Qlac Financial Trust Limited

A trust is a relationship between three parties whereby property (real or personal, tangible or intangible) is transferred by one party to be held by another party for the benefit of a third party.

A Trustee is an individual or company appointed to oversee the day to day management of property owned by a trust.

It is a company that has met the criteria set by the law and NPRA to manage and administer pension funds in Ghana. 

The NPRA stands for National Pensions Regulatory Authority. It is a body mandated by the law to regulate pensions in Ghana

A custodian is used to refer to the bank which licensed by the NPRA and appointed by the trustee to keep custody of funds under trust.

A Fund manager is used to refer to an individual or company bank which  is licensed by the SEC and NPRA and also appointed by the trustee to invest funds received by the custodian.

This is because it has three levels (tiers) for the benefit of the employee.

Tier 1 is the mandatory basic national social security managed by SSNIT with a constituted Board of Trustees.

Tier 2, also mandatory is known as the occupational pension scheme managed by a Trustee who appoints a Fund manager and a Custodian.

Tier 3, which is voluntary can be in the form of Provident fund or Personal Pension scheme for workers and self-employed workers in the informal sector respecively.

Tier 1 is 11% + (2.5% NHIL) of basic salary

Tier 2 is 5% of basic salary

Tier 3 is up to 16.5% of basic salary