Qlac Financial Trust Limited



The QFTL Provident Fund Scheme allows everyone, whether formal or informal sector workers to make additional contributions towards retirement. This will go on to enhance their retirement benefit outside the  first and second tier pensions scheme. Employers can use the provident fund to motivate their employees.

Eligibility and Membership

  1. Any person, whether in the formal or informal sector can be a member 
  2. Each member is issued with a membership certificate
  3. Each member shall make a nomination/ nominations as to the beneficiary of his or her entitlement in the event of his death


Each participating employer will determine the level of contribution between the employer and employee. Where an employer decides to contribute, two accounts (Employer account and Employee account) are created. The member shall contribute to the scheme at the agreed employee rate of his salary each month. The employee contribution shall be credited to his “employee” account. The employer shall contribute to the scheme on behalf of the member each month at the agreed rate.The employer contribution shall be credited to his “employer” account. Any addition voluntary contributions by the member can be agreed upon by him and his employer and this can be deducted from his salary and paid to the scheme. This amount is credited to his “employee” account


The contribution in the member’s “employee account” including any additional voluntary contribution shall vest in the member as accrued benefit. The contribution in member’s “employer account” shall vest in the member subject to conditions imposed by the member’s employer, if any.


  1. Security and growth of your Funds is assured
  2. Up to 16.5% of your Income is tax deductible when contributed to Provident Fund
  3. Online access to access statement
  4. Quarterly statements via sms and email
  5. Retirement planning support
  6. Opportunity to secure a mortgage with your funds as collateral
  7. Prompt responses to enquires from Dedicated Relationship officer
  8. Audited statement from “A” rated firm.

Conditions for Withdrawal

  1. When one reaches a mandatory retirement age of 60
  2. When one reaches a Voluntary retirement age of 55 years.
  3. A non Ghanaian emigrating permanently
  4. Medical Board declaring a contributor as no longer mentally or physically capable of performing the functions of office.
  5. Payment is made to nominated beneficiaries upon death of member
  6. A member who leaves the service of the employer on or before the normal retirement age shall receive a benefit equal to the aggregate of the balance in his Employer and employee account as at the date of exit.
  7. Members are allowed to do a partial withdrawal after 10 years of being a member of the scheme
  8. Where a member withdraws before retirement age or before 10 years of first contribution,a witholding tax (Currently 15%)  shall be deducted and remitted to the Ghana Revenue authority.
  9. If a member dies in service of his employer, all benefits go to his beneficiaries.