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PART ONE-ESTABLISHMENT OF CONTRIBUTORY THREE-TIER PENSION SCHEME AND NATIONAL PENSIONS REGULATORY AUTHORITY

P ART THREE-OCCUPATIONAL PENSION SCHEMES, PROVIDENT FUND AND PERSONAL PENSION SCHEMES AND MANAGEMENT OF THE SCHEMES

135.Application for registration as personal pension scheme 136. Contents of application

168. Reporting obligations of auditors, trustees, pension fund managers and custodians

4. (1) The basic national social security scheme shall operate under the Trust established under section 32 of this Act.

(2) The occupational pension scheme, provident fund scheme, personal pension scheme and other privately managed pension schemes shall be managed by trustees approved by the Board.

5. (1) There is established by this Act a body to be known as the National Pensions Regulatory Authority.

(2) The Authority is a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.

either compulsorily or voluntarily, the member is entitled to

(a) a lump sum of money equal to the member's contribution as benefit; and

(b) an interest of seventy-five percent at the prevailing government treasury bill rate on the lump sum.

Survivor's lump sum benefit

73. (1) Where a member of the scheme dies, a lump sum benefit is payable to the deceased's family who

(a) are dependants of the deceased; and

(b) have been validity nominated as beneficiaries of the deceased.

(2) Where no nomination was made or the nomination made is found to be invalid by the Trust, the lump sum shall be distributed to the dependants in accordance with the Intestate Succession Act, 1985 (P. N. D. C. L. 111).

(3) Where a deceased member failed to nominate a surviving spouse and children as beneficiaries, the spouse and children may apply to the court for a variation of the nomination to include them.

Other benefits

74. The Minister on the advice of the Authority and in consultation with the Board of Trustees of the scheme may by legislative instrument prescribe other classes of benefits.

Hazardous employment benefit

75. A member of the social security scheme who has attained the age of fifty-five years and has been a worker

(a) at an underground mine;

(b) at a steel works; or

(c) in any other employment determined as hazardous

employment by the Authority

for an aggregate period of not less than one hundred and eighty months is entitled on retirement to full retirement benefit.

Qualifying conditions for pension

76. (1) A person who has

(a) satisfied the minimum contribution period of not less than one hundred and eighty months,

(b) attained the age of sixty years or fifty-five years in the case of an underground mine worker or a worker specified in subsection (2) or has opted for voluntary retirement witH reduced pension, and

(c) fIled an application for superannuation benefit,

is entitled to a pension payment for each month beginning with the fust month in which the person becomes entitled to the payment.

(2) A person who has satisfied the minimum contribution period and has worked as an underground mine worker or in a quarry or in steel works or in any other employment and is likely to contract industrial diseases as defined in section 12 (2) of the Factories Offices and Shops Act, 1971 (Act 328) by virtue of that employment is entitled to full pension benefit upon attaining the age of fifty-five years.

Formula for computation of pensions

77. (1) A member may be paid full or reduced pension.

(2) The minimum pension payment shall be based on fifty per centum of the average annual salary for the three best years of a member's working life.

(3) Where a member works beyond the minimum contribution period, the amount of pension payable shall be increased by one and half per cent for every additional twelve months worked up to a maximum of eighty per centum.

(4) Where there are grounds to suspect that the salary has been inflated with intent to defraud, the Trust shall investigate and the right pension based on a formula determined by the Trust shall be paid to the member.

Formula for survivors benefit computation

78. (1) Where a member dies having made at least twelve months contribution within the last thirty-six months prior to the death of the member, a lump sum payment computed on the present value of the members pension for a period of fifteen years, using the prevailing treasury bill rate or ten percent, whichever is the lower, shall be paid to the members' nominated dependants.

(2) Where a member dies before making at least twelve months contribution within the last thirty-six months, a lump sum equal to total contributions and interest on the lump sum at the rate of seventy-five percentum of the Government treasury bill rate shall be paid to the nominated dependants of the member.

(3) Where a member retires but dies before the age of seventy-five years, a lump sum payment, based on the present value of the unexpired pension of the member not exceeding fifteen years shall be made to the nominated dependants of the member.

Formula for invalidity computation

79. Where a member is certified by a medical board as being invalid, the member is entitled to a pension based on the minimum pension or the earned pension whichever is higher.

Periodic review of pensions

80. The Trust shall annually review the pension payment which shall be indexed to wage inflation rates of active members or another rate determined by the Trust in consultation with the Board of the Authority.

Nomination of beneficiaries to receive benefits

81. (1) A person who is required or entitled to become a member of the social security scheme shall furnish to the employer particulars concerning the member's beneficiaries for the receipt of benefits on the death of that member.

(2) The employer shall enter the particulars in the prescribed form and obtain the signature or thumbprint impression of the person concerned and forward it to the Trust.

(3) An employer shall ask a potential employee to state in writing

(a) whether or not that person is a member of the scheme;

(b) the member's account number;

(c) the name and particulars of the last establishment if any, where that person was employed; and

(d) whether anyone has been nominated to receive the benefit as survivor.

(4) Where that person was a member of the scheme, the old account number and the nominated beneficiaries shall continue to be operative, and the Trust's attention shall be drawn to this by the new employer

(5) Subject to subsection (3), a member of the scheme is free to update the nomination and shall review the nominations at least once every five years and forward the nomination to the Trust.

(6) Where payment of benefit has been made to a person valid!} nominated or varied by a Court order under this section, no other person shall have any other claim against the Trust.

(7) Despite subsection (6), where a member of the scheme has I child sixty percent of the survivors benefit shall be distributed to the chill and forty percent to the persons nominated by the member.

Reciprocal agreement

82. The Government of Ghana may enter into a reciprocal agreement with the government of another country in which a scheme similar to the social security scheme has been established and there may be included in the agreement the following provisions

(a) that any period of membership of a scheme in the jurisdiction of that government may be treated as a period of membership of the social security scheme and the reverse; and

(b) that subject to agreed conditions, an amount standing to the credit of a member of the social security scheme in Ghana who works for an employer in the jurisdiction of this country may be transferred to the credit of the member in the scheme in another country and the reverse.

Legal proceedings

Offences

83. (1) A person who

(a) fails or refuses to register any establishment owned or set up by that person or to register any worker under this Act, or

(b) with inteht to evade payment of a contribution or any other amount due knowingly makes a false statement or representation, or produces or furnishes or causes to be produced or furnished a document or information which that person knows to be false in a material particular;

(c) for personal benefit or for any other person, knowingly makes a false statement or representation or produces or furnishes, or causes to be produced or furnished, a document or information which that person knows to be false in a material particular;

(d) fails without reasonable excuse or refuses to submit its contribution payment with a contribution report or accompany contributions to the Trust within the prescribed period in the form and manner prescribed;

(e) wilfully obstructs or assaults an inspector, officer or servant of the Trust in the discharge of duties; or

(f) without reasonable excuse, proof of which shall be on that person, fails to comply with a provision of this Act or Regulations made under this Act, is liable on summary conviction

(g) in respect of a an offence under paragraph (a) (b) or (c) to a fine not exceeding the amount of contribution and penalty owed to the Trust or to imprisonment for a term not exceeding five years or both, or

(h) under paragraph (d), (e) or (f) to a fine not exceeding two thousand five hundred penalty units or to imprisonment for a term not exceeding five years or to both.

2) Where an employee of the Trust conspires or aids and abets another person in the commission of an offence specified in subsection (1), the employee is on summary conviction liable to the same punishment as provided under subsection (1).

Institution of criminal proceedings

84. (1) Criminal proceedings under this Act and Regulations made under it may be instituted and conducted by the Attorney-General or an officer of the Trust appointed by the Attorney-General by executive instrument.

(2) A Court when convicting a person of an offence under this Act or Regulations made under it may, in addition to the fine or .imprisonment, order the person to pay to the Trust the amount of any contribution,

together with any interest or penalty on the amount due from that person to the Trust at the date of conviction.

(3) The amount may be recovered together with the requisite contribution report in the same manner as a fine and shall be paid and credited to the Trust accounts of the members of the social security scheme concerned where applicable.

(4) The order of payment to the Trust shall be without prejudice to civil remedy.

Offences by body of persons

85. (1) Where an offence under this Act is committed by a body of persons, in the case of a

(a) body corporate, other than a partnership, each director or officer of the body corporate is deemed to have committed the offence, and

(b) partnership each partner of the firm is deemed to have committed the offence;

(2) A person shall not be convicted of an offence under subsection (1) if that person proves that the offence was committed without the knowledge of the person or that due diligence was exercised by the person to prevent the commission of the offence.

CivilproceedUngs

86. (1) Despite any other law, a contribution to the social security scheme along with interest or a monetary penalty payable or imposed for failure to pay in time may be recovered by action as a debt owed to the Trust at any time within twelve years after the date when the contribution or the penalty became due.

(2) An action for the recovery of contribution and other penalties under this section may be instituted and conducted by an authorised officer of the Trust.

(3) Despite any other law, the Circuit and District Courts have power to exercise jurisdiction in civil and criminal matters concerning social security contributions and offences created under this Act irrespective of the amount of claim.

(4) The Trust may attach the contribution of a borrower or guarantor under the Students Loans Act, 1992 (P.N.D.C.L. 276) for the purpose of the student loans repayment.

Priority for payment of contributions

87. Where on an application-

(a) by the Trust, an attachment is issued against the property of an employer in execution of a decree against that employer and the property is seized, sold or otherwise realised in pursuance of the execution, or

(b) of a secured creditor, the property of an employer is sold, the proceeds of the sale or any other realisation of the property shall not be distributed to a person entitled to the distribution until the Court ordering the sale or other realisation has made provision for the payment of the amount due by the employer under this Act before the date of the order.

Protection agaUnst attachment

88. Except as provided in this Act,

(a) the accumulations to the credit of a member of the social security scheme, contribution in transit to the social security scheme or contributions with an employer, are incapable of being assigned or charged and are not liable to attachment under any law or order of a Court in respect of a debt or liability by the member, even in the event of the bankruptcy or insolvency of the member;

(b) an amount actually or potentially standing to a member's credit on the social security scheme at the time of the member's death and payable to the members dependants shall be free from attachment before it is paid to the dependants'

(c) accrued contributions to the social security scheme shall be paid despite the bankruptcy or insolvency of an employer and

(d) the protection against attachment of contributions shall not apply to a borrower or guarantor under the Students' Loans Scheme Law.

Exemption from tax .

(1) Tax is not payable by an employer or employee in respect o! contribution towards retirement or pension schemes under this Act.

(2) Tax is not payable on the benefits received under this Act. (3) The social security scheme and any existing scheme under th~ Act is an approved scheme for ascertaining the chargeable income of a person fo~ making the appropriate deductions under the income tax law_, and income tax shall not be paid by an employer in respect of a worked on contributions which do not exceed thirteen and one half per centum of that person's total salary.

Protection for acts done in good faith

90. A suit or other legal proceedings shall not lie against a member QI the Board of Trustees, an officer or employee of the Trust in respect 0 anything done in good faith in pursuit of the objectives of this Act, except that personal liability suffered by a trustee officer or employee acting ill good faith shall be indemnified by the Trust.

Miscellaneous provision

Functions of Trust Inspectors

91. (1) An inspector of the Trust who has reasonable cause to belie", that there are workers on premises may enter the premises at a reasonable time to make an examination and enquiry necessary to obtain information for the purposes of this Act.

(2) The inspector shall produce identification as an employee (j the Trust when making an inspection to obtain information.

(a) show the rates and due dates of contributions payable under the direct payment arrangement, and

(3) The employer shall send a copy of that record to the trustees of a scheme, within the prescribed period after the preparation of an up to-date record.

(4) The trustees of the scheme shall, give notice where any contribution shown by the record to be payable under the direct payment arrangement has not been paid on or before its due date except as provided::

(5) The notice shall be given by the trustees to the Board of the Authority and the employees within the prescribed period.

(6) The trustees of the scheme shall before the end of the prescribed intervals send the member a statement setting out the amounts and dates of the payments made under the direct payment arrangement during a prescribed period.

(a) maintain a separate and distinct Fund known as the Pension Fund representing the liabilities of that insurer in respect of pension and provident fund business;

(b) maintain a separate and distinct account related to the income and expenditure of that insurer in respect of it~ pension and provident fund business; and

(c) designate which of the assets of the insurer are to be regarded as assets of the Pensions Fund to be clearly shown in the balance sheet or other accounts of the insurer as assets 01 the Pensions Fund.

118. (1) In the event of a winding up of an employer sponsored provident fund scheme,

(a) contributions made by the employer on behalf of a contributor before the vesting period shall not be available{ to a liquidator of the employer; and

(b) keep pension fund assets with a custodian where the trustee or pension fund manager has a business interest, shares or any other interest in that custodian.

(2) An employee of the trustee or pension fund manager shall not engage in a business transaction or trade in any manner with the trustee or pension fund manager as a counterpart or with a subsidiary in relation to pension fund or assets.

175. A trustee or pension fund manager shall invest pension contributions received under this Act in order to obtain safe and fair returns on the amount invested.

176. Subject to guidelines that the Board may issue, pension fund and assets shall be invested in any of the following:

(a) bonds, bills and other securities issued or guaranteed by the Bank of Ghana or the Government of Ghana;

(b) bonds, debenture, redeemable preference shares and other debt instruments issued by corporate entities and listed on a stock exchange registered under the Securities Industry Act, 1993, (P.N.D.C.L. 333)

(c) ordinary shares of limited companies listed on a Stock Exchange and registered under the Securities Investment Act 1993 (P.N.D.C.L. 333) with good records, declared and paid dividends in the preceding five years;

(e) investment certificates of closed-end investment fund or hybrid investment funds listed on a Stock Exchange registered under the Investments and Securities Industry Act, 1993 (P.N.D.C.L. 333) with a good record of earning;

(f) units sold by open-end investment funds or specialist open-end investment funds listed on the stock exchange recognised by the Board;

(g) bonds and other debt securities issued by listed companies; (h) real estate investment; and

External investments

177. (1) A trustee or pension fund manager may invest pension fund assets in units of investment funds except that investment fund may only be invested in the categories of investments specified in section 176 of this Act.

(2) The Board may recommend to the President through the Minister responsible for Finance for approval, the investment of pension fund assets outside the country except that any amount to be invested outside, shall not exceed a percentage of total funds available for investment as determined by the Board.

(3) External investments shall be subject to the Bank of Ghana foreign exchange rules.

Restriction on investments

178. (1) A trustee or pension fund manager shall not invest pension fund assets in the shares or any other securities issued by

(a) the trustee or pension fund manager or custodian, or

(b) a shareholder of the trustee or pension fund manager or custodian.

(2) A privately-managed pension fund shall not

(a) hold more than ten percent of any class of security issued by a single issuer;

(b) have more than ten percent of its total assets in the securities issued by a single issuer other than that permitted for government and other public securities;

(d) borrow for investment purposes.

Restriction on sale, purchase or disposal of pension fund assets

179. A trustee or a pension fund manager shall not

(a) sell pension fund assets to

(i) itself or any shareholder, director or affiliate of the trustee or pension fund manager,

(ii) an employee of the trustee or pension fund manager; (iii) the spouse of the persons referred to in paragraph~ (i) and (ii); or

(iv) affiliates of any shareholder pension fund assets to the order of the trustee or pension fund manager;

(b) purchase any pension fund assets; or

(c) apply pension fund assets under its management through loans and credits or as collateral for loan taken by a person

Additional restrictions on investment

180. The Board may, impose additional restrictions by regulation on investments by trustees and pension fund managers in order to protect the interest of beneficiaries of a scheme.

Penalty for non-compliance

181. (1) A trustee or pension fund manager who fails to comply with a provision of this Part unless otherwise provided in this Act is liable to such penalty as may be prescribed.

(2) In addition to the penalty specified under subsection (1) the trustee or the pension fund manager shall forfeit the profit from the investment to the beneficiaries of the scheme and if there is a loss as a result of the investment the trustee and the pension fund manager shall be surcharged with the loss.

PART FOUR-GENERAL PROVISIONS

Supervision and examination

Supervision and examination

182. (1) The Board shall conduct an inspection, examination or investigation of trustees, pension fund managers or custodians at least once in a year to determine whether or not the provisions of this Act or Regulations made under it, are being complied with.

(2) Without limiting the scope of subsection (1), the Board may authorise one or more of its officers or agents to inspect, examine or investigate activities of

(a) the basic national social security scheme,

(b) a trustee, pension fund manager, custodian, an employer or a corporate body.

Appointment of examiners

183. The Board may appoint its officers, agents or other qualified persons as examiners to discharge duties under this Act.

Power of examiners

184. (1) An examiner shall in the performance of functions under this Act

(a) inspect, examine or investigate the books, activities and affairs of a person or body dealing with pension fund;

(b) have access at any time during working hours to the books, accounts, documents and vouchers of a trustee, pension fund manager, custodian or any other person or corporate body that deals with pension fund;

(c) request from a director, manager, an officer of a trustee, a pension fund manager, custodian or firm, any information or explanation that the Board considers necessary to enable it determine whether or not the provisions of this Act or Regulations made under it are being complied with.

(2) In exercising its powers under subsection (1), the examiners shall exercise reasonable care to avoid undue hindrance in the day-to-day activities of a trustee, pension fund manager, custodian or any other person or corporate body.

Reports of the Board

185. (1) The Board shall forward a copy of its report to the trustee pension fund manager or custodian or any other person or body corporate on completion of an examination or investigation, and instruct that the report be placed before the governing board of the trustee, pension fund manager, custodian or any other person or corporate body.

(2) The governing body of the trustee, pension fund manager, custodian or any other body corporate shall, within thirty days after receipt of the report convene an extraordinary meeting to consider the report and submit its reactions and proposals for implementing any recommendations to the Board.

(3) A trustee, pension fund manager, custodian or a person or corporate body who fails to comply with the provisions of subsection (2) commits an offence and is liable on summary conviction to a fine of not more than fifty penalty units for each day that the offence continues.

(4) Where the offence continues for more than thirty days, the Board may, suspend the licence or certificate of registration of the trustee, pension fund manager or custodian in addition to the fine.

Power of the Board to order a special examination

186. The Board may order a special examination or investigation of the books and affairs of a trustee, pension fund manager or custodian where it suspects or is satisfied that

(a) it is in the public interest to do so;

(b) the trustee, pension fund manager or custodian

(i) has been conducting its business in a manner detrimental to the interest of beneficiaries of the scheme;

(ii) does not have sufficient assets to cover its liabilities; or (iii) has contravened a provision of this Act,

(c) an application has been made to the Board by

(i) a director, manager or shareholder of the trustee or the pension fund manager or custodian to examine its company;

(ii) a beneficiary of an occupational pension scheme or provident fund or personal pension scheme;

(iii) a trustee or a pension fund manager to examine the custodian of the pension fund assets that the trustee or pension fund manager is managing; or

(iv) a custodian to examine the trustee for whom it is holding pension fund assets.

Power of the Board to gather information

187. (1) The Board shall in the performance of its functions under

this Act or any other enactment, request by notice that (a) an employer,

(b) trustee, pension fund manager or custodian; or

(c) any other service provider or institution connected with pension matters;

submit specified documentation information in relation to its activities after giving reasonable notice to that person.

(2) The Board shall specify the place and period within which • the information or documents are to be submitted.

Search warrant

188. (1) A magistrate may issue a search warrant where the magistrate is satisfied on reasonable grounds and on information on oath or affirmation given on behalf of the Board that there are grounds to believe that

(a) a person has failed to comply with a request of the Board within the time period specified in the notice and that required document and information has not been given to the Board;

(b) there are documents or information required in respect of which a notice has been issued by the Board but that person may not comply with the notice, or may remove, tamper or destroy the documents or information requested for by the Board; or

(c) an offence has been, or is being, committed by a person, and that there are documents or information, which may be removed, tampered with or destroyed in relation to the offence.

(2) A warrant issued under subsection (1) shall authorise a named representative of the Board, in addition to a police officer and any other person named in the warrant to

(a) enter the premises specified in the warrant at a reasonable time within seven days from the date of the warrant,

(b) search the premises and take possession of any document or information that appears to be document or information of a type in respect of which the warrant was issued or take steps necessary for preserving or preventing interference with the document or information;

(c) take copies of, or extracts from a document or information that appear to be of a type in respect of which the warrant was issued,

(d) require a person on the premises to provide an explanation in relation to a document or information that appears to be of a type in respect of which the warrant is issued or state where the document or information may be found; and

(e) use reasonable force that may be necessary to retain possession of a document unless the Court orders otherwise.

(3) Except as provided by a Court, where the Board takes possession of a document, it shall retain it for a period of three months but where proceedings for a criminal offence is commenced against a person, the document shall be retained until the conclusion of the proceedings.

Disclosure of information

Privileged document and information

189. (1) A person is not required to disclose information or produce a document if the information or document is a privileged matter in accordance with the rules of privilege in legal proceedings.

(2) For the purpose of this section, information is privileged if it is communicated to a lawyer by

(a) a client or a representative of the client for the purpose of receiving legal advice,

(b) a person or a representative ofthat person to seek legal advice from a Lawyer, or

(c) a person in contemplation of or in connection with legal proceedings;

(3) Information is not privileged if it is communicated or given with a view to furthering a criminal purpose.

(4) Despite subsection (1), a lawyer may be required under this Act to provide the name and address of a client where necessary.

Supply of information and documents to foreign regulatory authorities

190. (1) A foreign regulatory authority may request the Board in writing to provide it with assistance in connection with the exercise of its regulatory functions.

(2) The Board may disclose information or provide documentation in its possession to the foreign regulatory authority in accordance with this section.

(3) The Board shall not issue a notice to disclose information or provide documentation to a foreign regulatory authority unless it is satisfied that the information or documentation to which the request relates is reasonably required by the foreign regulatory authority for the purposes of its regulatory functions.

(4) The Board may for the purposes of this section take into account, in particular

(a) whether reciprocal treatment would be given to the Board in the country or territory of the foreign regulatory authority;

(b) whether the request relates to the breach of a law or other requirement which does not have a corollary in this country or involves the assertion of a jurisdiction not recognised by the country;

(c) the seriousness of the case and its importance to persons in this country; and

(d) whether it is otherwise appropriate in the public interest to provide the assistance sought.

(5) For the purpose of subsection (4) (a), the Board may request the foreign regulatory authority, making the request to give a written undertaking, to give reciprocal treatment to the Board.

(6) Where a foreign regulatory authority fails to comply with a requirement of the Board the Board may refuse to provide the assistance sought by the foreign regulatory authority.

(7) The Board may refuse a request from a foreign regulatory authority if

(a) it is satisfied that information given to the foreign regulatory authority will be used in criminal proceedings against the person giving the information, other than proceedings for an offence under this Act or for an offence of perjury or a similar offence; and

(b) the foreign regulatory authority undertakes to contribute towards the cost of exercising the powers of the Board where the Board considers it appropriate.

(8) The Board shall not exercise its powers under subsection (1) unless it is satisfied that the information or documentation provided to the foreign regulatory authority is not subject to privileges under this Act.

Publishing of reports

191. (1) The Board may publish in a form and manner that it considers fit, reports and results of an investigation.

(2) For the purpose of the law of defamation, the publication of any matter by the Board shall be absolutely privileged.

Register of schemes

192. (1) The Board shall compile and maintain a register of registered occupational pension schemes, provident fund schemes and personal pension schemes.

(2) In respect of each registered scheme, the Board shall record in the register the registered information most recently provided to the Board in respect of the scheme.

(3) Where a scheme has been a registered scheme, but has been, or is treated as being wound up, or ceased to be a registered scheme, the Board shall maintain the most recent information in the register in respect of that scheme.

(4) Information in the register shall be recorded in a manner that the Board considers appropriate including, the use of a device or facility that

(a) records or stores information in magnetic electronic form; and

(b) permits the information to be inspected or reproduced in legible and useable form.

Inspection of registers and information

193. (1) Subject to subsection (2), a person is entitled to

(a) inspect the registers and records kept by the Board that are designated as public records, and

(b) request the Board to give a copy or certified copy of the report, or extract from a document that the person is entitled to inspect on payment of the prescribed fee.

(2) In respect of documents filed or kept in electronic form, the rights granted under subsection (1) extend only to reproductions of those documents in useable written form produced in the manner that the Board considers appropriate.

(3) A copy or reproduction of or extracts from a document or record kept and certified by the Board is admissible in evidence in legal proceedings to the same extent as the original document.

Electronic filing of documents

194. (1) The Board may by Regulations provide for a system to enable documents required or permitted to be filed with the Board under this Act to be filed in electronic form.

(2) A system for the filing of documents in electronic form shall provide for the

(a) criteria for authorising persons to file documents III electronic form, and

(b) security and authentication of the documents filed.

Offences, penalties and enforcement

Misappropriation of pension funds

195. (1) A trustee, pension fund manager, custodian or director who misappropriates pension funds commits an offence and is liable on summary conviction to a fine of an amount equal to three times the amount misappropriated or to imprisonment for a term of not less than ten years or to both the fine and imprisonment.

(2) A director or officer of a trustee, pension fund manager or custodian is personally liable for any offence committed under this Act.

Offences relating to fraud

196. A trustee, pension fund manager or a custodian who fails to comply with section 170 commits an offence and is liable on summary conviction to a fine of two thousand penalty units or a term of imprisonment of not more than two years or to both.

Power of the Board to apply additional sanctions

197. (1) Despite any other law and without limiting the penalties stipulated under this Act, the Board shall, remove from office a director or officer of a trustee, pension fund manager or custodian who contravenes sections 170 of this Act in addition to the penalties stipulated under this Act.

(2) The Board may exercise the power conferred on it under subsection (1) in cases of misconduct or dishonesty.

Offence by body corporate

198. Where an offence under this Act is committed by a body corporate, the body corporate and each director or officer is deemed to have committed that offence and shall be prosecuted but a person shall not be deemed to be guilty of the offence if the person proves that the offence was committed without that persons knowledge or that that person exercised due diligence to prevent the commission of the offence.

Penalty for refusing to give information

199. An employer, trustee, pension fund manager, custodian or a person

or body corporate who

(a) refuses to produce any book, accounts, document or voucher, (b) refuses to give information or explanation, or

(c) with intent to defraud produces a book, accounts, document~ or voucher or gives information or explanation which is false or misleading

commits an offence and is liable on summary conviction to a fine of no! more than two hundred and fifty penalty units or a term of imprisonment not exceeding six months or to both.

General penalty

200. A person who contravenes a provision of this Act for which a penalty is not provided is liable on summary conviction to a fine of not more than one thousand penalty units or to a term of imprisonment of not less than one year or to both.

Order to comply

201. Where a person is convicted of an offence under this Act or the Regulations, the Court may order that person to comply with the provision of this Act or the Regulations for which that person has been convicted in addition to any punishment it may impose.

Resolution of disputes

202. (1) An employee or beneficiary of a scheme who is dissatisfied with a decision of the trustee, pension fund manager or custodian may request the Board in writing to review the decision in accordance with this Act or any Regulations made under this Act .

(2) A copy of each request shall be served on the relevant trustee, pension fund manager or custodian.

(3) The Board in exercising powers under this section shall,

(a) conduct proceedings in a manner that avoids delays in the resolution of disputes, and

(b) dispose of any matter before it within three months from the date of receipt of the request.

Aggrieved persons - dispute settlement

203. A person aggrieved by an action or a decision of the Board may refer the matter for settlement through an appropriate dispute resolution mechanism.

Effect of settlement

204. A settlement agreed to by the parties under this Act is binding on them and is enforceable by the courts.

Pensions Adjudication Committee

205. (1) There is established by this Act a Pensions Adjudication Committee referred to as the Adjudication Committee.

(2) The Pensions Adjudication Committee consists of seven members, three of whom shall constitute a panel for the determination of a petition or a complaint.

(3) The object of the Adjudication Committee is to hear and determine a petition or complaint made by a member of a scheme regulated by the Board or referred to it by the Board or, by a Scheme.

(4) A petition or complaint includes

(a) denial or refusal of a benefit,

(b) quality or quantity of benefit,

(c) wrong computation of benefit,

(d) unreasonable delay in the processing and payment of benefits, and

(e) any other related matters.

(5) The Adjudication Committee shall determine complaints before it in accordance with rules that may be made by the Board with the approval of the Minister.

General indemnity

206. The Board, a member of the Board, employee or agent of the Board is not liable for acts done or omitted in the discharge of a duty, the exercise of a power or the performance of a function under this Act or any other enactment that assigns functions to the Board if the act or omission was' done in good .faith.

Miscellaneous provision

Regulations

207. (1) The Minister, on the recommendations of the Board may, by legislative instrument, make regulations for the effective implementation of this Act.

(2) Without limiting the scope of subsection (1) the Minister shall make regulations to

(a) provide for approved trustees and applicants for approval to give undertaking to the Board and to enter into arrangements to provide insurance against the risk of loss through malfeasance or other illegal conduct;

(b) require approved trustees of registered schemes to provide information to scheme members and prescribe the kind of information that is to be provided to them;

(c) provide for the payment of accrued benefits to or in respect of scheme members and the transfer of accrued benefits from one registered scheme to another or from one account in a registered scheme to another;

(d) provide for the preservation of the accrued benefits of scheme members until the occurrence of a specified event including, but not limited to, the retirement, death or total incapacity of scheme members;

(e) provide for the formulation of proper accounting systems including the keeping of proper accounting records as regards registered schemes;

(f) prescribe requirements for trustees with respect to the keeping of scheme member's accounts;

(g) permit trustees to deduct fees for administrative expenses from scheme members' accounts;

(h) provide for the auditing of the accounting records and financial statements of approved trustees and registered schemes;

(i) prescribe the duties of auditors including the duty to report on specified matters to the Board in specified circumstances;

(j) provide for the engagement or appointment of service providers by the approved trustee of a registered scheme to provide services for the purpose of the scheme and for the delegation of the trustee's functions in relation to the scheme to the service provider;

(k) prescribe the duties of service providers and other persons engaged or appointed by the approved trustee of a registered scheme to provide services for the purpose of the scheme including the duty to report on specified matters to the Board;

(I) provide for requirements to be complied with in respect of funds of registered schemes, including

(i) the separation of the funds and other assets of a registered scheme from other funds and assets that are beneficially owned by employers who are participating in the scheme;

(ii) the application of funds and other assets of a registered scheme only for the purpose of the scheme; and

(iii) rules that the funds and other assets of a registered scheme shall not subject to any charge, pledge, lien, mortgage or other encumbrance, except in circumstances specified in the rules of the scheme or by the Board,

(m) require approved trustees to delegate investment management of scheme funds to independent pension fund managers registered with the Board;

(n) provide for arrangements for approved trustees of registered schemes in respect of scheme assets to be held by custodians and the qualifications of custodians;

(o) provide for approved trustees of registered schemes to maintain specific internal

(p) require persons to lodge returns with the Board containing specified kinds of information, relevant to the performance of the functions of the Board;

(q) provide for

(i) the service or notification of documents;

(ii) the voluntary winding up of employer sponsored schemes, and

(iii) other matters that are incidental to the achievement of the objects of this Act.

(3) A regulation made under this Act may

(a) apply generally or be limited in application by reference to specified exceptions or factors;

(b) apply differently according to different factors of a specified kind;

(c) authorise any matter or thing to be determined, applied or regulated by a specified person;

(d) prescribe fees induding fees for the granting of approvals for the purposes of this Act;

(e) authorise the Board to charge for a service provided by the Board on a cost recovery basis;

(f) apply, adopt or incorporate by reference, with or without modifications, any publication, either in force at the time of publication or as in force from time to time;

(g) prescribe offences in respect of contraventions of the regulations;

(h) provide for the imposition of a fine,

(4) Despite the Statutory Instruments Act, 1959 (No. 52) the penalty for the contravention of Regulations shall be a fine of not more than two thousand, five hundred penalty units.

Operating guidelines and codes of practice

208. (1) The Board may issue guidelines for the purpose of giving

guidance to

(a) approved trustees,

(b) pension fund managers, (c) custodians,

(d) other service providers,

(e) the basic national social security scheme,

(f) the Controller and Accountant General Department, and (g) participating employers and their workers, self-employed persons, and other persons concerned with this Act.

(2) A guideline may

(a) consist of a code, standard, rule, specification or provision related to occupational pensions, provident fund or personal pension schemes or a class of these schemes;

(b) apply, incorporate or refer to a published or amended document in force, and

(c) require persons including persons .belonging to a class to give specified information or documents to the Board.

(3) The Board shall publish the guidelines in the Gazette or in another print media determined by the Board.

(4) Where the Board amends or revokes a guideline, it shall publish it in the Gazette or in another print media determined by the Board.

(5) A person shall not incur a civil or criminal liability for the contravention of a guideline issued under this section.

(6) Despite subsection (5) the Board may impose the following

sanctions for deliberate refusal to apply the guidelines:

(a) imposition of a fine;

(b) suspension or revocation of a licence;

(c) suspension or cancellation of registration; or (d) other sanctions determined by the Board.

(7) In any legal proceedings, where the court is satisfied that a guideline is relevant to the determination of a matter

(a) the guideline shall be admissible in evidence, and

(b) proof as to whether or not a person contravened a guideline may be relied on by any party to the proceedings to establish or negate the matter.

Exemption of pension funds from attachment and liquidation process

209. (I) Despite the provisions of any other enactment, pension funds or assets kept with a custodian under this Act shall not be used for the payment of claims of a custodian's creditors in the event of liquidation of the custodian.

(2) In the case of winding up, liquidation or cessation of business of the custodian or any or all of its shareholders, the pension funds or assets in the custody of the custodian shall not be seized or be subject to execution of a judgment debt or from transfer to another custodian.

Act 592 amended

210. Section 60 subsection (3), (4) and (5) of the Internal Revenue Act, 2000, Act 592 is hereby amended to reflect the new contribution rates imposed under section 3 of this Act.

Interpretations

211. In this Act, unless the context otherwise requires

"accounting records" includes books, vouchers, invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and such working papers and other documents that are necessary to explain the methods and calculations by which accounts are made up and other documents as may be prescribed;

"accrued benefits" in relation to a registered scheme, means the amount of each scheme member's beneficial interest in the registered scheme at any time, including sums derived from the contributions made by or in respect of that scheme member, together with the income or profits arising from any investments thereof, but taking into account any losses in respect thereof;

means a member of a pension scheme who is currently accruing benefits under that scheme in respect of current service;

"actuary" means a person professionally trained in the technical and mathematical aspects of insurance, pensions and related fields and who estimates how much money must be contributed to a pension fund each year in order to provide the benefits that will become payable in the future;

"annual report" means the method by which the trustees of a pension scheme communicate financial and other information about the scheme to members, employers and other interested parties. It is used in particular to describe the specific information which is required to be made available by trustees in relation to each scheme year under the Disclosure Regulations and must include a copy of the audited accounts and of the latest actuarial statement and other information specified including a financial review by the trustees and an investment report. It may contain additional information not required by the regulations;

"annuity" means a series of payments, which may be subject to increases, made at stated intervals until a particular event occurs. This event is most commonly the end of a specified period or the death of the person receiving the annuity;

"approved trustees" means a company or an individual approved by the Board as a trustee in accordance with this Act and, when used in relation to a registered scheme that is administered by two or more approved trustees, it means the trustees jointly and severally;

"beneficiary" means a person entitled to benefit under a pension scheme or who will become entitled on the happening of a specified event;

"Authority" means the National Pensions Regulatory Authority established under section 5 of this Act.

"Board" means the governing body of the Authority established under section 8 of this Act;

"Board of Trustees" means the governing body of the Trust established under section 35 of this Act;

"CAP 30 Pension Scheme" means a pension scheme operated under the Pensions Ordinance, No. 42, Chapter 30 of 1950, for

(a) pensionable public servants in the civil and other public services, who have been in the service before 1st January, 1972; and

(b) public servants who have been exempted by law from participation in the Social Security Pension Scheme, i.e. the Judiciary, Legal Service, Police Service, Fire Service, Prison Service, Immigration Service, the Bureau of National Investigation and the Research Unit of the Ministry of Foreign Affairs.

"contributory scheme" means a scheme to which both employers and employees contribute. Under certain contributory plans participants may be required to contribute as condition of eligibility;

"Chief Executive" means the Chief Executive Officer of the Authority appointed under section 16 (1);

"corporate trustee" means a company which acts as a trustee; "custodian" means a person whose business it is to keep custody of cash, securities and documents of title to assets belonging to others;

"defined benefit scheme" means a pension scheme providing a defined benefit formula for calculating benefit amounts without regard to contributions;

"defined contribution scheme" means a pension scheme in which the contributions are made to an individual account for each participant. The retirement benefit is dependent upon the investment experience and in the case of profit sharing plans, amounts which may be allocated to the amount owing to forfeitures by terminating employees;

"death benefit" means benefit payable to the spouse or dependants of a deceased scheme member, or to that member's estate, on death in service or after retirement. It may consist of a lump sum, a return of contributions or a pension;

"dependants" include

(a) members of the family of a member as specified in the Schedule, and

(b) other persons who the member is obliged to maintain under the Children's Act, 1998 (Act 560) or otherwise and who were dependent on the earnings of the member at the time of death of the member; I

"early retirement age" means an age defined by the terms ofa pension plan which is earlier than normal retirement age, at which a participant may receive an immediate, possibly reduced, pension under the plan;

"eligibility" means the conditions which must be met for a person to be a member of a scheme or to receive a particular benefit and may relate to age, service, status and type of employment;

"employer" means

(a) the owner of an establishment or the person who, or the Board which, has the ultimate control over the affairs of the establishment, and where such affairs are entrusted to a manager, managing director or managing agent, such manager, director or agent;

(b) in any other case, the person with whom the worker entered into a contract of service or apprenticeship and who is responsible for the payment of his salary;

"employer sponsored scheme" means a single employer scheme whose membership is limited to the employees of the sponsoring company and only its associated companies; "establishment" means any office, shop, factory, mine, plantation, or any other place where persons are employed on salary for work or business of any kind;

"existing scheme" means a private or company pension, provident fund, superannuation scheme or gratuity scheme set up in respect of employees;

"fiduciary duties" means duties owed by one person to another to whom the first person the fiduciary, stands in a position of trust. The fiduciary is not permitted to profit from the fiduciary's position and owes undivided loyalty to the other party and must avoid conflicts of interest unless otherwise authorised by the other party after full disclosure;

"formal sector" means business units which are incorporated or registered, and are normally subjected to regulation; "funding" means a systematic program under which contributions are made into a pension fund and assets accumulated in order to pay pension benefits;

"fund manager" means an individual or body to which the investment of the whole or part of the assets is delegated by the trustees in accordance with the provisions of the scheme documentation;

"group personal pension scheme" means an arrangement made for the employees of a particular employer to participate in a personal pension scheme on a grouped basis not a separate scheme~ merely a collecting arrangement;

"independent trustee" means an individual or corporate body with no direct or indirect involvement with the pension scheme, sponsoring employer, or members, other than performing the duties of the trustee;

"informal sector" refers to production units which are engaged in legitimate economic transactions and are normally operated at a low level of organisation, with little or no division between labour and capital which operates on a small scale;

"interim trust deed" means a form of trust deed commonly used to establish a pension scheme on broadly stated terms leaving the detailed provisions and the rules to be provided later by a definitive trust deed;

"investment" means the process by which contributions and net income are used to increase the value of pension fund assets by means of cash deposits, the purchase and sale of equities, fixed interest stocks, bonds, property and other authorised investments;

"investment policy " means the periodic decisions regarding the types and proportions of assets in which a pension fund is invested;

"liabilities" means amounts which a pension scheme has an obligation to pay now or in the future. The amounts may not be immediately ascertainable and some liabilities may be dependent on the occurrence of future events;

"master trust scheme" is a multiple-employer scheme whose membership is open to employees of more than one employer, self-employed persons and persons with accrued benefits transferred from other schemes;

"member" means a person who has been admitted to membership' of a pension scheme and is entitled to benefit under the scheme;

"Minister" means the Minister responsible for pensions; "non-contributory pension scheme" means a scheme in which the employer pays the entire cost of the pension, with the employee not contributing.

"normal retirement age" means the age, as established by a pension scheme, when full benefits can be received. "notice" means notice in writing;

"occupational pension scheme" means a pension scheme offered through an individual's employment to private or public sector workers. Benefits are generally paid as lump sum, but could also be paid as an annuity or a combination of lump sum and annuity;

"organised labour" means an association or union formed by workers the principal purpose of which is to promote their economic and social interest and which is registered under the Labour Act, 2003 (Act 651);

"past service" means service before a given date or service before entry into the pension scheme;

"past service benefit" means a benefit granted for past service; "pension fund assets" means assets which collectively constitute a pension Fund;

"pension fund" means an investment fund within the Pension Scheme which is intended to accumulate during an individual working life from contributions and investment income, with the intention of providing income in retirement from the purchase of an annuity or in the form of a programmed withdrawal, with the possible option of an additional tax free cash lump sum being paid to the individual;

"pension scheme" means an employee benefit scheme which provides retirement benefits by the establishment of a trust fund or the purchase of insurance or annuity contracts or a combination of both and benefits may be paid either as an annuity or as a lump sum;

"pensioner" means a person who is currently receiving a pension

from a pension scheme;

"premises" includes a vehicle, vessel or aircraft;

"prescribe" means prescribed by regulations made under this Act; "preserved benefits" means benefi\s arising on an individual ceasing to be an active member of a pension scheme, payable at a later date;

"President" means the President of the Republic of Ghana; "private pension scheme" means pension schemes established by private in contrast to governmental, agencies, including commercial, industrial, labour and service organizations, non-profit organizations, and non-profit religious, educational, and chaIitable institutions;

"Provident Fund" means a fully funded, defined contribution scheme in which funds are managed privately and benefits paid as lump sum to the employee or his dependants in case of death. In some cases it is possible for the employee to draw income prior to retirement to meet specific needs;

"retirement" means the attainment of the statutory retirement age, or on voluntary retirement;

"registered scheme" means an occupational pension scheme or provident fund scheme registered under section 131 as an employer sponsored scheme or a master trust scheme or registered under section 13 7 as personal pension scheme;

"salary" includes the emoluments which are earned by a worker while on duty in accordance with the express or implied terms of the contract of employment or apprenticeship, and which are paid or payable in cash to the worker at fixed or determinable intervals of time

(a) in respect of normal periods of work to be performed by the worker;

(b) where payment is calculated in relation to set tasks, in respect of the number of tasks completed by the worker; and

(c) where payment is calculated in relation to the volume of work done, in respect of the volume completed by the worker, emoluments earned by the worker or leave, any cost of living for prescribed allowance but does not include any presents made by the employer, value of any food concession, house rent allowances, overtime allowance, traveling allowance, bonus, commission, or any other similar allowance payable to the worker;

"Scheme" means the Contributory Three-tier Pension Scheme established under section 1 of this Act;

"scheme member" in relation to a registered scheme, means a person who has a beneficial interest in the registered scheme; "Security and Exchange Board" means the Securities and Exchange Agency established under section 1 of the Securities Industry Law, 1993 (P.N.D.C.L. 333); "self-employed person" means a person who has no other employer but himself or herself and works on his or her own account or with others;

"service provider" in relation to an occupational pension scheme or provident fund scheme, includes an investment manager, custodian of scheme assets or other person appointed or engaged by the trustee of the scheme to provide services for the purpose of the scheme, and a person to whom the provision of those services is delegated by the manager, custodian or other person, but does not include a person appointed or engaged as an auditor, solicitor or actuary;

"Trust" means the Social Security and National Insurance Trust established under section 32 of this Act;

"trust deed" means a legal document, executed in the form of a deed, which establishes, regulates or amends a trust; "trustee" means an individual or company appointed to carry out the purposes of a trust in accordance with the provisions of the trust instrument and general principles of trust law; "trustee report" means a report by the trustees describing various aspects of a pension scheme and it may form part of the annual report;

"vesting" means the right of an employee to the benefits that the employee has accrued, or some portion of them, even if employment under the plan terminates. An employee who has met the vesting requirements of a pension plan is said to have a vested right;

"voluntary contribution" means a contribution paid to a registered scheme in accordance with this Act; and

"worker" includes a person who is employed for salary in any kind of work, manual or otherwise, in or in connection with the work of an establishment, and who gets his salary, directly or indirectly from the employer, and any person employed by or through a contractor in or in connection with the normal work of the establishment, who is

(a) employed in this country but not as a member of the crew of any ship; or

(b) employed as a permanent resident of Ghana,

(i) as a member of the crew of a ship, the owners of which have an office or agents in Ghana; or

(ii) outside Ghana but employed by an employer in Ghana.

Repeal and savings

212. (1) The following enactments are hereby repealed: (a) Social Security Act, 1991 (P.N.D.C.L. 247); (b) Long-Term Savings Act, 2004 (Act 679).

(2) The repeal of the enactments shall not affect any additional fringe benefits, other than pension and gratuity enjoyable upon retirement by a person before the commencement of this Act except as provided by this Act.

(3) Despite the repeal the regulations, bye-laws, notices, orders, directions, appointments or any other act lawfully made or done under the repealed enactment and in force immediately before the commencement of this Act shall be considered to have been made or done under this Act and shall continue to have effect until reviewed, cancelled or terminated.

(4) The assets, rights, obligations and liabilities existing under the Social Security Act, 1991 (P.N.D. CL. 247) are herby transferred to the Trust.

Transitional provisions

Enactments applicable for four years

213. (1) The following enactments and schemes shall on the commencement of this Act apply for a transitional period of four years and cease to be in force after that period

(a) the Pensions Ordinance No. 42 of 1950 (CAP 30) as amended;

(b) Teachers Pension Ordinance 1955 as amended;

(c) Ghana Universities Staff Superannuation Scheme;

(d) Ghana Police Pensions Act ,1985 (P.N.D.CL. 126.);

(e) Public Legal Officers Pensions Amendment Act 1986 (P.N.D.C.L. 165.);

(f) Immigration Service Pensions Act 1986 (P.N.D.CL. 226); (g) Prisons Services Pensions Act 1987 (P.N.D.CL. 168);

(h) section 34 of the Security and Intelligence Agencies Act 1996 (Act 526) and

(i) section 27 of the National Fire Service Act, 2000 (Act 537).

(2) The Board shall, ensure that the pension schemes in the country are unified in accordance with regulations made under this Act within five years after the commencement of this Act.

Payment of Pension Benefits Under the Cap 30 Scheme

214. The Controller and Accountant-General's Department shall continue to

(a) administer the Cap 30 and other related schemes;

(b) pay gratuity and pension to the existing pensioners and the category of officers exempted under section 31 of this Act; and

(c) pay monthly pension to retired public servants at present under Cap 30 scheme, in accordance with the relevant and applicable computations under the existing Cap 30 pension scheme of the Public Service.

Death of exempt officers

215. Where an officer exempted under section 31 of this Act or a public servant presently under Cap 30 scheme dies while in service or in the course of duty, the Controller and Accountant-General's Department shall pay to the next-of-kin or designated survivors a gratuity and pension benefit based on the income of the deceased spouse,

Option for active public servants under Cap 30 and other related schemes

216. Any person at present under the Cap 30 and other related schemes and in active service shall within four years of coming into force of this Act have the option to join the new scheme.

Decentralisation of public sector pension management

217. On the commencement of this Act, the administration and management of the Cap 30 pension scheme shall be decentralized and there shall be regulations to this effect.

Temporary pension fund accounts

218. (1) From the commencement of this Act and before the licensing or registration of trustees, pension fund managers and custodians, every employer to whom this Act applies shall open a temporary Occupational Pension Fund Account with the Bank of Ghana.

(2) Subject to sections 3 (1), (2) and (3) of this Act, the five per centum remittance to the second tier mandatory occupational pension scheme on behalf of the employee shall be lodged with the Bank of Ghana pending the licensing of trustees, pension fund managers and custodians.

(3) Every employer shall maintain proper books of accounts and records of contributions made under this Act.

(4) The Board shall within ninety days of licensing or registration of trustees, pension fund managers and custodians compute and transfer all contributions and returns to the credit of the Occupational Pension Fund Account opened with the chosen trustees licensed by the Board.

Accrued retirement benefits rights

219. (1) Subject to section 213 of this Act, the retirement benefits in respect of accrued or past service earned by an employee shall be computed in accordance with the terms of conditions of service existing before the commencement of this Act.

(2) Each employee shall be issued with a Ghana Government Retirement Bond equivalent to the total retirement benefit that was due the employee as computed at the commencement of this Act.

(3) The Bank of Ghana shall establish a Retirement Benefit Bond Redemption Fund referred to as the "Redemption Fund" Account into which the Government shall make periodic payments.

(4) The amount in the Redemption Fund shall be used by the Bank of Ghana to redeem any retirement benefit bonds issued.

(5) Payments into the Redemption Fund shall cease after the retirement benefit bonds issued under subsection (2) have been redeemed.

(6) On retirement of an employee

(i) the retirement benefits bond shall be redeemed by the Bank of Ghana from the redemption fund account

(ii) the proceeds of the bond redeemed shall be transferred to the credit of the retirement savings account of the employee; and

(iii) the employee shall utilise a percentage, to be prescribed by the Board, of the balance standing to the credit of the employee's retirement savings account to purchase an annuity for life from a life insurance company licensed by the National Insurance

'Commission with monthly or quarterly payments.

Enactments inconsistent with this Act

220. On the commencement of this Act where an enactment relating to pensions is inconsistent with this Act, this Act shall to the extent of the inconsistency prevail.

Directives to Pensions Reform Implementation Committee by Minister

221. Until the appointment of the Board of the Authority, the Minister may in writing direct the Pension Reform Implementation Committee, appointed for the implementation of the pension reforms, to perform functions of the Authority considered necessary for the effective implementation of the provisions of this Act.

SCHEDULE

(Section 213)

Paternal System

Maternal System

Mother's Father

Husband

Wife, Son, Daughter

Brother, Sister

father's Father

father's Brother

Mother, Father

Husband

Wife, Son, Daughter

Brother, Sister

Mother's Mother

Mother's brother

Mother's Sister

Sister's Son

Sister's Daughter

Mother's Sister's Son

Mother's Sister's Daughter

Date of Gazette notification: