The National Pensions Regulatory Authority (NPRA) has unveiled a revised fee structure applicable to service providers operating within Ghana’s pension industry, encompassing licensed trustees, pension fund managers, and pension fund custodians.
This initiative aims to bolster the financial resources allocated towards the regulation and oversight of pension funds across the nation.
As per a public announcement featured on the NPRA’s official website, service providers managing funds on behalf of individual trustees will now be subject to increased renewal and registration fees.
Specifically, the renewal and registration charges have been adjusted from GH¢250 to GH¢500, marking a significant adjustment from the previous year.
Conversely, the renewal fees for corporate trustees, pension fund custodians, and pension fund managers remain unchanged from the previous year’s rates, ranging between GH¢3,000 and GH¢5,000.
This consistency in charges aims to maintain stability and predictability within the sector.
Application, licensing, and registration fees for service providers have also been maintained at last year’s levels, with costs ranging between GH¢2,220 and GH¢5,550.
This decision reflects the NPRA’s commitment to balancing the financial obligations of service providers with the need for regulatory oversight.
Moreover, the registration fees for various pension schemes, encompassing master trust, employer, personal, or group personal schemes, have remained unaltered and continue to range from GH¢5,550 to GH¢11,100.
This stability in fee structures ensures continuity and predictability for stakeholders within the pension industry.
The NPRA has justified the introduction of the new fee structure as essential for fostering the sustainability of the pension sector and ensuring effective regulation and oversight of pension funds in Ghana.
These adjustments are intended to align with evolving industry dynamics and support the NPRA’s mandate to safeguard the interests of pension contributors and beneficiaries.
Service providers are urged to adhere to the revised fee structure to avoid potential penalties or sanctions from the regulatory authority.
Compliance with these fee regulations is crucial for maintaining transparency, accountability, and integrity within the pension industry, ultimately safeguarding the long-term interests of pension scheme participants.
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