We’ll Resist Attempts To Transfer Pension Funds - POTAG

The Polytechnic Teachers Association of Ghana (POTAG) has warned, it will resist any attempt by government to transfer the tier two pension contributions of its members to another trustee. Twelve labour unions are demanding the release of their tier two pension contributions into their registered schemes but government has refused their demand, citing the high risk involved in running an employee-based scheme as the reason for the refusal. Government submitted the data of various public sector employees to the Pension Trust Alliance to manage their[public service employees] pension funds. The employees are however kicking against the decision. They claim the move by government is illegal and smacks of bad faith. The Coordinator of the agitating Labour Unions, Reynolds Tenkrong earlier described government’s decision as disrespectful. Speaking to Citi News, the President of POTAG, James Dugrah also condemned government’s decision, saying it is illegal for government to transfer their tier two pension contributions into another private scheme. “Per the law after 14 days of deduction, the money should go back to the Union so why is that the money has been there since 2013.” He said though POTAG has made a total contribution of about 26 billion towards the tier two pension funds, it is clueless about the total amount of money accrued so far. “…we don’t know where the money is and we don’t know how much has been accured but roughly we have seen that the Polytechnic community, every month we contribute about 26 billion, that is 2.6 million Ghana cedis and now we don’t know where that money is.”