This scheme creates a pool of funds to enable contributors benefit from both economies of scope and scale. The Scheme is licensed and regulated by the National Pensions Regulatory Authority, and managed by a Board of Trustee. Scheme members (participating employers) are involved in the decision-making processes through the establishment of oversight committees.

Contribution to the Scheme is the statutory 5% of the employee’s gross basic salary. For individuals aged above 45 years and not already registered with SSNIT, the contribution rate is 18.50% of the gross basic salary. Contributions are not taxable and payable on the 14th day of every month.

Membership is opened to all employers of varied sizes.

Withdrawal

1. Retirement at age 60.
2. Early retirement from age 55 (if not employed or self-employed).
3. Medically declared unfit to perform the functions of the office.
4. Non-Ghanaians emigrating permanently.
5. Upon Death, benefit is paid to nominated beneficiaries.