Teachers demand payment of tier-two pensions

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The Ghana National Association of Teachers (GNAT) has expressed dissatisfaction with alleged delays by the Controller and Accountant General’s Department in paying Tier Two pensions of teachers.

At its 2022 Mandatory National Council Meeting at the Teachers Village in Abankro, GNAT alleged that the Ghana Education Service Occupational Pension Scheme(GSOPS) run by the Controller and Accountant General’s Department is in 6 months arrears.

The Council described the delay as “irritating and provocative” which they say has “the potential of disturbing the peace on the education front.”

GNAT also expressed concern over the delays having catastrophic effects on members when they go on retirement.

“Reimbursements for the Ghana Education Service Occupational Pension Scheme(GESOPS) by the Controller and Accountant General’s Department to the Unions are in six months arrears. Council notes that this is having catastrophic effects on returns of pensions with members having reduced lump sum payments, upon retirement. Council therefore calls on the Ministry of Finance to instruct the Controller and Accountant General’s Department to pay all outstanding Tier-Two funds to the Custodians before the end of November 2022 to save members who retire, from post-retirement anxieties and uncertainties.”

The association also demanded that the expected restructuring as part of IMF conditionalities must not be made to affect teachers and their pensions.

“The Government of Ghana, through the Ministry of Finance, would be undertaking a debt restructuring, as part of the IMF Conditionalities, under which domestic bondholders, the GESOPS included, would have their bonds restructured. Council notes that under the arrangement, the GESOPS’ funds which are the largest Tier-Two Pensions in Ghana would be affected badly, with teachers and educational workers losing lots of monies when they retire.

“Council therefore calls on Government to exempt Pension Funds from the said restructuring, taking cognizance of the fact that pensions in the country are already nothing to write home about.”

 

 

 



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