The Board Chairman of USOPS, Dr Andrews Doeh Agblobi, underscored the importance of the scheme, stating that “it acts as a complementary measure to the existing pension provision offered by SSNIT.”
He stressed that the scheme aimed to foster a sense of financial security among university staff members and ensure a well-deserved retirement package for all in future.
“The introduction of the Universities Staff Occupational Pension Scheme marks a significant development in the benefits and retirement planning of public university staff,” Dr Agblobi said.
“The scheme provides an avenue for members to diversify their retirement portfolios while it addresses potential gaps in pension coverage and ensures a comprehensive retirement plan for all university staff members.”
The Senior Manager in charge of Standards and Compliance at NPRA, Hayford Amankwah, educated members on the features and advantages of the Tier 2 pension scheme.
He also provided insights into key areas such as pension contribution rates, investment options, calculation of benefits, and various claim procedures, among others.
Mr Amankwah further emphasised the importance of active engagement with the scheme by members to fully enjoy its benefits.
He advised them to proactively monitor their pension contributions and fund growth while in active service to avoid any regrets when they retire.
Representatives from the pension scheme administration and fund managers, including Enterprise Trustees, TESAH Capital, and Fidelity Securities, were present to address queries from the members.
