The African University College of Communications (AUCC), realising the need for extensive education on the new Pension Scheme, especially for Trustees, has initiated a bold move to establish an Academy on its campus –The Pensions Academy. The Academy is going to run with technical support from AIDOO MENSAH & ASSOCIATES, Ghana’s premier pensions and benefits consulting firm, and FRONTLINE CAPITAL ADVISORS LTD, an investment advisory firm and pension fund management experts.
Why the need for a training programme on pensions?
A new pensions law, the National Pensions Act, 2008 (Act 766) was enacted in December 2008, which among others, provides for the introduction of a contributory three-tier pension scheme and the establishment of a National Pensions Regulatory Authority (NPRA) to oversee the administration and management of registered pension schemes, and trustees of registered schemes.
The components of the three-tier pension scheme are to be managed under trust arrangements with the trustee having the overall responsibility to manage pension schemes. The Pensions Act (sections 143 & 144) and Pension Regulations, L.I.1990 (Regulation 7) therefore require employers to arrange for appointed trustees of pension schemes to have knowledge and understanding of their scheme, the law relating to pensions and trusts and the principles relating to funding and investment. The objective is to enable them to fulfill their roles effectively and efficiently.
It is important to note also that pension law and practice involve complex issues so it is essential for trustees and all others – company directors, HR managers, fund managers and custodians, etc. – involved with running pension arrangements to acquire sufficient training in order to stay up to speed with the latest developments.
The purpose of the AUCC Pensions Academy is to provide professional training for trustees of provident fund/occupational pension schemes and other stakeholders involved in the management of the schemes to enable them meet the statutory requirement and manage their schemes effectively. Both newly appointed trustees and veteran trustees who have not had formal training will benefit from the programme.
The Academy is to be hosted by the African University College of Communications (AUCC) based in Accra, with technical support from AIDOO MENSAH & ASSOCIATES, Ghana’s premier pensions and benefits consulting firm, and FRONTLINE CAPITAL ADVISORS LTD, an investment advisory firm and pension fund management experts.
The faculty will largely comprise practitioners in law, pensions, actuarial science and investments.
It will be governed by a 13-member Governing Council made up of accomplished personalities, including academicians, business executives, and pensions and investment experts.
THE GOVERNING BOARD
The Pensions Academy is governed by a 13-member Governing Council made up of accomplished personalities, including academicians, business executives, and pensions and investment experts.
Chairman,Professor Samuel Nunoo Woode –
Member, Governing Council, Ghana Insurance College.
Member, Council of Catholic Institute of Business and Technology.
Former Chairman, Public Services Commission.
Former Director, School of Administration (now University of Ghana Business School).
Former Director, Institute of Local Government Studies.
Other members
Hon. Kojo Yankah- Founder and President of AUCC, Communication Consultant & Former Member of Parliament / Minister of State, Republic of Ghana.
Dr. T.A Bediako- Board member of National Pensions Regulatory Authority,Former Chairman of Presidential Commission on Pensions and Pension Reform Implementation Committee.
Mr. Andrew K. Asamoah- CEO, A & C Development Company, former member of the Presidential Commission on Pensions and Pensions Reform Implementation Committee.
Mr. Daniel Aidoo Mensah- Managing Consultant & CEO, Aidoo Mensah & Associates, former Ag. CEO, National Pensions Regulatory Authority.
Mr. Clifford Mpare- CEO, Frontline Capital Advisors Ltd, an investment and pension fund management expert.
Prof. Kwaku Appiah Adu- Professor of Marketing and Strategy, Regent University College, Former Board Member, Metropolitan Insurance.
Prof. Kwesi Yankah- Out going Pro-Vice Chancellor, University of Ghana, Former Head, Linguistic Department, University of Ghana.
Rev. Eastwood Anaba - Author, President and CEO of the Eastwood Anaba Ministries.
Mr. Bernard Otabil- Ag. Dean, AUCC School of Business, Former M.D., Esoko, Ghana.
Mr. Samuel Aning- Director, AUCC Pensions Academy, Management Consultant.
Mr. Stephen Quarm- Council Secretary / Pensions Consultant, Aidoo Mensah & Associates).