Mrs. Dorcas Naa Torshie Kane

Dorcas Naa Torshie Kane has been called to the Ghana Bar and is a member of the Ghana Bar Association.

She holds a Bachelor of Science Degree in Biochemistry from the University of Ghana. She obtained her Bachelor of Laws Degree (LLB) from the University of London, UK.

Prior to her appointment to her current role, she was a member of the Legal Department of GLICO Group Limited.

Dorcas is currently the Company Secretary for GLICO Group LTD and its six (6) associated companies namely GLICO Healthcare LTD, GLICO Life Insurance Company LTD, GLICO General Insurance Company LTD, GLICO Pensions Trustee Company LTD, GLICO Capital LTD and GLICO Properties LTD.

Teachers Provident Fund Scheme

What is Teachers' Provident Fund Scheme (TPFS)?

The Teachers’ Provident Fund Scheme (TPFS) is a voluntary personal pension scheme that is sponsored by GLICO Pensions Trustee Ltd. (GLICO Pensions).

The scheme is designed in line with the National Pensions Act,2008 (Act 766) and is duly Registered by the National Pensions Regulatory Authority (NPRA).

What are the objectives of Scheme?

a) To provide supplementary pension benefits to enhance the retirement income security of teachers.

b) To provide teachers in educational institutions with a source of funds for the acquisition of capital items (e.g., land, building, vehicle etc) that will facilitate and enhance their livelihood during their period of employment;

c) To provide financial support to nominated beneficiaries of deceased Scheme members.

Who qualifies to be a member?

Membership of the scheme is open to all educational sector workers in Ghana,

What are the key features of TPFS?

•Each member of the scheme shall have a dedicated account to which contributions are credited.

•A member is permitted to contribute a maximum of sixteen and a half percent 16.5%) of the basic monthly salary to the scheme, which is tax exempt.

•A member has the option to make additional voluntary contributions to his dedicated Account. However, any additional contribution beyond 16.5% of the basic monthly salary shall be subject to tax.

•A life insurance cover shall be purchased for each member of the Scheme during the first three years of enrolment, which entitles the nominated beneficiaries of a deceased member to a sum assured of One Thousand Ghana Cedis (GHS1,000) in addition to the outstanding balance in the deceased member’s account.

•A member shall be permitted to withdraw part of his accrued benefits before they retire or exit the service of the employer, except that the first withdrawal shall be permitted after a minimum period of three (3) years from the date of joining the scheme and shall not exceed fifty percent (50%) of the total contribution together with any accrued interest.

•Subsequently, the member shall be permitted to make further partial withdrawals from the Fund once in every two (2) years; and the withdrawal amount shall not exceed 50% of the member’s current fund value.

•Where a member withdraws before retirementorbefore10yearsofservicefrom the

date of first contribution, 15% tax shall be deducted and remitted to the revenue authority.

What Benefit is a member entitled to?

•Retirement Benefit: A member who has attained the Normal Retirement Age or who

wishes to take an early retirement at age 55, shall be paid a lump sum benefit equal to the aggregate of the funds in his Account made up of all contributions and net investment returns thereon) as at the date of his exit

•Death-In-Service Benefit: If a member dies while in the service of the employer before the Normal Retirement Age, Beneficiaries shall be paid from the Scheme a

lumpsum benefit equal to the aggregate of the funds in his Account (made up of all contributions and net investment return thereon).

•Total Incapacity Benefit: A member who, before reaching the retirement age, wishes to be paid his accrued benefits on the ground of total incapacity shall be paid a benefit equal to the aggregate of the funds in his Account (made up of all contributions and net Investment returns there on) as at the date of his exit.

•Permanent Emigration Benefit: A member of the Scheme, who is not a citizen of Ghana and who, before reaching the retirement age, wishes to emigrate permanently from Ghana shall be paid a benefit equal to the aggregate of the funds in his Account (made up of all contributions and net investment returns thereon).

What other benefits are available to a member?

•A member of the Scheme is entitled to use the accumulated savings as collateral for mortgage for acquisition of primary residence.

•As a member of the Scheme, you are also entitled to discounts on other GLICO products.

They are:

*GLICO Child Education Policy

*GLICO Life Insurance Policy

*GLICO Health Insurance Policy

*GLICO General Insurance Policy (e.g. motor, goods-in-transit, fire and allied perils etc).

Richard Oppong

GIZ signed onto GLICO Pensions-3rd tier from January 2013 up until date. We have enjoyed their services that has provided our staff with instant statements online where individual employees can go online to view their statement as and when required

Melody Obodai- HR Officer

“We sincerely appreciate your efficient, gracious customer service, the level of detail and accountability you have demonstrated over the past few years, and the way you conduct business. We have, and will continue to, recommend your service to other companies and contacts.

How Much is a Worker Required to Contribute to the Scheme?

Contributions to the Three-tier Pension Scheme are as follows:

  1. An employer of an establishment shall deduct from the salary of every worker in the establishment immediately at the end of the month, a worker’s contribution of an amount equal to five and half per centum (5.5%) of the worker’s salary for the period, irrespective of whether or not the salary is actually paid to the worker;
  2. An employer of an establishment shall pay for each month in respect of each worker, an employer’s contribution of an amount equal to thirteen per centum (13.0%) of the worker’s salary during the month;
  3. Out of the total contribution of eighteen and a half per centum (18.5%) an employer shall within fourteen days from the end of each month transfer the following remittances to the mandatory schemes of each worker:
  4. Thirteen and half per centum (13.5%) to the First Tier mandatory basic national social security scheme; and
  5. Five per centum (5%) to the second tier mandatory Occupational Pension scheme
  6. Out of the total contributions of thirteen and half per centum transferred to the First Tier mandatory basic national social security scheme, two and half per centum (2.5%) shall be deducted and transferred to the National Health Insurance Fund;
  7. The minimum contribution is eighteen and half per centum of the approved monthly equivalent of the national daily minimum wage;
  8. Total contributions by employer and employee to the Third Tier scheme are tax deductible up to sixteen and a half per centum (16.5%) of employee’s gross month salary.

Who is a Trustee?

It is an individual or corporate entity that holds property/assets on behalf of another person normally known as the beneficiary.

What Happens to the Accrued Benefits of a Worker who Ceases to be an Employee?

A member of a scheme who ceases to be an employee shall elect to have the member’s accrued benefits transferred to another scheme in accordance with the regulations of the scheme.

What is an Occupational Pension Scheme?

What is the Qualifying Age for a Person to Join the National Basic Social Security Scheme?

What is a Trust?

A Trust is an arrangement involving normally three parties of which one party entrusts the property/assets to another party to be transferred to the third party (beneficiary) at a point in time or a specified period.

What is a Master Trust Scheme?

It is a multiple-employer scheme that allows different employers and their workers to join and is normally administered by a corporate trustee in line with the scheme rules approved by NPRA.

GLICO Pensions has two Master Trust Schemes with a large number of employers contributing to the schemes. Please refer to our products.